During 2011, Yoder Enterprises Generated Revenues of $90,000

question 145

Multiple Choice

During 2011, Yoder Enterprises generated revenues of $90,000.The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000. Yoder's income from operations is

• A)$90,000.
• B)$45,000.
• C)$27,000.
• D)$18,000.

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Definitions:

Liable

Obligated by law.

Contract

A formal or legally binding agreement between two or more parties that outlines obligations, rights, and terms governing a particular arrangement.

Partnership

An authorized business entity formed by two or more persons, sharing both the management duties and the earnings.

Winding Up Partners

The process of settling the accounts and liquidating the assets of a partnership for the purpose of dissolving the partnership.