Determine the amount of net income for august

Assignment Help Cost Accounting
Reference no: EM13548039

Balance sheets, net income

Financial information related to the proprietorship of Lady Interiors for July and August 2012 is as follows:


July 31, 2012

August 31, 2012

Accounts payable

$90,000

$100,000

Accounts receivable

200,000

240,000

Garth Jacobs, capital

?

?

Cash

80,000

95,000

Supplies

20,000

15,000

a. Prepare balance sheets for Lady Interiors as of July 31 and August 31, 2012.

b. Determine the amount of net income for August, assuming that the owner made no additional investments or withdrawals during the month.

c. Determine the amount of net income for August, assuming that the owner made no additional investments but withdrew $35,000 during the month.

Reference no: EM13548039

Questions Cloud

Consider the function to determine its root : The following function is used to determine a parachute’s falling velocity. Consider the function to determine its root, the drag coefficient, c such that the velocity, v is 40 m/s after a free-falling time (t) of 10 second. f(c)=(gm/c)(1-e^(-(c/m)t)..
Calculate the correlation coefficient : Calculate the correlation coefficient and determine whether it is statistically significant using a two-tailed test at the .05 level.
Analysis of selected accounts of orlando company : Analysis of selected accounts of Orlando Company for the year ended December 31, 2008 - prepare a statement of cash flows using the indirect method.
Determine the largest distance x that the stream can reach : A nozzle discharges a stream of water with an initial velocity v0 of 50 ft/s into the end of a horizontal pipe of inside diameter d=5ft. determine the largest distance x that the stream can reach.
Determine the amount of net income for august : Determine the amount of net income for August, assuming that the owner made no additional investments but withdrew $35,000 during the month.
The annual mean vehicle miles of travel per household : The annual mean vehicle miles of travel per household
What is the probability the acc will have a team : What is the probability the ACC will have a team in the championship game and what is the probability that the championship game will not have a team from one of these two conferences
What is the standard deviation : The variance of some data is 37.33 what is the standard deviation?
What additional factors should terry consider when deciding : Terry wants to purchase a used car for $8000. The dealer offered to finance the deal at 8.5% APR for 4 years with 10% down payment. Terry's bank will provide a loan at 7.8% for 3 years

Reviews

Write a Review

 

Cost Accounting Questions & Answers

  Prepare the necessary journal entries for perez computers

July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts.

  Compute the debt-to-equity ratio

Compute the debt-to-equity ratio assuming that debt is defined to include all liabilities, debt is defined to include just interest-bearing debt, and debt is defined to include just long-term, interest-bearing debt.

  Prepare an income statement for the current year

Prepare an income statement for the current year ended April 30, 2008 - The assets and liabilities of Chickadee Travel Service at April 30, 2008, the end of the current year

  Lemmon cos 31st march inventory of raw materials is 150000

lemmon co.s 31st march inventory of raw materials is 150000. raw materials buys in april are 410000 and factory payroll

  1pink corporation is an accrual basis taxpayer that uses

1.pink corporation is an accrual basis taxpayer that uses the recurring item exception to the economic performance test

  Approximate the current years balances

Approximate the current year's balances in the form of a balance sheet and income statement

  How an increase or decrease in partnership liabilities

Explain how an increase or decrease in partnership liabilities can affect the basis of a general partner and a limited partner.

  Find how many catalogs are sent out during the month

Cottonwood considers catalogs as advertising and expenses the catalogs at the end of the month based on find how many catalogs are sent out during the month.

  Q the accounting staff of wyoming outfitters has assembled

q. the accounting staff of wyoming outfitters has assembled the subsequent information for the year ended 31st december

  How much would he have to invest on december 31

Assume the funds will accumulate in a certificate of deposit paying 8%interset compounded annually. If John were to deposit a single amount, how much would he have to invest on December 31,2013?

  Question 1 understand this chemistry profinkler residential

question 1 understand this chemistry profinkler residential treatment facility anticipates that it will have 25000

  Calculating salvage value

Calculating Salvage Value. Consider an asset that costs $640,000 and is depreciated straight-line to zero over its eight-year tax life. The asset is to be used in a five-year project; at the end of the project, the asset can be sold for $175,000.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd