Locklear Partners started a new business on July 1, 2021. That same day, Locklear Partners also...

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Locklear Partners started a new business on July 1, 2021. That same day, Locklear Partners also received $90,000 of cash from issuing common stock and borrowed $80,000 from a friend. On July 1, 2021 Locklear Partners also purchased equipment for $79,200. The equipment has a useful life of 36 months. On July 1, 2021, Locklear also paid $36,000 of cash to rent office space for a 24 month period. During 2021, the Company provided services valued at $10,200 and had collected $4,080 of that amount at year-end. The company will collect the remaining portion in the following year.The company's payroll for 2021 was $6,700, which was paid in full during 2021. Use this information to find the company's net income in 2021? Locklear Partners started a new business on July 1, 2021. That same day, Locklear Partners also received $90,000 of cash from issuing common stock and borrowed $80,000 from a friend. On July 1, 2021 Locklear Partners also purchased equipment for $79,200. The equipment has a useful life of 36 months. On July 1, 2021, Locklear also paid $36,000 of cash to rent office space for a 24 month period. During 2021, the Company provided services valued at $10,200 and had collected $4,080 of that amount at year-end. The company will collect the remaining portion in the following year.The company's payroll for 2021 was $6,700, which was paid in full during 2021. Use this information to find the company's net income in 2021?

Answer rating: 100% (QA)

Answer To find the companys net income for 2021 we need to calculate the total revenues and total ex... View the full answer