The Accountant Prepared the Following List from the Company's Accounting

question 158

Essay

The accountant prepared the following list from the company's accounting records for the year ended December 31, Year 1:
$\begin{array}{lrlr}\text { Retained Earnings } & \text { ? } & \text { Prepaid Expenses } &\$ 50,000 \\\text { Cash } & \$ 77,000 & \text { Common Stock } & 400,000 \\\text { Accounts Payable } & 50,000 & \text { Accounts Receivable } & 170,000 \\\text { Sales Revenue } & 955,000 & \text { Interest Income } & 50,000 \\\text { Cost of Sales } & 700,000 & \text { Salary Expense } & 140,000 \\\text { Land } & 750,000 & \text { Income Tax Expense } & 20,000 \\\text { Notes Payable } & 450,000 & \text { Selling Expense } & 45,000 \\\text { Inventory } & 200,000 & \text { Salaries Pavable } & 40,000\end{array}$

-Determine the following amounts for Ben & Terry's Ice Cream:

A) total revenues for Year 1
B) total expenses for Year
C) net income for Year 1

---

Definitions:

Standard Deviation

Standard deviation is a statistical measure of the dispersion or spread of data points in a dataset from their mean, indicating how spread out the values are.

Confidence Interval

A spectrum of numeric values, arising from sample statistics, viewed as likely to encircle the value of an unexposed population parameter.

Weekly Time

The amount of time, calculated on a weekly basis, devoted to a specific activity or task.

Standard Deviation

A metric utilized to determine the extent of spread or variability within a collection of data points.