User Account

All Pages

How much net income would they have recorded for the month

Assignment Help Financial Accounting
Reference no: EM132316798

Question

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, $150

May 9: Received cash for meals served to customers, $3,120

May 14: Paid cash for kitchen equipment, $3,990

May 23: Served a banquet on account, $2,030

May 31: Made the adjusting entry for rent (from May 1).

May 31: Accrued salary expense, $60

May 31: Recorded depreciation for May on kitchen equipment, $110

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.

Reference no: EM132316798

Questions Cloud

Create a website which include information of new business : You are the marketing director for a new health care center in Miami it can be a general health care offering many diverse services or a specialized.
Construct a p-chart with 3s control limits : The inspection data for 15 days of production shown that the average fraction of defective units per day is 0.075. Construct a p-chart with 3s control limits
What is the value of cost of goods sold : January 1 150 units were purchased at $9 per unit.January 17120 units were sold.January 20160 units were purchased at $11 per unit.January 29150 units were sold
Discuss leases and lease negotiations : - Discuss leases and lease negotiations and what the Property Manager's role is in writing and negotiation of leases.
How much net income would they have recorded for the month : If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May?
Analyze the different cultures given product will appeal to : For this assignment, you work for the marketing manager of an organization that is going to launch a new line of personal care products in the U.S. market.
How to illustrate the networking technologies : How to Illustrate the networking technologies used in global business environment
Employees according to organizational procedures : What are the benefits of inducting employees according to organizational procedures?
Essay about focusing on marketing and ethics : It is about focus on one or up to two marketing areas only (Product, Pricing, Distribution and Promotion including Advertising).

Reviews

Write a Review

Financial Accounting Questions & Answers

  Disposal cost at end of life and energy savings

An air handling system must be purchased for your company. The best estimates for the first costs, yearly costs (O&M) and yearly benefits (Energy savings) are given below. However, uncertainty exists about the disposal cost and energy savings. Dispos..

  Budgeted net income-budgeted retained earnings

Bracken Corporation budgets the following for 2015 operations: Budgeted Net Income for 2015 is? Budgeted Retained Earnings on 12/31/2015 is?

  Prepare journal entries for each transaction

Prepare journal entries for each transaction and post each transaction to the appropriate ledger accounts (use T- account format) - Prepare trial balance dated March 31,2016

  Under a modified wage plan an employee earns

Under a modified wage plan, an employee earns $1.50 for each finished unit and is guaranteed $18 per hour as a minimum wage. If the daily quota is 96 units, on a particular day when an employee completes 90 units and works 8 hours, the amount of the ..

  Prepare a debt amortization schedule for a bond i

Prepare a debt amortization schedule for a bond issued at discount. Assume that the bond matures in 12 years with market interest rate at time of issue-10% annually and 5% semiannually. The stated interest rate is 8%. The interest is paid semiannuall..

  Calculate the total amount of dividends declared

Calculate the total amount of dividends declared by March for 20X7.  Calculate March's profit for 20X8.

  What balance should appear in the investment

On January 1, 2012, Alison, Inc., paid $79,100 for a 40 percent interest in Holister Corporation’s common stock. This investee had assets with a book value of $253,000 and liabilities of $117,000. A patent held by Holister having a $5,900 book value ..

  Prepare an income statement beginning with income

Prepare an income statement, beginning with income from continuing operations. Indicate the statement presentation of any item not included in (a) above.

  List a reason a company might manipulate financial statement

List a reason a company might manipulate financial statements, and what sort of policies or procedures might mitigate the risk, or incentive to manipulate.

  Chain eastern airlines corporation limited arranges a set

chain eastern airlines corporation limited arranges a set of financial statements in accordance with ifrs. until 2007

  What is the fair value of the bond

A bond has a coupon rate of 7% and pays coupons semi-annually. The bond matures in 15 years and the yield to maturity on similar bonds is 7.5%. Is this a par, premium or discount bond? What is the fair value of the bond?

  Prepare a schedule showing the distribution of net income

Mc gill and Smyth have capital balances on january 1 of $50,000 and $40,000, respectively . The partnership income sharing agreement provides for (1) annual salaries of $22,000 for mcvill and $13,000 for smyth (interest at 10% ohm beginning capital b..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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