The Computer Store had the following revenue and expenses during the month ended July 31. ...
The Computer Store had the following revenue and expenses during
the month ended July 31.
| Fees for computer repairs | $ | 44,100 | |
| Advertising expense | 6,200 | ||
| Salaries expense | 19,000 | ||
| Telephone expense | 1,100 | ||
| Fees for printer repairs | 6,450 | ||
| Utilities expense | 1,550 | ||
Did the firm earn a net income or incur a net loss for the period?
What was the amount?
Homework Answers
Did the firm earn a net income or incur a net loss for the period?
Net income
What was the amount?
$22700
Add Answer to:
The Computer Store had the following revenue and expenses during
the month ended July 31.
...
Exercise 2.6 Computing net income or net loss. LO 2-4 The Computer Store had the following...
Exercise 2.6 Computing net income or net loss. LO 2-4 The Computer Store had the following revenue and expenses during the month ended July 31 Fees for computer repairs $38, 1e0 Advertising expense Salaries expense Telephone expense Fees for printer repairs Utilities expense ped 17,800 1,3e0 5,250 950 ok nt Did the firm earn a net income or incur a net loss for the period? What was the amount? nt nces
jon Attend me Course Content M MHE Reader Wk 1. Apply. Exercisex Santorini travel guide +...
jon Attend me Course Content M MHE Reader Wk 1. Apply. Exercisex Santorini travel guide + https//newconnect. meducation.com/flow/connecthtml Exercise 0 Help Cullen Beatty plans to start a consulting business-Cullen Consulting Services. In preparation to do this, on April 1. 2019, he investe $49.000 in cash and $18,000 in equipment, and opened an account at Office Plus by purchasing $1.400 in office supplies which is by the end of the month. He then signed a one-year lease agreement on an office...
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue...
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $17,610, Salaries and Wages Expense $8,490, Maintenance and Repairs Expense $3,250, and Income Tax Expense $1.490. The statement of retained earnings shows an opening balance for Retained Earnings of $20,700 and Dividends $1,430. Debit Credit Date Account Titles and Explanation July 31 I (To dose revenue account) July 31 (To dose expense accounts) July 31 (To dose net income/(loss) to retained earnings) July 31
Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) 20,000 $76,000 Revenue...
Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) 20,000 $76,000 Revenue ($3.80g) Expenses: Raw materials ($2.10g) Wages and salaries ($6,000 + $0.209) Utilities ($1,800 + $0.059) Facility rent ($3,500) Insurance ($2,100) Miscellaneous ($800 + $0.109) Total expense Net operating income 42,000 10,000 2,800 3,500 2,100 2,800 63,200 $12,800 ces In July, 21,000 meals were actually served. The company's flexible budget 1 Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (9) 21,000...
The income statement for the Matlock, Inc. for the month ended July 31 shows Service Revenue...
The income statement for the Matlock, Inc. for the month ended July 31 shows Service Revenue $16.690, Salaries and Wages Expense $9.510. Maintenance and Repairs Expense $2,880, and Income Tax Expense $1,490. The statement of retained earnings shows an opening balance for Retained Earnings of $21,710 and Dividends $2,040 Prepare doing journal entries. (If no entry is required, select "No Entry for the account titles and enter automatically indented when the amount is entered. Do not indent manually.) for the...
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue...
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $18,760, Salaries and Wages Expense $9,350, Maintenance and Repairs Expense $2,970, and Income Tax Expense $1,360. The statement of retained earnings shows an opening balance for Retained Earnings of $21,890 and Dividends $1,610. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount...
Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) 21,000 Revenue ($4.109) $ 86, 100 Expenses :...
Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) 21,000 Revenue ($4.109) $ 86, 100 Expenses : Raw materials ($2.209) 46,200 Wages and salaries ($6,300 + 10,500 10 $0.209) Utilities ($2,000 + $0.059) 3,050 Facility rent ($3,000) 3,000 Insurance ($2,700) 2,700 Miscellaneous ($800 + $0.109)_2,900 Total expense 68,350 Net operating income $17,750 In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the...
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue...
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19.780. Salaries and Wages Expense $9.760, Maintenance and Repairs Expense $3,230, and Income Tax Expense $1.400. The statement of retained earnings shows an opening balance for Retained Earnings of $20,180 and Dividends $1,360. Prepare closing journal entries. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when the amount is...
The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue...
The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Salaries and Wages Expense $8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense 51,010. The statement of retained earnings shows an opening balance for Retained Earnings of $20,010 and Dividends $1,350. Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount...
On December 1, Karl Zant opened a speech and hearing clinic. During December, his firm had...
On December 1, Karl Zant opened a speech and hearing clinic. During December, his firm had the following transactions involving revenue and expenses. Paid $2,800 for advertising. Provided services for $2,500 in cash. Paid $740 for telephone service. Paid salaries of $2,300 to employees. Provided services for $2,700 on credit. Paid $390 for office cleaning service. Did the firm earn a net income or incur a net loss for the period? What was the amount?
Exercise 2.6 Computing net income or net loss. LO 2-4 The Computer Store had the following revenue and expenses during the month ended July 31 Fees for computer repairs $38, 1e0 Advertising expense Salaries expense Telephone expense Fees for printer repairs Utilities expense ped 17,800 1,3e0 5,250 950 ok nt Did the firm earn a net income or incur a net loss for the period? What was the amount? nt nces
jon Attend me Course Content M MHE Reader Wk 1. Apply. Exercisex Santorini travel guide + https//newconnect. meducation.com/flow/connecthtml Exercise 0 Help Cullen Beatty plans to start a consulting business-Cullen Consulting Services. In preparation to do this, on April 1. 2019, he investe $49.000 in cash and $18,000 in equipment, and opened an account at Office Plus by purchasing $1.400 in office supplies which is by the end of the month. He then signed a one-year lease agreement on an office...
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $17,610, Salaries and Wages Expense $8,490, Maintenance and Repairs Expense $3,250, and Income Tax Expense $1.490. The statement of retained earnings shows an opening balance for Retained Earnings of $20,700 and Dividends $1,430. Debit Credit Date Account Titles and Explanation July 31 I (To dose revenue account) July 31 (To dose expense accounts) July 31 (To dose net income/(loss) to retained earnings) July 31
Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) 20,000 $76,000 Revenue ($3.80g) Expenses: Raw materials ($2.10g) Wages and salaries ($6,000 + $0.209) Utilities ($1,800 + $0.059) Facility rent ($3,500) Insurance ($2,100) Miscellaneous ($800 + $0.109) Total expense Net operating income 42,000 10,000 2,800 3,500 2,100 2,800 63,200 $12,800 ces In July, 21,000 meals were actually served. The company's flexible budget 1 Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (9) 21,000...
The income statement for the Matlock, Inc. for the month ended July 31 shows Service Revenue $16.690, Salaries and Wages Expense $9.510. Maintenance and Repairs Expense $2,880, and Income Tax Expense $1,490. The statement of retained earnings shows an opening balance for Retained Earnings of $21,710 and Dividends $2,040 Prepare doing journal entries. (If no entry is required, select "No Entry for the account titles and enter automatically indented when the amount is entered. Do not indent manually.) for the...
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $18,760, Salaries and Wages Expense $9,350, Maintenance and Repairs Expense $2,970, and Income Tax Expense $1,360. The statement of retained earnings shows an opening balance for Retained Earnings of $21,890 and Dividends $1,610. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount...
Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) 21,000 Revenue ($4.109) $ 86, 100 Expenses : Raw materials ($2.209) 46,200 Wages and salaries ($6,300 + 10,500 10 $0.209) Utilities ($2,000 + $0.059) 3,050 Facility rent ($3,000) 3,000 Insurance ($2,700) 2,700 Miscellaneous ($800 + $0.109)_2,900 Total expense 68,350 Net operating income $17,750 In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the...
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19.780. Salaries and Wages Expense $9.760, Maintenance and Repairs Expense $3,230, and Income Tax Expense $1.400. The statement of retained earnings shows an opening balance for Retained Earnings of $20,180 and Dividends $1,360. Prepare closing journal entries. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when the amount is...
The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Salaries and Wages Expense $8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense 51,010. The statement of retained earnings shows an opening balance for Retained Earnings of $20,010 and Dividends $1,350. Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount...
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