During the first year of operations, a company sold $109,000 of goods to customers and received $94,500 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $70,900 in expenses for the year and paid $65,900 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year

$38,100

Explanation:

The following can be gotten from the question:

Goods sold = $109,000

Cash sales = $94,500

Credit sales = $109,000 - $94,500

= $14,500

Expenses incurred = $70,900

Cash expenses paid = $65,900

Outstanding expenses = $70,900 - $65,900 = $5,000

Based on the above analysis, the net income for the year will be:

Cash sales = $94,500

Add: credit sales = $14,500

Less: cash expenses paid= $65,900

Less: outstanding expenses= $5000

Net income = $109,000 - $70,900

Net income = $38,100

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a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.