Did the business incur a net income or a net loss for period

Assignment Help Financial Accounting
Reference no: EM132767439

Problem (a) If operations for an accounting period resulted in cash sales of $25,000, sales on account of $30,000, and expenses paid in cash of $50,000, did the business incur a net income or a net loss for the period?

Problem (b) What is the amount of net income or net loss?

Problem (c) If liabilities are $65,000 and owner's equity is $35,000, the amount of the assets is:

Problem (d) If assets are $205,000 and owner's equity is $75,000, the amount of the liabilities is:

Reference no: EM132767439

Questions Cloud

Solve amount of joint cost of each production run allocated : Lafayette Company manufactures two products, Solve the amount of joint cost of each production run allocated to Ultrasene on a relative-sales-value basis.
What disease does tuberculosis rival in rates : What disease does tuberculosis rival in rates?
Calculate the var and es for a confidence level : $500,000 and a standard deviation of $3 million. Calculate the VaR and ES for a confidence level of 99.5% and a time horizon of three months.
Evolution of drug resistant strains of diseases : What two factors have led to the evolution of drug resistant strains of diseases?
Did the business incur a net income or a net loss for period : Cash sales of $25,000, sales on account of $30,000, and expenses paid in cash of $50,000, did the business incur a net income or a net loss for the period?
How the common cold is spread versus cholera : What is the difference between how the common cold is spread versus cholera? How does this correlate to the severity of these diseases?
How could we use bacteria evolution : How could we use bacteria evolution to potentially benefit us?
Will the investor be likely to purchase the bond and why : Orange District Hospital issued a 30, If an investor expects a call and requires a 6.5 percent rate of return, will the investor be likely to purchase the bond?
White-tailed deer population : Unlike most organisms the white-tailed deer has thrived in disturbed areas. Explain at least two ways that the increasing human population has and will continue

Reviews

Write a Review

Financial Accounting Questions & Answers

  How eva and residual income would be incorporated

How EVA and residual income would be incorporated in a balanced scorecard (BSC). Briefly explain whether this incorporation would be useful

  Compute the depreciation expenses for each year

Skynet Computers bought a machine for making printed circuit. Compute the depreciation expenses for each year under each of the Straight line and WDV (45.07%)

  Determine the amount of differential cost increase

A business is operating at 90% of capacity and is currently purchasing a part used in its manufacturing operations for $15.00 per unit. The unit cost for the business to make the part is $20.00, including fixed costs, and $11.00, not including fixed ..

  What is return to equity if expected pay off of investment

Consider XYZ Bank that is established with $1500bn, What is the return to equity if the expected pay off of its investments falls to $2475bn in 1 year time?

  Audit risk relating to the cash account

Discuss why cash is inherently a high-risk item on the balance sheet but not as high a risk to the actual audit program itself. Consider these questions: When is cash a high risk, and when is it a low risk? What are possible outcomes of re-performing..

  What is the wacc for fiala industries

Debt: 7000 8.5 % coupon bonds outstanding, with 20 years to maturity and a quoted price of 98. The bonds pay interest semiannually. What is the WACC for Fiala Industries?

  Margin of safety in dollars and as percentage of sales

Mississippi Company produces and sells one product. Its sales and expenses for last month were: Compute Mississippi Company’s margin of safety in dollars and as a percentage of sales.

  Prepare a statement of cash flows for johnston enterprises

Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2010

  Buying stock with commission at your discount brokerage firm

What is TJ Co's cost of equity? Rose Resources faces a smooth annual demand for cash of $10.0 million; incurs transaction costs of $325 every time they sell marketable securities, and can earn 3.9 percent on their marketable securities. Buying Stock ..

  Megamart plc is a medium sized retailer of fashion goods

megamart plc is a medium sized retailer of fashion goods with some 200 outlets spread throughout the uk. a publicly

  Prepare consolidated financial statements as at the date

Maine Ltd acquired all the issued shares, Prepare the journal entries necessary to prepare consolidated financial statements as at the date of acquisition.

  Enter transactions in journal and post

Cash received from Shakeel Rs. 4,900 in full settlement. Enter transactions in journal and post them into the ledger and then post them into Trail Balance.

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