Taryn Corporation
the Accountant for Taryn Corporation Prepared the Following

question 122

Essay

Taryn Corporation
The accountant for Taryn Corporation prepared the following list of account balances from the company's records for the year ended December 31,2017:
​
​
$\begin{array}{lrlr}\text { Sales revenue } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts receivable } & 14,000 & \text { Selling expenses } & 44,000 \\\text { Equipment } & 42,000 & \text { Common stock } & 41,000 \\\text { Accounts payable } & 12,000 & \text { Interest income } & 3,000 \\\text { Sal aries and wages expense } & 40,000 & \text { Cost of sales } & 51,000 \\\text { Inventories } & 22,000 & \text { Prepaid expenses } & 2,000 \\\text { Income taxes payable } & 5,000 & \text { Income taxes expense } & 18,000 \\\text { Notes payable } & 20,000 & \text { Retained earnings } & ?\end{array}$ ​
-Read the information for Taryn Corporation and determine the following amounts.
A) Total revenues for 2017 ._________
B) Total expenses for 2017 .___________
C) What is the purpose of the income statement?
D) Is Taryn Corporation profitable? Expl ain your answer.
E) Is this the first year of operations for Taryn Corporation? Explain your answer.

---

Definitions:

Department Level

Pertains to the specific tier or section within an organization that focuses on a particular area of responsibility or function.

Employee Turnover

The rate at which employees leave a company and are replaced by new employees.

Active Participation

Involvement of individuals or groups in activities or decisions that directly affect them, ensuring their input is considered.

Cultural Values

The fundamental beliefs, perceptions, and preferred ways of behaving within a society, organization, or group, shaping its members' attitudes and actions.