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3 years ago

The following transactions are July activities of Bill’s Extreme Bowling, Inc., which operates several bowling centers.

Business

1 answer:

Softa [21]3 years ago

4 0

Answer:

Income Statement

Sales $12,250

Operating Expenses Electricity -$2,500

Operating Expenses Wages -$5,475

Repairing Expenses -$1,500

Net Income $2,775

Explanation:

The income statement is one of the principal financial statement of a company, it's necessary to know if the is generating profit or losses, it keep record of all the transaction during a period of time, but not consider payment or collection made of other period.

This statement apply the accrual criteria, only consider de transaction occurred during the period and not the momento of payment.

In this case the following operations were leaving out becuase are of other period.

(c) The men’s and women’s bowling leagues gave Bill’s advance payments totaling $1,500 for the fall season that starts in September.

(d) Bill’s received $1,000 from credit sales made to customers last month (in June).

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3 years ago

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Arisa [49]

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3 years ago

How do you do income statement

igomit [66]

To prepare an income statement, you will need to generate a trial balance report, calculate your revenue, determine the cost of goods sold, calculate the gross margin, include operating expenses, calculate your income, include income taxes, calculate net income and lastly finalize your income statement with business details and the reporting period.

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2 years ago

A payday loan company charges 6.00 percent interest for a two-week period. What is the annual interest rate? (Do not round inter

Mashcka [7]

Answer:

The annual interest rate is 156 percent

Explanation:

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3 years ago

Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,300. He is single

FromTheMoon [43]

Answer:

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2) medicare taxes = monthly earnings x 1.45% = $11,300 x 1.45% = $163.85

3) in order to calculate federal income taxes, I used the 2019 tables and allowance:

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$1,198.46 + [($10,950 - $7,333) x 24%] = $1,198.46 + $868.08 = $2,066.54

For 2020, there are no more personal allowances.

8 0

3 years ago