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svlad2 [7]
3 years ago
8

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s recor

ds show the following selected accounts and amounts for the month of August. Use this information to prepare an August income statement for the business.Cash $ 25,360 Dividends $6,000Accounts receivable 22,360 Consulting fees earned 27,000Office supplies 5,250 Rent expense 9,550Land 44,000 Salaries expense 5,600Office equipment 20,000 Telephone expense 860Accounts payable 10,500 Miscellaneous expenses 520Common stock 102,000
Business
1 answer:
Delicious77 [7]3 years ago
5 0

Answer:

Income statement for the year XXXX ended August 31th

Consulting fees earned 27,000

Rent expense                    9,550

Salaries expense              5,600

Telephone expense             860

Miscellaneous expenses <u>    520  </u>

Total expenses                 16,530

Net income                      10,470

Explanation:

To solve for net income we have to subtract revenue for expenses

the expenses will have the word expense in their name,

Is important to notice dividends are not expense as they represent the distribution of earned to the stockholders or owners of the company. It doesnt' represent an expense associate with the outgoing business activities.

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Karen Smith bought Coca-Cola stock for $475 on March 31, 20X1. On November 15, 20X1, Karen received a non-taxable distribution o
Murrr4er [49]

Answer:

$20 loss

Explanation:

Karen Smith bought a coca-cola stock for $475 in March 31, 20X1

She received a non taxable distribution of $155 on November 15, 20X1

The first step is to calculate the adjusted basis

= $475-$155

= $320

Karen sold the stock for $300 on December 22, 20X1

Therefore, her gain or loss on the sale can be calculated as follows

= $300-$320

= $20 loss

Hence Karen has a loss of $20 on the sale

7 0
2 years ago
The December 31, 2009, balance sheet of Anna’s Tennis Shop, Inc., showed current assets of $2,584 and current liabilities of $1,
Igoryamba

Answer: ($203)

Explanation:

The company’s 2010 change in net working capital will be calculated thus:

Net working capital = current assets - current liabilities

For 2009, net working capital will be:

= $2,584 - $1,191

= $1393.

For 2010, net working capital will be:

= $2,644 - $1,048

= $1596

Change in net working capital will be:

= $1393 - $1596

= ($203)

6 0
3 years ago
Eldrick bought a certificate that allows him to apply for a tax deed after a certain period. what did eldrick purchase?
AnnyKZ [126]
The thing that Eldrick bought is called: Tax certificate
A tax certificate is a document that given to purchasers whenever they're biying an fixed asset (such as building , land, or other type of property).
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7 0
3 years ago
Ethical behavior begins with:.
Marizza181 [45]

Answer:

manners

Explanation:

4 0
2 years ago
Kouba Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.52 direct labor-
Anvisha [2.4K]

Answer:

Kouba Corporation

Direct labor budget for April and May:

                                                         April           May

Production in units                         1,700          1,600

Direct labor-hours per unit             0.52           0.52

Total direct labor-hours needed     884             832

Total direct labor-hours paid          960             960

Direct labor rate                           $9.00          $9.00

Total direct labor cost                $8,640        $8,640

Explanation:

a) Data and Calculations:

                                                          April           May

Production in units                         1,700          1,600

Direct labor-hours per unit             0.52           0.52

Total direct labor-hours needed     884             832

Total direct labor-hours paid          960             960

Direct labor rate                           $9.00          $9.00

Total direct labor cost                $8,640        $8,640

Idle hours paid for                              76              128

Cost for idle hours                        $684          $1,152

b) The Kouba Corporation pays its workers for a total of 204 idle hours with a total cost of $1,836 for the two months period.  This amount is substantial, about 10% of the total amount paid for the two months.

6 0
3 years ago
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