Question Completion:
Prepare an Income Statement for the month of June.
Answer:
Windsor, Inc.
Income Statement for the month ended June 30, 2017:
Service Revenue $7,730
Supplies expense 1,100
Maintenance and
repairs expense 700
Advertising expense 400
Utilities expense 200
Salaries and
wages expense 1,630 $4,030
Net Income $3,700
Explanation:
Windsor, Inc. Income Statement is where the revenues and expenses are summarized in order to arrive at the net income or profit of the business. Temporary accounts are closed to the income statement. These are accounts that are periodic in nature. They are not permanent accounts, which are transferred to the next period. The only element of the income statement that is taken to the balance sheet is the net income or loss.
Answer:
Option B and C are correct because adjusting entries arises due to mistakes and errors found in the recording of transactions and this does not arises in the start of the accounting period. It arises in the month ends and interim & final audits. The internal auditors also reviews the financial statements to eliminate all the errors and ommissions in the Financial statement.
Option A is incorrect because adjusting entries are passed both in accrual accounting and cash accounting system.
Option D is incorrect because these adjustments arises at the end of months and year audits.
Whirpool use the competences to enhanced their understanding
of their customers and develop product offerings by as we know that Whirpool
Corporation takes a cooperative approach to social media networks, with the
Digital Marketing, Public Relations, and Customer Care teams all concerted
effort to make available a reliable and trustworthy brand voice to its customers.
Answer:
$51,696.44
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Cash flow in year 0 = $-92,700
Cash flow each year from year 1 to 4 = $36,000
Cash flow in year 5 = r $17,500 + $36,000 = $53,500
I = 10.75%
NPV = $51,696.44
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
A trade union (typically called labour union) is a group of workers who work together to protect their rights.
