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olganol [36]
3 years ago
12

Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $43,300 in tailoring fee

s, and paid $12,300 in expenses. Depreciation expense totaled $2,500. Accounts receivable increased $1,050, supplies increased $4,300, and accrued liabilities increased $2,350. Pat's accrual-basis net income was:
Business
1 answer:
Luba_88 [7]3 years ago
8 0

Answer:

net income = $31,500

Explanation:

given data

collect tailoring fees = $43,300

paid expenses = $12,300

Depreciation expense=  $2,500

Accounts receivable =  $1,050

supplies increased = $4,300

liabilities increased = $2,350

to find out

accrual basis net income

solution

we get here net income by given expression that is

net income = tailoring fees - expenses paid + account receivable + supplies increased - liabilities increased - Depreciation expense .......1

put here value

net income =  $43,300 - $12,300 + $1,050 + $4,300 - $2,350 - $2,500

net income = $31,500

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8 0
2 years ago
Lincoln Park Co. has a bond outstanding with a coupon rate of 5.73 percent and semiannual payments. The yield to maturity is 6.7
Natalija [7]

Answer:

Bond Price​= $1,774.05

Explanation:

Giving the following information:

Coupon rate= 0.0573/2= 0.02865

YTM= 0.067/2= 0.0335

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2 years ago
1) When there is uncertainty in the marketplace, what happens to yield spreads and why?2) Why do venture capital companies often
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Answer and Explanation:

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2.preferred stock positions pay more consistent dividends that common stock positions and also pay higher than bonds.

3.Accelerated depreciation is depreciation method in accounting that deducts higher depreciation expenses in the early life of an asset therefore leaving the company to pay less taxes on these assets and more cash flow. Increased cash flow consequently encourages and leads to more investment

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3 years ago
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