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Paha777 [63]
2 years ago
14

Daube Company's operations for the month of July are summarized as follows: Provided $8,600 of services on account. Received $3,

800 cash from customers for services provided in July. Received $1,100 cash for services to be provided in August. Received $5,100 cash from customers on account for services provided in June. Paid June’s warehouse rental bill on account in the amount of $1,200. Received July’s warehouse rental bill of $1,300; set it aside to be recorded at a later date. Required: Determine the net income for July using the cash basis of accounting. Determine the net income for July using the accrual basis of accounting.
Business
1 answer:
Norma-Jean [14]2 years ago
8 0

Answer: See explanation

Explanation:

a. Determine the net income for July using the cash basis of accounting.

Revenue = $3800 + $1100 + $5100 = $10000

Less: Expense = $1200

Net Income = $10000 - $1200 = $8800

b. Determine the net income for July using the accrual basis of accounting.

Revenue = $8600 + $3800 = $12400

Less: Expense = $1300

Net income = $12400 - $1300 = $11100

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kirza4 [7]

Answer:

$3,568.89

Explanation:

By definition, the 2 10, Net 30 is a cash discount term where customers have 30 days to pay for a purchase but can receive a two percent discount if the entire purchase paid in full within ten days.

Hence, if the list price of goods from mens wear to adya maha inc is 3,568.89 the terms are 2/10 n/30 the date of the invoice is may 1

if the invoice is paid on may 12 then the price is the full amount of $3,568.89

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2 years ago
Consider an asset that has a beta of 1.25. If the risk free rate is 3.25 and the mrket risk premium is 5.5% caculate the expecte
valina [46]

Answer:

10.125%

Explanation:

The formula to compute the expected return on the asset is shown below:

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The (Market rate of return - Risk-free rate of return) is also known as the market risk premium and the same is used in the computation part

4 0
3 years ago
What is net loss? Give some example​
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2 years ago
Based on the net income of the shop, the sales staff at francesca's fashions receive performance bonuses. in periods of declinin
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<h3>What is an Organizational Structure?</h3>

This is a system within an organization that spells out how people must relate to one another.

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