During May, ABC Company reported sales of $70,000, accounts receivable of $10,000, cost of goods sold...
During May, ABC Company reported sales of $70,000, accounts receivable of $10,000, cost of goods sold of $15,000, wages expense of $10,000 and wages payable of $2,000. What is net income for May?
Homework Answers
Net income, also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses
Net income for May = Sales-COGS-Wages expenses
Net income for May = 70000-15000-10000
Net income for May = $45000
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During May, ABC Company reported sales of $70,000, accounts
receivable of $10,000, cost of goods sold...
Journalize the closing entries Accounts Payable Accounts Receivable Accumulated Depr.-Equip. Cash Cost of Goods Sold $...
Journalize the closing entries
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Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
Journalize the closing entries
Accounts Payable Accounts Receivable Accumulated Depr.-Equip. Cash Cost of Goods Sold $ 25,200 30,500 45,000 26,000 518,000 146,000 11,000 7,000 6,400 2,000 32,000 37,000 101,700 10,000 3,500 2,500 2,500 15,000 Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Notes Payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense Sales Revenue 96,000 720,000 Sales Commissions Expense11,000 4,500 Sales Commissions Payable
ABC company has budgeted the following cost of goods sold January Sales (on Income statement) CGS $60,000 If the cost of goods sold is equal to 60 % of sales and the selling price is $10 per unit what are the budgeted sales in dollars and units for each month? Select one: $100,000 and 10,000 units none of these answers is correct $60,000 and 6,000 units $150,000 and 15,000 units ABC company has budgeted the following sales. January February Sales(on...
Forever uses the p a rty system OA Sales Revenue Cost of Goods Sold Sales Revenue OC. Sales Revenue Account Rece ODA Sales Revenge Refer to the following trial balance Credit Accounts Receivable Merchandise Inventory Supplies Debit $15.000 41000 61.000 18.000 330,000 Accounts Payable Notes Payable Common Stock Retained Earnings Dividends 315.000 22.000 3.000 3.000 A3245.000 OB. 599.000 C5107 000 OD S102.000 Cick to select your answer 25,000 315.000 22,000 3,000 455.000 Notes Payable Common Stock Retained Earnings Dividends Sales...
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