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emmainna [20.7K]
3 years ago
7

If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for th

e month of May? If there is a loss, enter it with parentheses or a negative sign.May 1: Prepaid rent for three months, $2,100May 5: Received and paid electricity bill, $70May 9: Received cash for meals served to customers, $1,530May 14: Paid cash for kitchen equipment, $3,780May 23: Served a banquet on account, $1,780May 31: Made the adjusting entry for rent (from May 1).May 31: Accrued salary expense, $3,260May 31: Recorded depreciation for May on kitchen equipment, $670
Business
1 answer:
tino4ka555 [31]3 years ago
7 0

Answer:

Net loss -$1,390

Explanation:

The computation of the net income is given below:

Service revenue    

On cash $1,530

ON credit $1,780

Service revenue $3,310

Less: Expense    

Utilities expense  -$70

Rent expense  -$700

Salaries expenses  -$3,260  

Depreciation expense -$670

Total expenses -$4,700

Net loss -$1,390

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Answer:

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2. The turnover for Alyeska Services Company= 49.45%

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Explanation:

Please find the below for detailed explanations and calculations:

1. The margin for Alyeska Services Company = Net operating income / Sales = 4,900,000/17,900,000 = 27,37%;

2. The turnover for Alyeska Services Company= Sales / Average operating income = 17,900,000/36,200,000 =  49.45%;

3. The return on investment (ROI) for Alyeska Services Company = Net operating income/Average operating income= 4,900,000/36,200,000=  13.54%

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3 years ago
At the high and low levels of activity during the month, direct labor hours are 90,000 and 40,000, respectively. The related cos
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Answer:

The fixed cost at any level of activity is $48,000 while the variable cost per unit at any level of activity is $1.30

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