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satela [25.4K]
3 years ago
10

Melodyâs Piano School operations for the month of May were limited to the following transactions:1. Provided $500 of instruction

to students. 2. Of the $500 of instruction provided in May, $400 is collected in cash, and an additional $300 is collected for lessons provided in April. 3. Paid April's piano rental bill of $100. Received May's bill of $150 but did not pay.What is Melody's Net Income for May using the cash basis of accounting?
Business
1 answer:
Alinara [238K]3 years ago
7 0

Answer:

$600

Explanation:

Under the cash basis, the cash surplus is reported as profit which is calculated as under:

Cash Surplus = Cash inflow - Cash outflow

Here cash inflow are the receipt of cash which includes $400 and $300. Furthermore, the cash outflow includes $100 only.

So by putting values, we have:

Cash Surplus = ($400 + $300) - $100 = $600

This cash surplus of $600 will be reported as net income for the year under the cash basis of accounting.

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Bart contributes $100,000 to the Fish Partnership for a 40% interest. During the first year of operations, Fish has a profit of
barxatty [35]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
7 0
3 years ago
Frank lives in an area that experiences frequent thunderstorms. What precautionary measures should he adopt?
Alisiya [41]

Answer:

There are different precautionary measures Frank can adopt. They are:

Explanation:

1. Frank should have outdoor furniture made of concrete instead of metal.

A strike of thunder on a metal surface will propel an electric shock.

2. Frank should pay good or regular attention to the weather forecasts.

He should have a handy device such as a small radio, which will keep him abreast of important happenings in the area.

3. Frank should take cover once a stroke of lightning appears in the sky.

The field of Physics lets us to know that light travels faster than sound and that the moment lightning appears in the sky, expect thunder roaring about 8 seconds after.

4. Frank should get used to or always wear covered shoes, to protect him from the electric charge that is created between a thunderstorm and a wet ground. Gloves could also do, for the hands.

5. Frank should structure his movements and road trips such that he accounts for some time that'll be used to wait for thunderstorms to pass; since it's unsafe to drive while the storms are roaring.

This will help him be on time to events and meetings.

6. Frank should avoid leaning on walls which have metal wires or bars across them, especially when lightning appears.

7. Frank should avoid anything wet, during a thunderstorm. This precaution should be taken even while indoors.

8. In the event that frank gets caught outdoors or in the open when a thunderstorm occurs, he should stoop and let only his feet have contact with the ground.

3 0
3 years ago
Risoner Company plans to purchase a machine with the following conditions: Purchase price = $300,000. The down payment = 10% of
ser-zykov [4K]

Answer:

$62,160

Explanation:

Given:

Purchase price = $300,000

Down payment = 10% of purchase price = 0.1 × $300,000 = $30,000

Thus,

the cumulative amount to be financed = $300,000 - $30,000 = $270,000

The present value of an annuity of $1 per year for 8 years at 16% = $4.3436

Now,

Annual payment

= ( Cumulative Amount financed ) / ( Cumulative PV factor at 16% for 8 years)

= $270,000 / 4.3436

= $62,160.42

≈ $62,160

8 0
3 years ago
Rick and jamie recently started dating. to commemorate their first month as a couple, rick surprised jamie when he picked her up
nalin [4]
The root of all this conflict is <span>egocentrism.  It is </span>having or regarding the self or the individual as the center of all things: an egocentric<span> philosophy that ignores social causes. having little or no regard for interests, beliefs, or attitudes other than one's own.  It is being self-centered.  </span>
3 0
3 years ago
Industries’ capital structure features 63 percent equity, 7 percent preferred stock, and 30 percent debt. If the before-tax comp
djyliett [7]

Answer:

16.091%

Explanation:

The computation of the WACC is shown below:

= (Weightage of debt × cost of debt) × ( 1- tax rate) + (Weightage of preferred stock) × (cost of preferred stock) + (Weightage of  common stock) × (cost of common stock)

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= 2.133% + 6.65% + 7.308%

= 16.091%

Basically we multiplied the weightage with its cost

5 0
3 years ago
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