<u>Calculations of Net Income for the period (Assuming the Accrual Method of accounting):</u>
It is given that Revenue on account amounted to $4,400. Expenses for the period were $2,300.
The Net income for the period using the Accrual Method of accounting can be calculated with the help of following formula;
Net Income = Sales Revenue – Expenses
= 4400-2300
= 2100
Hence, the net income for the period is <u>$2,100</u>
Answer:
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Explanation:
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The listing of the account names and the sum of the account balances is called a trial balance. All significant accounting items, including as assets, liabilities, equity, revenues, expenses, gains, and losses are tied to the accounts shown on a trial balance.
A trial balance is a financial report that displays the general ledger's closing balances for all accounts at a certain point in time. The first stage in closing the books at the conclusion of an accounting month is to create a trial balance. The trial balance is a financial report that includes the closing balances for all of the company's general ledgers.
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Answer:
Explanation:
Cash flow statement should include items that are either received or paid for in cash. In the given case, the following items have been incorrectly reported
Issuance of Note for Truck is a non-cash transaction as well as Purchase of Truck with a Note. There is no cash involved with either transaction. Depreciation is listed in the sources of cash however depreciation is a non-cash operating expense and should not be included. The organization of the statement of cash flows presented in the question is not correct as well. Once organized in the correct manner and adjusted for the depreciation correctly the result is net increase in cash at 119,000 not 109,000. This shows that the Cash flow from operating activities provides a net income of -33,000 which is a loss
If Chowning makes 1,200 sets of ear buds in February, what is the total cost is $10,420.
<h3 /><h3>Total cost</h3>
Using this formula
Total cost = Variable cost + Fixed cost
Where:
Variable cost=(1200×$0.35)=$420
Fixed cost=$10,000
Let plug in the formula
Total cost = (1200×$0.35) +$10,000
Total cost=$420+$10,000
Total cost=$10,420
Inconclusion If Chowning makes 1,200 sets of ear buds in February, what is the total cost is $10,420.
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