Calculate net profit or net loss

Assignment Help Financial Accounting
Reference no: EM132998035

Problem 1: Owner of ABC enterprises agrees to hire Sandy as Salesman from next month @ $25 per hour for a 40 hour workweek. What would be the entry to record it?

A. Sandy account debit, credit Mr. A account
B. Salary account Debit, credit bank account
C. Sandy account Debit, Credit cash account
D. No entry

Problem 2: Calculate Net Profit/ net loss from the following information-
Teaching Revenue $50,000; Rent expenses $5000, Equipment $40,000, Supplies expense $6000, Tutoring revenue $55,000; Phone expense $10,000

A. Net Loss $48,000
B. Net profit $84,000
C. Net Profit $44,000
D. Net Profit $48,000

Reference no: EM132998035

Questions Cloud

What are the key characteristics of a deal structure : What are the key characteristics of a deal structure and which do you think are most important for successful negotiations? Be specific with your examples.
Should wolf pack recognize the decline in the value : Wolf Pack Transport Co. has 25 percent equity. Should Wolf Pack recognize the decline in the value of its holds in MVD in its current year financial statements?
Calculate the total of asset side in balance sheet : Calculate the total of asset side in Balance sheet. Calculate Closing capital from the information-Opening capital $500,000; Withdrawals $45,000
What amount may Jim deduct and how much is the credit : Jim files ajoint return and together with his spouse they show an AGI of $70,000 in 2020. What amount, if any, may Jim deduct and how much is the credit
Calculate net profit or net loss : Owner of ABC enterprises agrees to hire Sandy as Salesman from next month @ $25 per hour for a 40 hour workweek. What would be the entry to record it?
What would be the final balance in t account : Total debits in Machinery account is $100,000. Total credit balance in machinery account is $85,000. What would be the final balance in T account?
What should be the balance of the discount : What should be the balance of the Discount on Notes Payable account on the books of Pharoah at December 31, 2021 after adjusting entries are made
What would be the journal entry for mr a : Mr. A invested $25,000 cash into the business. The journal entry would be? Debit Mr.A's Capital account, Credit cash account./ Debit Cash account, Credit Mr.A's
What is the dollar price of the bond : Lion Corp. has a $5,000 par value bond outstanding with a coupon rate of 4.8 percent paid semiannually. What is the dollar price of the bond

Reviews

Write a Review

Financial Accounting Questions & Answers

  Discuss-the-limitations of consolidated financial statements

What are some reasons why consolidated reports are thought to be relevant? Discuss-the-limitations of consolidated financial statements and why dual reporting.

  What is the correct amount of vat payable

What is the correct amount of VAT payable, if any? An electric cooperative provided the data for the taxable year, net of applicable taxes

  Instead of saving money

Let's say I save $400 per month for 20 years, and my investment grows at 6% the whole time that I'm saving. How much money will I have at the end of 20 years? Now let's say the 20 years have gone by and now instead of saving money, I'm living off my ..

  What is the target price

suppose your engineers and management accountants conclude that your design of the Glammaglob gadget will result in a unit cost of $230. how can you use the concept of the target costing to help achieve your object?

  Compute the correct taxable income for Mr Chua

The Income Tax Return of Mr. Chua for taxable year 2019, reported a taxable income of P520,240. Compute the correct taxable income for Mr Chua

  What is the present value of all the cca tax shields

Assume a 34% tax bracket, a discount rate of 15%, and a salvage value of $10. What is the Present value of all the CCA tax shields?

  Manufactures a single product

Frank Corporation manufactures a single product that has a selling price of $30.00 per unit. Fixed expenses total $51,000 per year, and the company must sell 8,500 units to break even. If the company has a target profit of $16,500, sales in units mus..

  What is an audit program to audit revenue

What is an audit program to audit revenue? You will use all of the relevant management assertions as the audit objectives, and you should

  How much is the increase in the carrying amount of the bond

How much is the increase in the carrying amount of the bond liability from January 1 to June 30, 2015? What is the carrying value of the bonds at December 31?

  Show the machinery account for five year

spent 1000 on its erection. Assume normal depreciation is 10% p. a show the machinery account for five year under Fixed Instalment method.

  Monthly payments-what is the formula and equation

We have monthly payments of 115 for 18 years and an annual return of 5%. At the end of the 18th year we need 40,000 what is the formula/equation that is used to solve this question?

  What should be the current price of each share

Lusumai Bakery in Nakasi issues 10% $2 preference shares that pays $0.20 dividend per share. What should be the current price of each share

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd