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Anettt [7]
3 years ago
11

The following transactions have been journalized and posted to the proper accounts: 1. Mark Call invested $7,000 cash in his new

design services business. 2. The business pre-paid the first month's rent of $700 cash. 3. The business purchased equipment by paying $2,000 cash and issuing a note payable for $4,500. 4. The business purchased supplies for $850 cash. 5. The business billed a client for $4,000 of design services completed. 6. The business received $3,000 cash for the completed services. What is the balance in Cash for this design service business
Business
1 answer:
goblinko [34]3 years ago
8 0

Answer:

$6,450

Explanation:

Calculation to determine the balance in Cash for this design service business

Using this formula

Cash balance=Cash Amount invested+Cash Received-Rent- Equipment purchased-Supplies

Let plug in the formula

Cash balance=$7,000+$3,000-$700-$2,000-$850

Cash balance=$6,450

Therefore the balance in Cash for this design service business is $6,450

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otez555 [7]

Answer:

Results are below.

Explanation:

<u>A: To calculate the gross profit, we need to use the following formula:</u>

Gross profit= sales - cost of goods sold

Gross profit= 990,000 - 693,000

Gross profit= $297,000

B: <u>Now, the gross profit percentage:</u>

Gross profit percentage= (gross profit / sales)*100

Gross profit percentage= (297,000 / 990,000)*100

Gross profit percentage= 30%

C: F<u>inally, a net income is reported in the income statement at the moment of the sale</u>. It doesn't matter if the sale was paid or not.

6 0
2 years ago
On May 10, 2020, Crane Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the f
belka [17]

Answer and Explanation:

The journal entries are shown below:

1. Accounts receivable a/c Dr $1,840

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(Being the sales is recorded)

2. Cost of goods sold a/c Dr $1,170

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(Being the cost of goods sold is recorded)

3. Cash a/c Dr $1,840

          To Accounts receivable a/c Cr $1,840

(Being the payment received is recorded)

Only these three entries are recorded

3 0
3 years ago
Activity-Based Costing for a Service Business Sterling Hotel uses activity-based costing to determine the cost of servicing cust
Sunny_sXe [5.5K]

Answer:

Total cost= $40.3

Explanation:

Giving the following information:

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$20.00 per room cleaning

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8 0
3 years ago
Regina spends three hours each day working as an online customer service representative for a retailer. She can choose her own h
SIZIF [17.4K]

Answer:

Home-based work

Explanation:

Home based work is a type of work in which the individual carry out their functions and responsibilities from the comfort of his/her home. The employee makes contact with the company through the phone or internet.

Home-based workers sell goods to the customers directly from the house. The advantages of working from home include:it gives the individual control over their schedule, it's creates time for personal growth, it reduces the unnecessary money spent on transportation, it gives the employee full control over their income.

4 0
2 years ago
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Which of the following is a characteristic of a monopoly market?
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Answer:

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