business entries: derive net income, journal entries
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Smith Brothers:
1. Compute total expenses:
2. Compute net income:
3. Compute total revenue for 2006:
4. Comparative financial statements
Anna Regina
Lee Company
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Solution Summary
The solutions for the three problems are presented together with explanations. Smith is in narrative format, but Anna Regina and Lee Company are prepared in Excel with journal entries and T-accounts.
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Smith Brothers:
1. Compute total expenses: $4,500 + $44,800 + $1,500 + $3,000 = $53,800. Dividends are not an expense of doing business, but rather a distribution of equity (retained earnings).
2. Compute net income: ...
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