Homework Answers
Net income = (Services provided for cash + Services provided on account) - Monthly rent paid
= ($23,000 + $16,000) - $16,000
= $23,000
The answer is A.
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This Question: 3 pts A company completed the following transactions during the month of October 1....
A company completed the following transactions during the month of October: I. Purchased office supplies on...
A company completed the following transactions during the month of October: I. Purchased office supplies on account,$5,800. II. Provided services for cash,$22,000. III. Provided services on account,$33,000. IV. Collected cash from a customer on account,$28,000. V. Paid the monthly rent of $4,800. What was the company's total revenue for the month? A.$33,000 B.$83,000 C.$22,000 D.$55,000
A company completed the following transactions during the month of October: I. Purchased office supplies on...
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A company completed the following transactions during the month of October: I. Purchased office supplies on...
A company completed the following transactions during the month of October: I. Purchased office supplies on account, $ 5 comma 000. II. Provided services for cash, $ 25 comma 000. III. Provided services on account, $ 32 comma 000. IV. Collected cash from a customer on account, $ 30 comma 000. V. Paid the monthly rent of $ 3 comma 400. What was the company's total revenue for the month?
A company completed the following transactions during the month of October: I. Purchased office supplies on...
A company completed the following transactions during the month of October: I. Purchased office supplies on account, $ 4 comma 400$4,400. II. Provided services for cash, $ 20 comma 000$20,000. III. Provided services on account, $ 15 comma 000$15,000. IV. Collected cash from a customer on account, $ 8 comma 200$8,200. V. Paid the monthly rent of $ 14 comma 000$14,000. What was the company's net income for the month?
company completed the following transactions during the month of October: I. Purchased office supplies on account,...
company completed the following transactions during the month of October: I. Purchased office supplies on account, $ 4 comma 000$4,000. II. Provided services for cash, $ 21 comma 000$21,000. III. Provided services on account, $ 33 comma 000$33,000. IV. Collected cash from a customer on account, $ 31 comma 000$31,000. V. Paid the monthly rent of $ 4 comma 400$4,400. What was the company's total revenue for the month?.
45. Rowdy Bolton began Bolton Office Services in October and during that month completed these transactions...
45. Rowdy Bolton began Bolton Office Services in October and during that month completed these transactions a. Invested $10.000 cash, and $15,000 of computer equipment. b. Paid $500 cash for an insurance premium covering the next 12 months cCompleted a word processing assignment for a customer and collected $1,000 cash, d. Paid $200 cash for office supplies e. Paid $2,000 for October's rent Prepare journal entries to record the above transactions. Explanations are unnecessary
Exercise 3 (5 points) Brahim began Brahim Office Services in October and during that month completed...
Exercise 3 (5 points) Brahim began Brahim Office Services in October and during that month completed these transactions: a. Invested KD 10,000 cash, and KD 15.000 of computer equipment b. Paid KD 500 cash for an insurance premium covering the next 12 months C. Completed a word processing assignment for a customer and collected KD 100 cash. d. Paid KD 100 cash for office supplies. e. Paid KD200 for October's rent. Prepare journal entries to record the above transactions. Cash...
1. a) Selected transactions for Garver Company during its first month in business are presented below....
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
Given the following transactions for Expert Consulting Corporation during the month of June, prepare the: a....
Given the following transactions for Expert Consulting Corporation during the month of June, prepare the: a. Journal Entries b. Ledger (T-Accounts) balances and c. A Trial balance as of December 31, 2019 a. Owner invested $43,000 cash and truck with a value of $24,250 into the business b. The corporation purchased Factory Plant costing $37,350 by paying $16,000 down and signing a note payable for the remainder c. The corporation purchased supplies on account, $8,750 d. The corporation rented office...
On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the...
On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $28,000. Paid rent on office and equipment for the month, $5,050. Purchased supplies on account, $1,490. Paid creditor on account, $550. Earned sales commissions, receiving cash, $22,960. Paid automobile expenses (including rental charge) for month, $1,400, and miscellaneous expenses, $940....
45. Rowdy Bolton began Bolton Office Services in October and during that month completed these transactions a. Invested $10.000 cash, and $15,000 of computer equipment. b. Paid $500 cash for an insurance premium covering the next 12 months cCompleted a word processing assignment for a customer and collected $1,000 cash, d. Paid $200 cash for office supplies e. Paid $2,000 for October's rent Prepare journal entries to record the above transactions. Explanations are unnecessary
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1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
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