1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ivanzaharov [21]
3 years ago
11

Income Statement Maynard Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August

follows: Fees earned $370,400 Wages expense 188,900 Miscellaneous expense 12,200 Rent expense 36,700 Supplies expense 11,500 Prepare an income statement for the month ended August 31.
Business
1 answer:
Vesna [10]3 years ago
5 0

Answer:

Income Statement for the Month Ended August 31.

                                                  $                               $

Fees earned                                                         370,400

Wages expense                   188,900

Miscellaneous expense         12,200

Rent expense                         36,700

Supplies expense               <u>      11,500      </u>  

Total Expenses                                                  <u>     249,300        </u>

Net Profit                                                         <u>          121,100        </u>

Explanation:

In preparing the income statement, all the expenses are added and subtracted from the gee earned to arrive at the net income or net profit.

Income Statement for the Month Ended August 31.

                                                    $                               $

Fees earned                                                         370,400

Wages expense                   188,900

Miscellaneous expense         12,200

Rent expense                         36,700

Supplies expense               <u>      11,500      </u>  

Total Expenses                                                  <u>     249,300        </u>

Net Profit                                                         <u>          121,100        </u>

<u />

You might be interested in
The Prepaid Insurance account had a beginning balance of $14,000 and an ending balance of $24,000. How will the increase be repo
bagirrra123 [75]

Answer:

The correct option is b.

Explanation:

Given information: In Prepaid Insurance account

Beginning balance = $14,000

Ending balance of $24,000

Change in balance = $24,000 - $14,000 = $10,000

In means the balance of Prepaid Insurance account is increased by $10,000.

In a cash flow statement, operating activities section represents the changes in current assets (except cash) and current liabilities. Prepaid Insurance is a current asset.

A decrease in Prepaid Insurance will be added to the Operating Activities and a increase in Prepaid Insurance will be subtracted from the Operating Activities section.

The $10,000 increase will be subtracted from the Operating Activities section. Therefore the correct option is b.

5 0
4 years ago
The following selected transactions were completed by Capers Company during October of the current year:
exis [7]

Answer and Explanation:

Answer and explanation attached

3 0
4 years ago
Complete the sentence below using a possessive pronoun. Those shoes aren't
ValentinkaMS [17]
Those shoes aren't mine
5 0
4 years ago
The income statement for Electronic Wonders reports net sales of $91,628 million and cost of goods sold of $69,148 million. An e
irakobra [83]

Answer:

1.  Cash received from customers = $89,908

2.  Cash paid to suppliers = $71,972

Explanation:

                                                                             Amount in millions

Net sales                                                         $91,628

Less: Increase in accounts receivable                  $(1,720)

Cash received from customers                          $89,908

                                                                           Amount in millions

Cost of Goods sold                                       $69,148

Add: Increase in inventory                               $870

Add: Decrease in accounts payable                $ 1,954

Cash paid to suppliers                                        $ 71,972

7 0
3 years ago
Mad Hatter Enterprises purchased new equipment for $373,000, terms f.o.b. shipping point. Other costs connected with the purchas
Wewaii [24]

Answer: $332,540

Explanation: find attached my solution in the document below.

NB : note that the Insurance after equipment placed in service and Insurance for the first year of operations was not added because these are to be termed expenses to be deducted in the P & L account.

6 0
3 years ago
Other questions:
  • If A, B, and C are three activities connected with SS and FF (combination) relationships with 2-day lag on the SS relationships
    12·1 answer
  • The __________ is a passive, yet independent critical thinker.
    15·1 answer
  • Shen manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash twice per month. On payday,
    7·1 answer
  • PLEASE HELP ASAP!!! identify whether or not the situation presented represents an ethical use of technology and resources. An em
    13·1 answer
  • Your auto insurance policy has a 200 monthly premium and 700 deductible. What is the maximum amount you will have to pay out of
    8·2 answers
  • Following are selected transactions for Vitalo Company.
    14·1 answer
  • Which organization was one of the five services that merged to form the current Coast Guard?
    5·1 answer
  • On November 1, Jasper Company loaned another company $100,000 at a 6.0% interest rate. The note receivable plus interest will no
    10·1 answer
  • If you are gonna make a product what would it be and why? (true situation)
    7·2 answers
  • James, Inc., has purchased a brand new machine to produce its High Flight line of shoes. The machine has an economic life of 6 y
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!