weet Catering completed the following selected transactions during May 2016: |
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If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign. |
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If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign. |
CALCULATION OF NET PROFIT/LOSS UNDER CASH AND ACCRUAL METHOD.
under Cash method, only cash receipts and payments should be considered
under Accrual method, all expenses and incomes accrued during the month should be considered.
weet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three...
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $1,800 May 5: Received and paid electricity bill, $250 May 9: Received cash for meals served to customers, $150 May 14: Paid cash for kitchen equipment, $3,610 May 23: Served a banquet on account, $2,070 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $3,170 May 31: Recorded depreciation for May on kitchen equipment, $240 If...
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $2,100 May 5: Received and paid electricity bill, $100 May 9: Received cash for meals served to customers, $2,590 May 14: Paid cash for kitchen equipment, $3,530 May 23: Served a banquet on account, $2,760 May 31: Made the adjusting entry for rent (from May 1) May 31: Accrued salary expense, $840 May 31: Recorded depreciation for May on kitchen equipment, $460 If...
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $220 May 9: Received cash for meals served to customers, $1,630 May 14: Paid cash for kitchen equipment, $2,040 May 23: Served a banquet on account, $1,610 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,080 May 31: Recorded depreciation for May on kitchen equipment, $510 If...
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $110 May 9: Received cash for meals served to customers, $1,340 May 14: Paid cash for kitchen equipment, $3,090 May 23: Served a banquet on account, $2,050 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,070 May 31: Recorded depreciation for May on kitchen equipment, $290 If...
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $2,100 May 5: Received and paid electricity bill, $100 May 9: Received cash for meals served to customers, $2,690 May 14: Paid cash for kitchen equipment, $2,720 May 23: Served a banquet on account, $1,780 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,690 May 31: Recorded depreciation for May on kitchen equipment, $190 If...
Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $2,400 May 5: Received and paid electricity bill, 580 May 9: Received cash for meals served to customers, 5850 • May 14: Paid cash for kitchen equipment, 53,230 • May 23: Served a banquet on account, $2,080 • May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,590 • May 31: Recorded depreciation for May...
Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $2,700 • May 5: Received and paid electricity bill, $100 • May 9: Received cash for meals served to customers, $3,150 • May 14: Paid cash for kitchen equipment, $2,500 • May 23: Served a banquet on account, $2,190 May 31: Made the adjusting entry for rent (from May 1). • May 31: Accrued salary expense, $1,280 • May 31: Recorded depreciation...
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months. 3.000 May 5: Received and paid electricity bill, 550 May 9: Received cash for meals served to customers, 5160 May 14: Paid cash for kitchen equipment, 52.440 • May 23: Served a banquet on account, 52,150 • May 31: Made the adjusting entry for rent (from May 1). • May 31: Accrued salary expense, 5170 • May 31: Recorded depreciation for May on...
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months. 3.000 May 5: Received and paid electricity bill, 550 May 9: Received cash for meals served to customers, 5160 May 14: Paid cash for kitchen equipment, 52.440 • May 23: Served a banquet on account, 52,150 • May 31: Made the adjusting entry for rent (from May 1). • May 31: Accrued salary expense, 5170 • May 31: Recorded depreciation for May on...
Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $1.200 May 5: Received and paid electricity bill, 5130 • May 9: Received cash for meals served to customers, 52,590 • May 14: Paid cash for kitchen equipment, 53,000 • May 23: Served a banquet on account, 52,120 . May 31: Made the adjusting entry for rent (from May 1). • May 31: Accrued salary expense, $1,350 • May 31: Recorded depreciation...