Question Completion:
If Delicious Catering had recorded transactions using the Accrual 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.
Answer:
Delicious Catering
Using the Accrual method, Delicious Catering would have recorded for the month a net income of $1,670.
Explanation:
Data and Calculations:
Prepaid Rent for 3 months = $1,500
Rent expense for the month = $500 ($1,500/3)
Utilities expense = $190
Service Revenue:
Cash for meals = $2,400
Credit 2,000
Total $4,400
Salary Expense = !,700
Depreciation expense = $340
Kitchen Equipment = $2,500
Income Statement for the month of May:
Service Revenue $4,400
Expenses:
Rent $500
Utilities expense 190
Salary expense 1,700
Depreciation expense 340
Total expenses $2,730
Net Income $1,670
Answer and Explanation:
The preparation of the schedule to reconcile the net income to net cash flow from operating activities is presented below:
Cash from operating activities
Net income $24
Adjustment to reconcile
Add: Depreciation expense $11.5
Add: Depletion expense $5.4
Less: Gain on sale of Equipment -$17.5
Add: Loss on sale of land $7.3
Less: increase in account receivable ($292.30 - $228) -$64.30
Add: increase in accounts payable ($177.60 - $165) $12.6
Add: increase in salaries payable ($29 - $24) $5
Add: decrease In prepaid insurance ($18.7 - $14.3) $4.4
Add: Decrease in bond discount ($12.3 - $10.4) $1.9
Add: increase in income tax payable ($24 - $12.4) $11.60
net cash flow from operating activities $4.20
The cash outflow represents in a negative sign while the cash inflow represents in a positive sign
I don’t know what your saying I’m confused I’m sorry
Answer:
$2,166.60
Explanation:
Divide the salary by 12 months that are in a year, then divide my 2 because bi-weekly is every 2 weeks.
Answer:
The answer is option D) In doing "aggregate planning" for a firm producing paint, the aggregate planners would most likely deal with: all the different sizes and all the different colors by size.
Explanation:
Aggregate planning is concerned with forecasting the needs operational needs of an organization and making provisions for them ahead of time.
Aggregate planners develop, analyze, and draft an estimated schedule of the overall operations of an organization.
This estimated schedule contains targeted sales forecasts, production levels, inventory levels, and customer backlogs.
In doing "aggregate planning" for a firm producing paint, the aggregate planners would most likely deal with: all the different sizes and all the different colors by size.
The purpose of aggregate planning is to maximize the utilization of equipment in order to increase productivity levels.
