Lang Warehouses borrowed $178,960 from a bank and signed a note requiring 8 annual payments of $28,819 beginning one year from the date of the agreement. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Determine the interest rate implicit in this agreement. (
Answers
Answer: 6%
Explanation:
The annual payments can be considered to be annuity payments as they are constant. The amount borrowed can be considered the present value of the annuity.
Present value of annuity = Annuity * Present value interest factor of annuity, 8 years, %?
178,960 = 28,819 * Annuity factor
Annuity factor = 178,960 / 28,819
= 6.20979
To find out the interest rate, look at the Present Value of Annuity table and go to the 8 period column. Look for 6.20979. The interest rate that intersects with this factor is the interest rate implicit in this agreement.
That rate is 6%.
Related Questions
the sun....... (rise) at 6.04 this morning
Answers
Answer:
the sun rose at 6.04 this morning
Explanation:
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Which of the following types of loans issued in California may be protected from a deficiency judgment?
A Refinance of a refinanced loan issued in January 2015
B Second mortgage issued in July 2012 to purchase a single family home
C Second mortgage issued in August 2013 to purchase a single family home
D Refinance of a mortgage issued in February 2010
Answers
A mortgage refinance made after one that was issued in February 2010 might be shielded from a deficiency judgement. The deficiency judgement allows lender to collect the debt through regular methods.
In which states are deficiency judgements permitted?Deficit judgements are permitted in most states. Deficit judgements are generally prohibited only in Alaska, California, Minnesota, Montana, Oregon, and Washington. Deficiency judgements are only permitted in limited circumstances in other states.
What is a deficit judgement and what do the borrower's options are in the event of one?When the assets used to secure a loan are insufficient to satisfy the debt due by the debtor, a deficiency judgement is given to the creditors. When a debtor becomes insolvent, the creditor has the right to seize the asset used as collateral for the loan and sell it to recoup the obligation.
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which of the following criteria is not important when selecting a tenant for a residential unit
Answers
A criteria that is unimportant when selecting a tenant for a residential unit i s considering the ethnic background of the tenant and his or her employees.
What criteria is use when selecting a tenant for a residential unit?When selecting a tenant for a residential unit, landlords typically consider several criteria to ensure that the tenant is reliable, responsible, and able to pay the rent on time. One of the most important factors is the tenant's credit score, which provides information about their financial history and their ability to pay bills on time.
Landlords also typically ask for references from previous landlords or employers to verify that the tenant has a good rental history and is responsible. Additionally, landlords may consider the tenant's income and employment status to ensure that they can afford the rent and are likely to remain in the unit for the duration of the lease.
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What is a premium?
A. the amount paid by the policyholder before the insurance policy starts paying on the claim
B. the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
C. the maximum amount a policy will pay out in any one year
D. the amount paid by the policyholder to the insurer on a regular basis for the policy
Answers
Answer: 1. a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event
2. the amount paid by the policyholder to the insurer on a regular basis for the policy
3. the amount paid by the policyholder before the insurance policy starts paying on the claim
4. Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families.
5. Medicare
Explanation: My quizlet name is Aron_Sonn so consider dropping by :)
Premium refers to the amount paid by the policyholder to the insurer on a regular basis for the policy. Thus, Option (D) is correct.
The premium is an essential component of an insurance contract and is determined based on various factors such as the type of coverage, the risk profile of the insured individual or property, and the desired coverage limits.
Policyholders make regular premium payments, which could be monthly, quarterly, or annually, in order to maintain their insurance coverage. These payments ensure that the insurance policy remains in effect and that the policyholder is eligible to receive the benefits and financial protection outlined in the policy.
Thus, Option (D) correctly shows that the premium serves as the financial consideration for the insurance company's assumption of risk and provision of coverage.
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Imagine that In-N-Out starts selling animal-style burgers in Westwood and Santa Monica. Assume that animal-style burgers are differentiated enough from other burgers that we can approximate In-N-Out as a monopolist in these markets. Let qW and qSM be the quantities of burgers sold in Westwood and Santa Monica, respectively. The inverse demand for burgers in each location is pW (qW )=9−1/3qW and pSM (qSM )=12−1/2qSM. All animal-style burgers are produced in the same factory (before being shipped to different In-N-Out locations), with decreasing returns to scale. The total cost function for In-N-Out is C(q W,qSM)= (qW+qSM)^2. Assuming In-N-Out maximizes profits, what is the optimal quantity of burgers sold in Westwood? (a) qW=4 (b) qW=3 (c)qW=2 (d) qW=1 (e) q W=3/4
Answers
Burgers sold in Westwood at the right rate. Answer: (b) qW=3, the optimal quantity of burgers sold in Westwood is qW = 3.
What is the optimal quantity of burgers sold in Westwood?
To determine the optimal quantity of burgers sold in Westwood, we need to maximize In-N-Out's profits by setting the marginal revenue equal to the marginal cost. In this case, the marginal cost is equal to 2(qW+qSM).
We can start by setting up the profit equation:
π = pW(qW)qW + pSM(qSM)qSM - C(qW, qSM)
We can substitute the inverse demand equations and cost function into the equation:
π = (9 - 1/3qW)qW + (12 - 1/2qSM)qSM - (qW+qSM)^2
Next, we need to take the partial derivatives of π with respect to qW and qSM and set them equal to zero:
∂π/∂qW = 9 - 1/3qW - 2(qW + qSM) = 0
∂π/∂qSM = 12 - 1/2qSM - 2(qW + qSM) = 0
Solving for qW and qSM, we get qW = 3 and qSM = 3.
Therefore, the optimal quantity of burgers sold in Westwood is qW = 3.
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QUESTION 3 of 10: What is the goal of recruiting?
O a) Fill a position as fast as possible
O b) Promote the corporate mission statement
OC) Make work life easier for the company and for the personnel recruited to fill a position
Submit
Answers
Answer:
C
Explanation:
it is called because they have to have a vision of what they want to accomplish
The correct option is C.
What are smart goals for recruiters?
The most successful recruitment goals — and business goals in general — are SMART goals. They are Specific, Measurable, Achievable, Relevant, and Time-Based goals that provide a clear objective and action plan.
What is the goal of recruiting process?The goal of your recruiting process should be to attract top performers and start building strong relationships with them — engaging them with your company from the first touch. It's crucial because A-players have a vision of what they want to accomplish, both in their personal lives and in their careers.
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which one of the following statement is false in respect of public law ?
A public law determines of state authority
b constitutional is a brach of public law
c relationship between the state and members of public are always equal
Answers
Answer:
The correct answer is C!
Explanation:
A competitive market has the demand function p = 49 - 2q and the supply function p = 3 + 3q.
Calculate the equilibrium quantity (i.e. solve the simultaneous equations for q). (Round your answer
Answers
Answer:
i don't know
Explanation:
10 principles of economics
Answers
The 10 principles of economics were given by Gregory Mankiw.
These principles are:
People face tradeoffs: it means that to get one thing, one has to give up on another thing.The cost of Something is What You Give Up to Get It: it refers to the opportunity cost you incur on doing something else. Rational people think at the margin: considering the marginal cost of the product.People Respond to Incentives Trade Can Make Everyone Better Off: trading helps a country in being self-sufficient and enjoying more goods and services. Markets Are Usually a Good Way to Organize Economic Activity. Governments Can Sometimes Improve Economic Outcomes: Government can intervene to allocate resources efficiently.The Standard of Living Depends on a Country's Production: the standard of living increases as the consumption of goods and services, increases.Prices Rise When the Government Prints Too Much Money: when there's a lot of money flowing the market, it will increase the demand for goods which will increase the cost of goods, ultimately leading to inflation.Society Faces a Short-Run Tradeoff Between Inflation and Unemployment.Learn more about "Principles of economics":
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an example of an instrinsic reward is
Answers
Explanation:
An intrinsic reward is an intangible award of recognition, a sense of achievement, or a conscious satisfaction. For example, it is the knowledge that you did something right, or you helped someone and made their day better.
I will cash app any money you need.
Discuss three challenges of working as a chef in a country club. What can you do to minimize these challenges?
Answers
Answer:
1 annoying customers
2 dirty dishes
3 fast orders
Explanation:
1 try to make sure the dish is correct
2 make sure all dishes r clean before opening
3 pre make usual meal orders
Suppose you pay $50 to enter into a raffle with $1,000 prize. If you have a 3% chance of winning comma the expected value of your ticket is________.
Answers
Answer:
$-20
Explanation:
Calculation to determine the expected value of your ticket
Using this formula
Expected Value =∑ payoff *Probability
Let plug in the formula
Expected value of ticket =950 ∗.03+(−50) ∗(100%-3%)
Expected value of ticket =950 ∗.03+(−50) ∗.97
Expected value of ticket=−20.
Therefore the expected value of your ticket is $-20
The expected value of your ticket is -$20.
What is the expected value?The expected value is the summation of the multiplication of some random values with their probabilities of occurring.
The expected value estimates the chance that a favorable outcome will result.
Note that the cost of entering the raffle must be incurred whether the prize is won or not.
Data and Calculations:Cost for raffle = $50
Prize for raffle = $1,000
Probability of winning = 3%
Probability of losing = 97% (100% - 3%)
Expected value of winning = -$20 ($1,000 x 3% -$50)
Thus, the expected value of your ticket is -$20.
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Quality control, in contrast to quality assurance, is implemented:_______.
A during production
B. by top management.
C after production
D. by self-directed teams.
E. before inspection.
Answers
Answer: during production
Explanation:
Quality control is simply a method of maintaining standards during manufacturing such that some samples of the output will be tested against the specification.
Quality control, in contrast to quality assurance, is implemented during production.
While quality control takes place during the product's production phase, quality assurance is used to check whether quality requirements are met or not.
what's is the difference between external dimensions and internal dimensions fators
Answers
Answer:
Internal Environment dimension refers internal conditions with a business or organization that effect its growth and working such as employees, machinery, working hours, funds etc.
Extern Environment dimension refers external conditions that effect business or organization growth and working such as organization's performance, profitability, and functionality
Explanation:
Internal Environment dimension refers internal conditions with a business or organization that effect its growth and working such as employees, machinery, working hours, funds etc.
Extern Environment dimension refers external conditions that effect business or organization growth and working such as organization's performance, profitability, and functionality
Give us an example of a marketing brief you admired for a recent marketing project or program? Elaboratively discuss importance of 4 P's in the same
Answers
Product, pricing, place, and promotion make up the four Ps. They serve as an illustration of a "marketing mix," or the collection of tools and techniques utilized by marketers to accomplish their marketing goals.
A website is an illustration of a marketing project. The website could be a component of a marketing effort that conveys a consistent message for a new product launch. A press release, a social media post, and an email could all be additional campaign projects.
The marketing mix, which includes the four Ps of marketing (product, pricing, place, and promotion), is frequently used. These are the main factors that go into creating and promoting a good or service, and they interact heavily.
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Suppose that you run two regression models between college GPA, high school GPA (both measured in four-point average) and ACT scores. The ACT is a standardized test that measures a student's skills in five core areas: English, math, reading, science, and writing (optional). Students in grades 11 and 12 take the ACT so that they can submit their scores to colleges as part of the college application process. You report your results as follows colGPA colGPA 2.40 +0.0271ACT 1.29 +0.453 hsGPA + 0.0094ACT itibbs boon DO n= 141 a. Interpret the intercept in equation (2) Is it meaningful? 12 points) noizoup) E noiteuO To Interpret the coefficient on ACT in equation (1) [2 points] b. Is the positive sign on the OLS estimator of the coefficient on hsGPA in model (2) justified? [2 points] c. d. Compare the OLS estimates for the coefficient on ACT in model (1) and model (2). Exp points] 1(2). Explain. [4
Answers
In this case, it is possible that some of the effect of ACT score on college GPA is being captured by the high school GPA variable in model (2), leading to a smaller estimated coefficient for ACT score in that model.
a. The intercept in equation (2) is 2.40, which represents the predicted college GPA when the ACT score and high school GPA are both equal to zero. However, it is not meaningful in this context because it is not possible for a student to have an ACT score and high school GPA of zero. b. The positive sign on the OLS estimator of the coefficient on hsGPA in model (2) could be justified if there is a positive correlation between high school GPA and college GPA. A higher high school GPA may indicate that the student has better study habits, a stronger academic background, or more motivation to succeed in college, all of which could lead to a higher college GPA. c. The OLS estimate for the coefficient on ACT in model (1) is 0.0271, while the estimate for the coefficient on ACT in model (2) is 0.0094. This suggests that the relationship between ACT score and college GPA is weaker in model (2) when high school GPA is included in the model. d. The difference in the OLS estimates for the coefficient on ACT in model (1) and model (2) may be due to multicollinearity between ACT score and high school GPA. If the two independent variables are highly correlated with each other, it can be difficult for the regression model to distinguish the separate effects of each variable on the dependent variable (college GPA).
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Which of the following is an unhealthy motivation for donating money to charitable organizations?
O to help build a better world
O to support a cause that you care about
O to do good for others
O to make yourself feel important
Answers
Answer:
to make yourself feel important
The answer would be
O to make yourself feel important
Have a great day!
how do you know what put in the balance sheet ???? I don't understand!!!!!
Balance Sheet Accounts
100 Assets 110 Cash
112 Accounts Receivable
115 Inventory
116 Estimated Returns Inventory
117 Office Supplies
118 Prepaid Insurance 120 Land
123 Store Equipment
124 Accumulated Depreciation —Store Equipment
125 Office Equipment
Income Statement Accounts
400 Revenues
410 Sales
500 Costs and Expenses
510 Cost of Goods Sold
520 Sales Salaries Expense 521 Advertising Expense
522 Depreciation Expense— Store Equipment
523 Delivery Expense
529 Miscellaneous Selling Expense
530 Office Salaries Expense
531 Rent Expense
126 Accumulated Depreciation —Office Equipment
200 Liabilities
210 Accounts Payable
211 Salaries Payable
212 Unearned Rent
213 Customer Refunds Payable
215 Notes Payable 300 Stockholders’ Equity
310 Common Stock 311 Retained Earnings 312 Dividends
532 Depreciation Expense— Office Equipment
533 Insurance Expense
534 Office Supplies Expense
539 Misc. Administrative Expense
600 Other Revenue 610 Rent Revenue
700 Other Expense
710 Interest Expense
Answers
Answer:
Explanation:
The account numbers that start with a 1,2,3. The rest are income statement accounts.
Photolite (B) Corporation case study answers
Answers
Companies that have been certified as B Corporations, or B Corps, have had their compliance with strict criteria for social and environmental performance, accountability, and openness evaluated by B Lab.
Who is B Corporation's owner?Three people, Jay Coen Gilbert, Bart Houlahan, and Andrew Cassoy, founded the Certified B Corporation Movement. Co-founders Jay and Bart established the basketball apparel and footwear business AND1. And1 was a prime example of what a socially conscious company may look like in the 1990s.
Certified B is what?The highest standards for social and environmental performance have been voluntarily met by a corporation known as a Certified B Corporation. These requirements are purposefully stringent in order to identify and reward industry leaders.
B Corp was initially formed from "benefit corporation," a type of corporate structure used in the US, but it now has many different meanings to different people.
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What does it mean when a company is B Corp?
Amy is buying a new laptop. She is interested in what her peers have to say about laptops. Amy reached out to her friends because the use of a laptop is
Answers
Amy is buying a new laptop. She is interested in what her peers have to say about laptops. Amy reached out to her friends because the use of a laptop is situation decision to make. Thus the correct option is Last.
What is the laptop?A laptop is referred to as an electronic device that is the latest technology having similar features to a computer. The laptop is easy to carry and can be used in traveling or in motion due to its portability.
In order to avoid using a strategy, situational decision-making entails making sensible, practical decisions or choices while taking into account the unique scenario or context.
In order to make a decision about buying a new laptop Amy is looking for feedback from her peers and friends about the laptops to make the best possible use of a laptop for work purposes based on the evaluation of their responses.
Therefore, the last option is appropriate.
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Explain concisely whether the following statement is true or false:
“The GDP of a country does provide an accurate indicator of the welfare of its citizens”
Answers
False. Gpd was not designed to assess welfare
How can students experience "free rider" problems at school?
CHOOSE ALL THAT APPLY
Students who copy others students' homework.
Students who don't do their fair share of work on a group project, but expect to get the same grade as students who worked hard on the project.
Students who cheat off of a others student during an exam.
Answers
Answer:
All of the above
Explanation:
these are all reasons on how you can experience being a free rider
Equipment with a cost of $240,000 has an estimated residual value of $18,600, has an estimated useful life of 12 years, and is depreciated by the straight-line method.
Answers
The annual depreciation expense for the equipment using the straight-line method is $18,450.
In this scenario, the equipment has a cost of $240,000, an estimated residual value of $18,600, and an estimated useful life of 12 years. The equipment is depreciated using the straight-line method.
Depreciation is a method used to allocate the cost of an asset over its useful life. The straight-line method is a commonly used depreciation method where the cost of the asset is evenly spread out over its useful life.
To calculate the annual depreciation expense using the straight-line method, we subtract the estimated residual value from the cost of the equipment and divide the result by the estimated useful life:
Depreciation Expense per Year = (Cost - Residual Value) / Useful Life
Depreciation Expense per Year = ($240,000 - $18,600) / 12
Depreciation Expense per Year = $221,400 / 12
Depreciation Expense per Year = $18,450
Therefore, the annual depreciation expense for the equipment using the straight-line method is $18,450.
By depreciating the equipment over its useful life, the company is spreading out the cost of the equipment in a systematic manner, reflecting its gradual wear and tear and decrease in value over time. This approach allows for the matching of expenses with the revenue generated by the equipment's usage throughout its useful life.
It's important to note that depreciation methods and useful life estimates may vary depending on accounting standards and individual company policies. Additionally, the estimated residual value represents the expected value of the equipment at the end of its useful life, accounting for potential salvage or resale value.
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Buy-Rite Pharmacy has purchased a small auto for delivering prescriptions. The auto was purchased for $32,000 and will have a 6-year useful life and a $4,400
salvage value. Delivering prescriptions (which the pharmacy has never done before) should Increase gross revenues by at least $32,400 per year. The cost of
these prescriptions to the pharmacy will be about $25,800 per year. The pharmacy depreciates all assets using the straight-line method. The payback perlod for
the auto is closest to (ignore income taxes): (Round your answer to 1 decimal place.)
Multiple Choice
Answers
Answer:
It will take approximately 4.2 years.
Explanation:
To calculate the payback period for the auto, we need to determine how many years it will take for the additional gross revenues from delivering prescriptions to cover the cost of the auto.
The initial cost of the auto is $32,000 and the salvage value is $4,400, so the depreciable cost is $27,600 ($32,000 - $4,400).
The additional gross revenues from delivering prescriptions are $32,400 per year, and the cost of these prescriptions to the pharmacy is $25,800 per year, so the net additional revenue per year is $6,600 ($32,400 - $25,800).
To cover the depreciable cost of $27,600, it will take approximately 4.2 years ($27,600 ÷ $6,600 = 4.18).
Therefore, the payback period for the auto is closest to 4.2 years.
New York and Ohio are among the states with the most remaining drive in movie screens . New York has 4 more screens than Ohio and there are 52 screens total in the two states . how many drive in movie screens remain in each state.
Answers
Let the no. of screens in Ohio be n.
So, no. of screens New York = n + 4
Total no. of screens= 52
Finding the value of n:
n + n + 4 = 52
=> 2n + 4 = 52
=> 2n = 52 - 4
=> n = 48/2
=> n = 24
ANSWER: There are 24 movie screens in Ohio & (24+4) 28 movie screens in New York.
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Todd Mountain Development Corporation is expected to pay a dividend of $3 in the upcoming year. Dividends are expected to grow at the rate of 7% per year. The risk-free rate of return is 4%, and the expected return on the market portfolio is 19%. The stock of Todd Mountain Development Corporation has a beta of 0.60. Using the constant-growth DDM, the intrinsic value of the stock is _________. Multiple Choice
Answers
Answer:
$60
Explanation:
r = return = Risk-free rate + [beta * (Portfolio expected return - Risk-free rate)] 0.04 + [0.60 * (0.19 − 0.04)] = 0.13
Intrinsic value = Next dividend / (r - Growth rate) = 3 / (0.13 - 0.08) = $60
Therefore, the intrinsic value of the stock of Todd Mountain Development Corporation is $60.
describe the goal of organization
Answers
Answer:
They provide day-to-day operational tasks needed to run a business and that help drive scalability and business growth.
Explanation:
Hope this helps, even though I'm a little slow
Geralt of Rivia is an independent contractor who specializes in monster-killing. His unique skills have earned him the bargaining power to sell his services at a high price to those willing to pay for the removal of infestations of fire elementals, rock trolls, royal wyverns, or the like. Geralt specializes only in hard-to-kill monsters, however, leaving the likes of basiliks and harpies, monsters lower on the totem pole, to less sophisticated monster slayers.
Given these facts, based on the Generic Business Strategies framework, we might say that Geralt occupies the_______ (1) quadrant of the framework.
When Geralt takes a contract from a rich village seeking his aid, they represent a/n _______(2)
Geralt often buys potions and elixirs from various alchemists to help his fighting ability. However, he can make these potions and elixirs himself if he has the time. If he were to do this instead of buying from the alchemists, this would constitute a form of________ (3)
When Geralt takes a contract, it usually requires about a week of planning and preparation, which includes trips to the armorer, time spent making alchemical concoctions that protect him during the confrontation with the monster(s), and the staking out of ideal fighting ground when the battle occurs. As such, Geralt ofter has to choose between contracts, sometimes accepting one contract while forgoing the opportunity to pursue another contract. As we have discussed, this decision constitutes a_________ (4).
Now, let's say that Geralt is governed by a neutral "Council of Witchers" that ensure that those who purchase Geralt's services (e.g., rich villages or principalities plagued by monster infestations) are well-served, and that Geralt spends their gold in ways that work toward the removal of the targeted monsters which these clients have paid to have removed.
We might say that this "Council" serves as Geralt's role in this arrangement. Geralt, in turn, serves as the ______(5) and that the purchasers of Geralt's services, such as rich villages, represent the________ (6) in this arrangement. х (1) differentiation (2) buyer х (3) forward integration (4) tradeoff (5) management х (6) party __________(7) agent
Answers
Answer: 1. Differentiation focus
2. Buyer
3. Backward Integration
4. Trade off
5. Board of directors
6. Principal
7. Agent
Explanation:
1. Geralt is using Differentiation focus strategy as it gives the customers a product which they believe is superior than other similar products although the price if the product is higher than others. The product is unique from other products.
2. When Geralt takes a contract from a rich village seeking his aid, they represent a buyer.
3. If Geralt makes the potions and elixirs himself if he has the time rather than buying from the alchemists, this would constitute a form of backward integration. This is because he's expanding his role by taking up a task that's being completed previously in the supply chain.
4. Since Geralt has to choose between contracts, this is a trade off. Trade occurs when we've to choose between alternatives. In this case, we forgo some at the expense of others.
5. Based in the information given, Geralt serves as the board of director.
6. Those who buy Geralt's services, such as rich villages, represent the Principal.
7. Geralt serves as the agent. He's the one negotiating contracts and supplying what's needed.
seller marvin is selling his attached mobile home for 68,000 will he need to provide property condition disclosure
Answers
Answer:
yes I think so and he will be a good choice for future purposes
Delicious Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $1,500 May 5: Received and paid electricity bill, $190 May 9: Received cash for meals served to customers, $2,400 May 14: Paid cash for kitchen equipment, $2,500 May 23: Served a banquet on account, $2,000 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,700 May 31: Recorded depreciation for May on kitchen equipment, $340
Answers
Question Completion:
If Delicious Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Answer:
Delicious Catering
Using the Accrual method, Delicious Catering would have recorded for the month a net income of $1,670.
Explanation:
Data and Calculations:
Prepaid Rent for 3 months = $1,500
Rent expense for the month = $500 ($1,500/3)
Utilities expense = $190
Service Revenue:
Cash for meals = $2,400
Credit 2,000
Total $4,400
Salary Expense = !,700
Depreciation expense = $340
Kitchen Equipment = $2,500
Income Statement for the month of May:
Service Revenue $4,400
Expenses:
Rent $500
Utilities expense 190
Salary expense 1,700
Depreciation expense 340
Total expenses $2,730
Net Income $1,670