Question

The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.

Income Summary Account No. 399 Balance
Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 64,800 64,800
31 Closing 34,800 30,000
31 Closing 30,000 0

Linda Carter, Capital Account No. 301 Balance
Date Description Debit Credit Debit Credit
2019
Dec. 1 109,000 109,000
31 Closing 30,000 139,000
31 Closing 9,900 129,100

Enter the following amounts:
1. Total revenue for the period is _____.
2. Total expenses for the period are _____.
3. Net income for the period is _____.
4. Owner's withdrawals for the period are _____.

Answer 1

1. $64,800

2. $34,800

3. $30,000

4. $9,900

Step-by-step explanation:

According to the given points, the amounts is shown below:-

1. Total revenue for the period = $64,800

Total revenue is the sum receipts that a supplier may receive from the sale to consumers of products or services. The total revenue formula is

Price of Goods × Quantity of goods sold

2. Total expenses for the period = $34,800

Total expenses defines the calculation of an investor's overall cost to a fund. Total costs may include specific fees and other charges.

3. Net income for the period = $30,000

Net profits in business and accounting is one measure of a venture's profitability. It is the income of an company minus the cost of products sold, expenses, amortization and depreciation, interest, and taxes over an accounting period.

4. Owner's withdrawals for the period = $9,900

The withdrawal of the owner shall be when the owner collects money from the business for personal use.