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Leno4ka [110]
3 years ago
6

May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $130 May 9: Received cash for meals serv

ed to customers, $1,870 May 14: Paid cash for kitchen equipment, $2,990 May 23: Served a banquet on account, $2,520 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,590 May 31: Recorded depreciation for May on kitchen equipment, $740 If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Business
1 answer:
mylen [45]3 years ago
6 0

Answer:

-$850

Explanation:

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

= Received cash from customers - accrued salary expense - paid electricity bill

= $1,870 - $2,590 - $130

= -$850

As we can see that the total of expenses is more than the revenue generated so it would be the net loss and the same is to be shown in a negative sign

Hence, the net loss is of -$850

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Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the company
Vilka [71]

The Schedule of cost of goods manufactured for the year of Visic corporation is shown below.

                                    Visic Corporation

                   Schedule of Cost of Goods Manufactured

Particulars                                                             Amount (in $)

Direct materials:

Raw materials inventory, beginning ..................... 20,000

Add: Purchases of raw materials..........................480,000

Raw materials available for use ...........................500,000

Deduct: Raw materials inventory, ending ..............30,000

Raw materials used in production........................ 470,000

Direct labor..............................................................90,000

Manufacturing overhead ........................................300,000

Total manufacturing costs.......................................860,000

Add: Work in process inventory, beginning..............50,000

                                                                               910,000

Deduct: Work in process inventory, ending..............40,000

Cost of goods manufactured ..................................870,000

Hence, the schedule of cost of goods manufactured will be as shown above.

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5 0
1 year ago
A student has been found guilty of plagiarizing another person's work. What type of discipline might this student face?
Arlecino [84]

Plagiarism is a very serious offense because it violates the intellectual property code. Published works have copyright with them. Punishments could range from paying an amount of money, suspension, or being taken to prison. This depends on what's written in the laws in your country. It is important to note that this is violating the law and it is considered as a crime.

5 0
3 years ago
An association had a fund balance of 75 on January 1 and 60 on December 31. At the end of every month during the year, the assoc
ValentinkaMS [17]

Answer: 0.11 or 11%

Explanation: The dollar-weighted return (DWR) measures the rate of return of an investment or a portfolio, taking under consideration the timing of flows. for every deposit, add the resulting amount to the start balance, and for every withdrawal, subtract that quantity. Check the attachment for the solution.

Once you've got both numbers, divide the first by the second. which will offer you the dollar-weighted investment return, which you'll then multiply by 100 to give you a return in percentage terms.

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3 years ago
Production Budget Pasadena Candle Inc. projected sales of 64,000 candles for January. The estimated January 1 inventory is 2,600
icang [17]

Answer:

Production budget:

Projected sales= 64,000

Ending inventory= 7,000

Beginning inventory= (2,600)

Total= 68,400 units

Explanation:

Giving the following information:

Pasadena Candle Inc. projected sales of 64,000 candles for January. The estimated January 1 inventory is 2,600 units, and the desired January 31 inventory is 7,000 units.

Production budget= projected sales + ending inventory - beginning inventory

Production budget:

Projected sales= 64,000

Ending inventory= 7,000

Beginning inventory= (2,600)

Total= 68,400 units

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3 years ago
Improperly capitalizing a repair and maintenance expense item as fixed asset will result in:____.
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Improperly capitalizing a repair and maintenance expense item as a fixed asset will result in an <u>overstatement of profit in the current year and an understatement in future years</u>.

Fixed assets seek advice from long-term tangible assets which can be used inside the operations of an enterprise. They offer long-term monetary advantages, have a useful existence of a couple of yr, and are labeled as assets, plants, and equipment on the balance sheet.

Fixed assets, additionally called lengthy-lived assets or property, plant, and the system is a term utilized in accounting for assets and belongings that can't effortlessly be transformed into cash. Fixed assets are unique from the contemporary property, which includes coins or bank accounts because the latter are liquid property.

Fixed assets are capitalized. It really is due to the fact the advantage of the asset extends past the year of buy, not like different costs, which might be length expenses benefitting handiest the duration incurred. constant assets should be recorded at a price of the acquisition

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