Reference no: EM132844194
Question - LNJ Inc. (LNJ) recorded $235,500 in expenses and $313,250 in revenues on its unadjusted trial balance for the year ended April 30, 2020. The following items were recorded in the trial balance:
a) On February 1, 2020, LNJ paid $60,000 for a three-year insurance policy. The entire amount was debited to insurance expense at the time of purchase.
b) On March 1, 2020, LNJ signed a $10,000 90-day note payable with its bank at 7.5% interest. The note payable was recorded on March 1, 2020. NO interest has been paid or recorded on the note.
c) On April 1, 2020, LNJ collected $25,000 from a customer for work to be performed in April and May 2020. By the end of April 2020, LNJ had performed $11,300 of services on the contract. The amount collected was credited to revenue from customers.
d) On April 30, 2020, staff at LNJ counted $1,575 of office supplies on hand. The balance in the office supplies account was $1,850 at April 30, 2020.
e) LNJ subleases some of its office space to a small technology firm. As of April 30, 2020, the monthly rent of $1,200 for April had NOT been collected and only $600 of March's was collected. LNJ records rent as it is collected. LNJ is confident that the rent will be collected in the near term.
Required - Compute the LNJ's adjusted net income for the year ended April 30, 2020. Show your calculations.
|
Cross training staff
: What steps would you take in deciding whether or not to cross train lab technicians as x-ray technicians?
|
|
What amount should the investment be initially recorded
: On February 2. 2015, Graham Company sold the debt security for P3,960,000. At what amount should the investment be initially recorded?
|
|
Describe the role of the school nurse caring for a child
: The school nurse has a unique role in the provision of school health services for children with special health needs, including children with chronic illnesses.
|
|
What amount of unrealized gain or loss should graham company
: Graham Company sold the debt security for P1,970,000. What amount of unrealized gain or loss should Graham Company report in its December 31, 2010 profit?
|
|
Compute the LNJs adjusted net income for the year
: On February 1, 2020, LNJ paid $60,000 for a three-year insurance policy. Compute the LNJs adjusted net income for the year
|
|
Disaster plans
: List and explain the types of items a community hospital will require and seek from the SNS in the event of a disaster.
|
|
Mean of a normal probability distribution
: The mean of a normal probability distribution is 480; the standard deviation is 140.
|
|
What is the total interest income that will be reported
: What is the total Interest Income that will be reported over the life of the bond investment if the bonds were purchased at 104 and Adelphi uses straight line?
|
|
Compare the effect of the negative and positive feedback
: One of the most difficult challenges in promoting collaboration among professionals is giving and receiving feedback. What is your experience in giving.
|