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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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What courses or information would be helpful for a hospitality manager?
choli [55]

Answer:

Travel Attendants.

Lodging Managers.

Meeting, Convention, and Event Planners.

Food Service Managers.

Holiday Counselor.

Explanation:

4 0
2 years ago
The common stock of the P.U.T.T. Corporation has been trading in a narrow price range for the past month, and you are convinced
konstantin123 [22]

Answer:

A) according to put call parity:

price of put option = call option - stock price + [future value / (1 + risk free rate)ⁿ]

put = $6.93 - $125 + [$140 / (1 + 5%)¹/⁴] = $6.93 - $125 +$138.30 = $20.23

B)

you have to purchase both a put and call option ⇒ straddle

the total cost of the investment = $6.93 + $20.23 = $27.16, this way you can make a profit if the stock price increases higher than $125 + $20.23 = $145.23 or decreases below than $125 - $20.23 = $104.77

4 0
3 years ago
Sarah is an accountant with desires to open her own business. she is looking for office space at a reasonable rate along with in
seropon [69]

Sarah is an accountant with desires to open her own business. she is looking for office space at a reasonable rate along with internet service. of the conditions that need to be put in place for the entrepreneurial ecosystem, she needs social and cultural norms.

Social norms are unwritten rules about how to behave but also how things 'just are' within society. Sarah is use to having internat at a rate she can afford but needs to make sure the best rate for running her business approriately is in place. These norms are similar to cultural norms that are what is unspoken to us based on the environment in which we live. They may change as the environment adapts depending on each situation.

3 0
3 years ago
On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life
Lelu [443]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life and $20,000 salvage value at the end of its useful life.

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= 60,000/5=12,000

3 months depreciation= 12,000/12*3= 3,000

3 0
2 years ago
Abby, Bobbi, and Deborah each buy ice cream and paperback novels to enjoy on hot summer days. Ice cream costs $5 per gallon, and
umka2103 [35]

Answer:

b. The slope of the budget constraint is the same for each woman.

Explanation:

Budget Line is the combination of two goods that a consumer can buy, given prices & money income (all spent).

Equation : p1x1 + p2x2 = m ;

where p1 & p2 are price of good 1 & 2 , x1 & x2 are quantities of good 1 & good 2 , m = money income  

  • Abby's Budget Line : 5I + 8N = 80
  • Bobbi's Budget Line : 5I + 8N = 60
  • Deborah's Budget Line : 5I + 8N = 40 [ I = Icecream, N = Novel ]  

Slope of Budget Line represents change (sacrifise) of a good needed to get change (gain) of other good, given same prices & income.

Slope = ΔY/ΔX = Px / Py

Since prices are same for each woman, price ratios & hence the slope of budget line will also be same for all of them.

3 0
3 years ago
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