In the current year, Dave's Bike Shop reported revenues of $500,000, rent expense of $20,000, interest expense

Fantastic news! We've Found the answer you've been seeking!

Question:

In the current year, Dave's Bike Shop reported revenues of $500,000, rent expense of $20,000, interest expense of $5,000, depreciation expense of $40,000, salaries expense of $400,000, and cash of$8,000.

What was Dave's net income?

Related Book For answer-question

Financial Reporting and Analysis

ISBN: 978-0078025679

6th edition

Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon

See More Books

Posted Date: May 16, 2023 08:19 AM

See More Questions

The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members art...
In the current year, 2014, Reality Corporation reported $200,000 of pre-tax earnings on its income statement. The corporate tax rate is 40% in the current year and next year, and it is scheduled to...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
(SI Units) In a tensile test, the starting gage length = 100.0mm and the cross-sectional area = 150 mm2. During testing, thefollowing force and gage length data are collected: (1) 17,790 N at100.2...
Derive a generalized expression analogous to Equation 16.16 for the transverse modulus of elasticity of an aligned hybrid composite consisting of two types of continuous fibers. EEf (16.16) EmEt VE,...
1) Select a topic of concern you would like to propose to study. (Description of research idea and its importance: no research necessary. 2) Design a research method which should be described in...
For the seven-member planar truss considered in Problem 12.6 (Fig. 12.18), determine the assembled stiffness matrix of the system before applying the boundary conditions. Data From Problem 12.6:- A...
Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1, 2012, his ledger contains the following data. Raw Materials Inventory ....... $30,000 Work in Process Inventory ..........
5. Natasha enjoys Flying (F) and taking Judo (J). For every flight she buys, she gets three times as much enjoyment as a Judo class. (15 points) (a) Write down a utility function that represents...
The following questions are adapted from a variety of sources including questions developed by the AICPA Board of Examiners and those used in the Kaplan CPA Review Course to study long-term debt...
By Peter Lovenheim 1) When I was growing up in upstate New York in the late 1950s and '60s, people didn't exercise in public the way they do now. You didn't see adults jogging, biking or...
List and explain at least four types of retail store interior layout, and give the main purpose for each.
What are the most common purposes for the firm's investment funds?
What are the systematic steps that should be taken for a proper planning process?
What are the main objectives of the basic layout in retail business?
What is project evaluation? And how important is it for the firm?
1. A company produces goods or offers services to earn profits. The cash flow earned from such business activities determines its profits, which gets reflected in the company's stock prices....
Chapter 9 Stock Valuation at Ragan Engines Input area: Shares owned by each sibling Ragan EPS Dividend to each sibling Ragan ROE Ragan required return Blue Ribband Motors Corp. Bon Voyage Marine,...
The following events and transactions related to David Company occurred after the balance sheet date of December 31, 2014, and before the financial statements were issued in 2015. None of the items...
Bryan Trucking Corporation began business on January 1, 2014, and consists of the parent entity, domiciled and operating in Country X, and a subsidiary operating in Country Y. Bryan is required, as a...
On January 2, 2014, Yardley Company sold a plant to Ivory Inc. for $1,500,000. On that date, the plants carrying cost was $1,000,000. Ivory gave Yardley $300,000 cash and a $1,200,000 note, payable...
In an ideal gas mixture consisting of components $A$ and $B$, the mole fraction of component $A$ is equal to (a) $n_{\mathrm{A}}=\frac{p_{\mathrm{A}}+p_{\mathrm{B}}}{P}$ (b)...
In an absorption refrigeration system, the heat energy $Q_{1}$ is supplied at temperature $T_{1}$ while the system absorbs heat energy $Q_{3}$ from a cold space at temperature $T_{3}$. If the...
The availability of a system (a) Depends upon the conditions of the system only (b) Is independent of the conditions of the surroundings (c) Does not depend upon the conditions of the system (d)...

In the current year, Dave's Bike Shop reported revenues of $500,000, rent expense of $20,000, interest expense

Question:

Expert Answer:

To determine Daves net income we need to calculate the total expenses and subtr... View the full answer

Financial Reporting and Analysis

Students also viewed these accounting questions