Read the Information for Taryn Corporation

question 129

Essay

Read the information for Taryn Corporation. Determine the following amounts for Taryn Corporation:
A Total revenues for 2014.
B Total expenses for 2014.
C What is the purpose of the income statement?
D Is Taryn Corp. profitable? Explain your answer.
E Is this the first year of operations for Taryn Corp.? Explain your answer.

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Definitions:

Standard-Form Note

A preprinted agreement where terms and conditions are set by one party, with little or no negotiation with the other party, often used in financial transactions.

Credit Union

A member-owned financial co-operative that offers similar banking services as banks, but profits are returned to members in the form of lower loan rates and higher savings rates.

Federally Insured

Federally Insured refers to financial deposits or products protected by a federal agency, such as the FDIC, against loss up to a certain limit.

Drawee

The party, often a bank, that is directed to pay a certain amount of money to the person presenting the check or draft as stated on the financial document.