A company had credit sales of $ 31 comma 000 and cash sales of $ 24 comma 000 during the month of May. Also during May, the company paid wages of $ 25 comma 000 and utilities of $ 11 comma 000. It also received payments from customers on account totaling $ 4 comma 400. What was the company's net income for the month?
Net income for the month = $19,000
Working
Income Statement | ||
Revenues | $ 55,000.00 | |
Less: Expenses | ||
Wages expense | $ 25,000.00 | |
Utilities expense | $ 11,000.00 | |
Total expenses | $ 36,000.00 | |
Net Income | $ 19,000.00 |
A company had credit sales of $ 31 comma 000 and cash sales of $ 24...
company had credit sales of $ 33 comma 000$33,000 and cash sales of $ 24 comma 000$24,000 during the month of May. Also during May, the company paid wages of $ 25 comma 000$25,000 and utilities of $ 10 comma 000$10,000. It also received payments from customers on account totaling $ 4 comma 400$4,400. What was the company's net income for the month?
A company had credit sales of $33,000 and cash sales of $25.000 during the month of May. Also during Miny, the company paid wages of $22.000 and utilities of 8,000. It also received payments from oustomers on account totaling $5.800 What was the company's net income for the month? O A $25,000 OB. 558.000 OC SA 000 OD. $28.000
Beginning Retained Earnings are $ 79 comma 000 $79,000; sales are $ 31 comma 700 $31,700; expenses are $ 71 comma 000 $71,000 and dividends paid are $ 5 comma 700 $5,700. How much is the net income or loss for the company?
Dollar Plus Store is a local discount store with the following information: OctoberOctober sales are projected to be $ 400 comma 000$400,000. times• Sales are projected to increase by 1010% in NovemberNovember and another 2020% in DecemberDecember and then return to the OctoberOctober level in JanuaryJanuary. times• 2525% of sales are made in cash while the remaining 7575% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 22% transaction fee, and...
Purchased office equipment, $ 115 comma 000$115,000. Paid $ 73 comma 000$73,000 cash and financed the remainder with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $ 410 comma 000$410,000 paid in cash. An independent appraisal valued the land at $ 322 comma 875$322,875 and the communication equipment at $ 107 comma 625$107,625. Sep. 1 Sold a building that cost $ 555 comma 000$555,000 (accumulated depreciation of $ 255 comma 000$255,000...
Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for $16,000; received $10,100 in cash and the rest on account. The cost of the instruments was $8,600 b. Purchased $3,100 of new instruments inventory, paid $1,500 in cash and owed the rest on account. " c. Paid $580 in wages to employees who worked during the month. d. Received $3,500 from customers as deposits on orders of new instruments to be sold to the customers...
Michael and Sons' Law Offices opened on January 1, 2018. During the first year of business, the company had the following transactions: January 2: The owners invested $ 350 comma 000$350,000 (the par value of the stock) into the business and acquired 35 comma 00035,000 shares of common stock in return. times• January 15: MichaelMichael and Sons' bought an office building in the amount of $ 95 comma 000$95,000. The company took out a long-term note from the bank to...
On May 31, the Cash account of Tesla had a normal balance of $5,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May? Multiple Choice O A SO balance. O A $4,300 debit balance, O A $4,300 credit balance. A $5,700 debit balance. A $5,700 credit balance. 16 24 Next > During the month of March, Harley's Computer...
On January 1, 2022, the ledger of Ivanhoe Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $44,000 8,100 20,500 During January, the following selected transactions occurred. Jan. 1 5 12 14 20 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $6,360, which includes 6% sales taxes. Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) Paid state treasurer's department for...
Windsor, Inc. Trial Balance May 31, 2020 Account Number Credit 101 Cash 112 126 Debit $4,500 6,200 2,000 2,400 10,800 130 149 201 Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense 209 $ 4,500 2,000 16,200 7,500 311 400 726 729 3,300 1,000 $30,200 $30,200 In addition to those accounts listed on the trial balance, the chart of accounts for Windsor, Inc. also contains the following accounts...