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Sergio [31]
3 years ago
13

Skysong, Inc. is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial informa

tion as of December 31, 2017.
Service revenue (from camping fees) $145,200
Dividends $9,900 Sales revenue (from general store) 27,500
Notes payable 55,000 Accounts payable 12,100
Expenses during 2017 138,600
Cash 9,350
Supplies 6,050
Equipment 125,400
Common stock 44,000
Retained earnings (1/1/2017) 5,500

Determine Skysong, Inc.'s net income for 2017.
Business
1 answer:
Katen [24]3 years ago
6 0

Answer:

$34,100

Explanation:

The computation of the net income is shown below:

Net income = Total revenues - Total expenses

where,

Total revenues

= Service revenue + sales revenue

= $145,200 + $27,500

= $172,700

And, the total expenses is expenses incurred i.e $138,600

So, the net income is

= $172,700 - $138,600

= $34,100

As we know that the income statement records only revenues and expenses and the same is considered

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Flow of Accounts into Financial StatementsThe balances for the accounts that follow appear in the Adjusted Trial Balance columns
Drupady [299]

Answer:

Explanation:

The income statement records only revenues and the expenses during a given period of time

The balance sheet records the assets, liabilities and the stockholder equity

Where

The current assets comprise cash, stock, account receivable, etc

Fixed assets involve plant & machinery, land, building, equipment, furniture & fittings, etc.

And, the intangible assets include patents, copyrights, trademark, and other intellectual properties.  

The current liabilities include the wage payable, account payable, unearned rent, etc

The stockholder equity represents the capital account

So, the categorization is shown below:

1. Accounts Payable = Balance sheet in a current liabilities side  

2. Depreciation Expense = Income statement in the debit side  

3. Nat Hager, Capital (beginning of period) = statement of owner's equity

4. Office Equipment = Fixed assets in the balance sheet

5. Rent Revenue = Income statement on the credit side

6. Supplies Expense =  Income statement in the debit side  

7. Unearned Rent = Balance sheet in a current liabilities side  

8. Wages Payable = Balance sheet in a current liabilities side  

4 0
3 years ago
Pizza International, Inc. operates 700 family restaurants around the world. The company’s annual report contained the following
Thepotemich [5.8K]

Answer:

$22,546

Explanation:

The preparation of the Cash Flows from Operating Activities -Indirect Method is shown below:

Cash flow from Operating activities

Net loss  -$9,473

Add: depreciation $33,350

Less: Increase in Receivables -$179

Add: Decrease in Inventory $661

Less: Increase in Prepaid Expenses -$673

Less: Decrease in Accounts Payable -$2,291

Less: Decrease in Accrued Liabilities -$728

Add: Increase in Income Taxes Payable $1,879

Net Cash flow from Operating activities $22,546

Note payable is considered long term liabilities. Hence, we ignored it

The positive sign shows the inflow of cash while the negative sign shows the outflow of cash and the same is shown above

7 0
3 years ago
You are a professor of economics at a university.​ you've been offered the position of serving as department​ head, which comes
Oxana [17]

Answer:

$4500

Explanation:

We can calculate the total change in benefits by deducting the opportunity cost of spending the hours with your family by the annual salary.

Opportunity cost = $20/hour x 200 Additional hours

Opportunity cost = $4000

Total change in benefit = Annual salary - Opportunity cost

Total change in benefit  = $8500 - $4000

Total change in benefit  = $4500

6 0
3 years ago
Brief Exercise 12-1 Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $27,000 cash, an
Marysya12 [62]

Answer:

The journal entry is as follows:

Cash A/c Dr. $18,000

Equipment (Fair value) A/c Dr. $9,000

           To N's  capital                            $27,000

(To record the investment bought by Nichols)

Workings:

Cash contributed by Nichols = $18,000

Equipment's Book value = $6,300

Fair value of equipment = $9000

Nichols capital = $18,000 + $9,000

                         = $27,000

8 0
3 years ago
1. An assembly line with 30 activities is to be balanced. The total amount of time to complete all 30 activities is 60 minutes.
trapecia [35]

Answer:

a. What are the maximum and minimum cycle times?

The maximum cycle time is 60 minutes and the minimum cycle time is 2.4 minutes.

b. How much daily output will be achieved by each of those cycle times?

Daily output = CT = A/R

For max CT = 480/60 = 8 units per day

For min CT = 480/2.4 = 200 units per day.

2. In problem 1, suppose the line is balanced using 14 workstations and a finished product can be produced every 4.5 minutes.

a. What is the production rate in units per day?

CT = A/R or 4.5 = 480/R or R = 106.66 units/day

b. What is the assembly-line efficiency?

Efficiency = 60/[4.5(14)] =0.95 or 95.2% percent efficiency.

5 0
3 years ago
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