Reference no: EM131766653

Question -

Q1) On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 19,800. Coverage began immediately.

What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2016?

Q2) Melody's Piano School operations for the month of May were limited to the following transactions:

• Provided $650 of piano lessons to students who paid in cash.
• Provided $500 of piano lessons on account.
• Collected $375 from students who took piano lessons during April.
• Paid April's piano rental bill of $250.
• Received May's piano rental bill of $300 and set it aside for payment in June.

What is Melody's Net Income for May using the cash basis of accounting?

Q3) A company's financial records at the end of the year including the following amounts: 

Cash$70,400   Accounts receivable 28,400   Supplies 4,400   Accounts payable 10,400   Notes payable 5,200   Retained earnings, beginning of year 17,400   Common stock 44,000   Service revenue 50,400   Wages expense 8,400   Advertising expense 5,400   Rent expense 10,400

What is the amount of net income on the income statement for the year?