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meriva
3 years ago
12

Sweet catering completed the following selected transactions during may 2016.May 1 prepaid rent for 3 months, 2,400, May 5: rece

ived and paid electricity bills 220, may 9: received cash for meals served to customers, $1, 650. May 14: paid cash for kitchen equipment 2,800 May 23: served a banquet on account 2,970. May 31: made the adjusting entry for rent (from May 1) May 31: Accrued salary expense 2,900. May 31: recorded depreciation for may on kitchen equipment 60. If Sweet Catering had recorded transaction using the cash method, how much net income (loss) would they have recorded for the month of may
Business
1 answer:
Yuliya22 [10]3 years ago
5 0

Answer:

-$3,770

Explanation:

The computation of the net income or net loss using the cash method for May month is shown below:

= Received cash for meals served to customers - prepaid rent paid - electricity paid for cash - paid cash for kitchen equipment

= $1,650 - $2,400 - $220 - $2,800

= -$3,770

As the journal entry for prepaid rent is

Prepaid rent A/c Dr $2,400

     To Cash A/c $2,400

(Being the cash is paid in advance)

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Liabilities increase and assets decrease.

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Ways which business can help in controlling pollution​
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Pollution permits are a market-based scheme aimed at reducing pollution and trying to encourage firms to reduce the quantity of pollution they create.

Explanation:

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3 years ago
Read 2 more answers
You are bearish on Telecom and decide to sell short 100 shares at the current market price of $50 per share.
Elden [556K]

Answer:

A. $2,500

B. $60

Explanation:

A. Calculation to determine How much in cash or securities must you put into your brokerage account if the broker's initial margin requirement is 50% of the value of the short position

Initial Margin = 100*$50*50%

Initial Margin = $2,500

Therefore The amount of securities that you must put into your brokerage account if the broker's initial margin requirement is 50% of the value of the short position is $2,500

b. Calculation to determine How high can the price of the stock go before you get a margin call if the maintenance margin is 30% of the value of the short position

First step is to calculate the Maintenance Margin per share

Maintenance Margin per share = $50*30%

Maintenance Margin per share =$15

Second step is to calculate the Rise in price required

Rise in price required = $50*50% - $15

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Now let calculate How high can the price of the stock go

Price of stock=$50+$10

Price of stock= $60

Therefore How high can the price of the stock go before you get a margin call if the maintenance margin is 30% of the value of the short position is $60

8 0
3 years ago
It is important to manage customer relationships because customers provide a great deal of value to the company if they remain c
qwelly [4]

Answer:

Customer lifetime value predicts how much profit is associated with a customer during the course of their lifetime relationship with a company.

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It is important to manage customer relationships because customers provide a great deal of value to the company if they remain customers for many years.

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3 years ago
Data concerning three of the activity cost pools of Salcido LLC, a legal firm, have been provided below: Activity Cost Pool Tota
igor_vitrenko [27]

Answer:

Estimated manufacturing overhead rate (Meeting with clients)= $170 per hour

Explanation:

Giving the following information:

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Estimated manufacturing overhead rate (Meeting with clients)= 1,270,410/7,473= $170 per hour

3 0
3 years ago
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