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Crank
3 years ago
6

MC Qu. 166 Joe Jackson opened Jackson's... Joe Jackson opened Jackson's Repairs, Inc. on March 1 of the current year. During Mar

ch, the following transactions occurred and were recorded in the company's books: Jackson invested $25,000 cash in the business. Jackson contributed $100,000 of equipment to the corporation. The company paid $2,000 cash to rent office space for the month. The company received $16,000 cash for repair services provided during March. The company paid $6,200 for salaries for the month. The company provided $3,000 of services to customers on account. The company paid cash of $500 for monthly utilities. The company received $3,100 cash in advance of providing repair services to a customer. Based on this information, net income for March would be: A. $8,400. B. $5,300. C. $13,400. D. $10,300. E. $13,500.
Business
1 answer:
____ [38]3 years ago
6 0

Answer:

D. $ 10,300

Choice D is correct:  Net income = $ 10,300

Explanation:

Cash Received =                                 $ 16000

Less Rent Paid=                                    ( $ 2000)

Add income =                                          $ 3000

Less Salaries for the month of March = ($ 6200)

Less utilities paid                                       ($ <u>500)</u>

<u>Net income=</u>                                               $ 10,300

Treatments.

Net income is found by deducting expenses from revenues earned

$ 100,000 is the retained earnings so it is not accounted for net income.

Equipment is an asset so it is not accounted for net income.

Cash received is the revenue so it is accounted.

Rent is an expense account so it is subtracted.

Income for service $ 3000 provided is also taken into account on matching principle basis.

Advance received will be adjusted when the services will be rendered on matching principle.

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Which of the following is added to net income to reconcile to cash from operations?
skad [1K]

Answer:

E. None of the above

Explanation:

The only two accounts that you must add to net income are the amortization and depreciation

In order to reconcile net income to cash from operations the Amortization and Depreciation must be added to Net Income.

Why? because These accounts: Amortization and Depreciation are not cash accounts. This means that the figures in amortization and Depreciation are not actual outflows of cash but just a bookkeeping figure.  

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A firm is a competitive seller of output at amarket price of $3. The only resource itrequires to create its product is labor, wh
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Answer:

B. $6

Explanation:

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3 years ago
The three primary policy tools available to those officials in charge of our country's monetary policy are a reserve requirement
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Answer:

a. reserve requirements, the discount rate, and open-market operations.

Explanation:

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The three (3) primary policy tools available to the governmental officials in charge of our country's monetary policy are reserve requirements, the discount rate, and open-market operations.

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Inez hires josh to paint her portrait to her satisfaction for $4,000. when josh finishes the portrait, inez announces that she i
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