Homework Answers
| a) Customers owe to company means accounts receivable for sales made by the company on credit. | ||||||||||||||||
| Therefore, customers owe 14,300 to Pinkerton consulting | ||||||||||||||||
| b) Amount owed to creditors is the accounts payable for purchases made by the company on credit | ||||||||||||||||
| Therefore, Pinkerton consulting owes 23,000 to its creditors | ||||||||||||||||
| c) Assets of the company includes cash, accounts receivable, supplies, office equipment | ||||||||||||||||
| Therefore the total assets of the company is | 129200 | 57400+14300+4600+52900 | ||||||||||||||
| d) The total liabilities of the company includes accounts payable and notes payable | ||||||||||||||||
| Therefore the total liabilities of the company is | 33000 | 23000+10000 | ||||||||||||||
| e) The stockholders equity is equal to total assets - total liabilities | ||||||||||||||||
| Therefore, stockholders equity of the company is (129,200-33,000) = 96,200 | ||||||||||||||||
| f) The net income is calculated by deducting the expenses of the company from service revenue | ||||||||||||||||
| Service revenue | 28500 | |||||||||||||||
| Less: Rent Expense | 3000 | |||||||||||||||
| Salaries expense | 5100 | |||||||||||||||
| Utilities expense | 2200 | |||||||||||||||
| Net Income | 18200 | |||||||||||||||
| The net income of the company is 18,200 | ||||||||||||||||
| g) Since the current assets (76,300) of the company which includes cash, accounts receivable and supplies is higher than the creditors (23,000) of the company, the company can pay off its creditors today | ||||||||||||||||
| Yes, the company can pay off its creditors today | ||||||||||||||||
| h) If the company had service revenue of $10,000 the net income or loss would be as follows | ||||||||||||||||
| Service revenue | 10000 | |||||||||||||||
| Less: Rent Expense | 3000 | |||||||||||||||
| Salaries expense | 5100 | |||||||||||||||
| Utilities expense | 2200 | |||||||||||||||
| Net Income/ (Loss) | -300 | |||||||||||||||
| The company would have net loss of 300 | ||||||||||||||||
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