User Account

All Pages

How much net income would they have recorded

Assignment Help Accounting Basics
Reference no: EM132538116

Question - Sweet Catering completed the following selected transactions during May 2016:

May 1: Prepaid rent for three months, $1,800

May 5: Received and paid electricity bill, $100

May 9: Received cash for meals served to customers, $1,560

May 14: Paid cash for kitchen equipment, $2,750

May 23: Served a banquet on account, $2,950

May 31: Made the adjusting entry for rent (from May 1).

May 31: Accrued salary expense, $2,850

May 31: Recorded depreciation for May on kitchen equipment, $140

If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.

If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.

Reference no: EM132538116

Questions Cloud

What does the percentages in profit margin : What does the percentages in Profit margin, Return on total assets and Return on capita employed tell me about the company and its performance?
Virtualization and cloud computing : Discuss the differences between Virtualization and Cloud Computing. Please find one organization that has recently adopted virtualization
Hackers launch cyber attacks : Hackers launch cyber attacks that affect several parts of the nation's financial infrastructure over the course of several weeks.
Discuss whether support definitions and examples provided : Illustrates when each method might be preferred over the other. Discuss whether support the definitions and examples provided using the topic materials.
How much net income would they have recorded : If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May
What amount of income is credited to Wests capital account : If the partnership reports income of $174,000 for its first year, what amount of income is credited to West's capital account
How to convert convertible preferred stock to common stock : In connection with the company's financial statements,the auditor noted How to convert convertible preferred stock to a common stock?
How should the auditor manage this situation : Assume materiality for the financial statements as a whole is $100,000, How should the auditor manage this situation
Computing components for evaluation and storage in siem : Evaluate collection methods necessary for computing components for evaluation and storage in a SIEM.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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