Compute the company net income for the year

Assignment Help Accounting Basics
Reference no: EM133070683

Question - Mocha Jo's recorded service revenues of $100,000 during the current year, of which $75,000 were on credit and $25,000 were for cash. Moreover, of the $75,000 credit sales, Mocha Jo's collected $50,000 cash on those receivables before year-end. The company also incurred $60,000 in total expense for beans, supplies and wages during the year, but approximately $5,000 of wages earned during the last week of the year were not yet paid at year-end.

Required -

a. Compute the Company's net income for the year?

b. How much net cash flow or outflow did the company generate during the year?

Reference no: EM133070683

Questions Cloud

Find the amount of revenue from franchise fees : Wynne Inc. charges an initial franchise fee of P2,300,000, with P500,000 paid. Find the amount of revenue from franchise fees
Career plan for future cybersecurity professionals : Career Plan for Future Cybersecurity Professionals - discuss which of these requirements you can fulfil and which ones you cannot and how you plan to achieve
Interest rate charged by the credit card company : Many qualities must be taken into account when choosing a credit card. Some of these qualities are: Interest rate charged by the credit card company
Find the forward price of titanium with delivery : Suppose that the current price of titanium is $50G per oz with costless storage. The term structure is ?at with a continuously compounded rate of interest of 4%
Compute the company net income for the year : Mocha Jo's recorded service revenues of $100,000 during the current year, of which $75,000 were on credit. Compute the Company net income for the year
What are the 10 hot security certifications for it workers : What are the 10 hot security certifications for IT workers and Security Certifications for IT Workers
What is the npv of the project : Lakonishok Equipment has an investment opportunity in Europe. The project costs €9.5 million and is expected to produce cash flows of €1.6 million in Year 1, €2
Highlight the main elements compare with basel guidelines : Review the IRR Management guidelines issued by Bank of Jamaica Central Bank and Central Bank of Bahamas. Highlight the main elements and compare with Basel guid
What is the total gross profit on ice cream sales for April : The company completed and sold 48,700 units at a price of $5.70 per unit in April. What is the total gross profit on ice cream sales for April

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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