How much was microtel net income

Assignment Help Accounting Basics
Reference no: EM132562897

Question - Microtel began operations at the beginning of 20X6 with a $10,000 cash investments by stockholders. During 20X6, Mircrotel had a revenue on account of $5,000; of this amount $2,000 was collected during 20X6 and $3,000 was an outstanding receivable at year-end. Mircrotel incurred $3,000 of operating expenses during 20X6; of this amount $1,000 was unpaid at year end. During 20X6, $1000, cash was distributed as dividends. The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year. How much was Microtel's 20X6 net income?

Reference no: EM132562897

Questions Cloud

Which discount percentage did she receive : Ann bought three sweaters online. Each of the sweaters was normally priced at $75. Which discount percentage did she receive
Compute the cost of goods sold for year and the inventory : Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the inventory costing methods.
Describe the impact of treating the lease arrangement : Make the related journal entries for the year ended 2017 in the books. Explain the impact of treating the lease arrangement as an operating lease.
What is the value per share of your firm stock : After which growth standard should be at constant rate of 6%. The last dividend paid was 1.00. What is the value per share of your firm's stock
How much was microtel net income : The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year. How much was Microtel's 20X6 net income
What will total investment be worth : What will your total investment be worth? If the company pursues a share repurchase what will be your total investment be worth?
At what amount subsidiary cost of goods sold reflected : Assuming that the foreign country is highly inflationary, at what amount should the foreign subsidiary's cost of goods sold be reflected
Prepare the journal entries necessary for pandeka bhd : On 1 September 2019, PANDEKA Bhd used its receivables totalling, Prepare the journal entries necessary for both PANDEKA Bhd and Intelligent Bank.
Operational excellence case study : Your current organization or one with which you are very familiar. You may also want to speak with IT manager or director in order to get additional information

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much interest revenue will triple tango track earn

On a five year-lease of equipment with a fair value of $485,100, how much interest revenue will Triple Tango Track earn over the life of the lease

  Chetek corp has an roi of 15 and a residual income of 10000

1 chetek corp. has an roi of 15 and a residual income of 10000. if operating income equals 30000 what is average

  Prepare a multiple-step income statement for the year ended

The Alpha Company gathered the following condensed data for the year ended December 31, 2014: Prepare a multiple-step income statement for the year ended

  Investment trust fund for seggen county

Prepare the journal entries to record the following transactions in an Investment Trust Fund for Seggen County during the calendar year 2013.

  What is the standard activity level

The standard allows one direct labour hour per unit. What is the standard activity level on which Cannon based its fixed overhead rate

  Audit steps for tests of controls and balances

he first step is to go to the website of a publically-traded US company. Audit steps for tests of controls, balances, transactions, analytical procedures, etc

  What is the budgeted balance

Caba Corporation's sales budget for the first half of the year is as follows: What is the budgeted balance in the Accounts Receivable account as of June 30

  Compute the amount of phantom profit

Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO

  Interest payable semiannually

Whiteside Corporation issues $510,000 of 8% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 12%.

  Prepare all entries required to properly record the sale

The bonds are sold on August 1, 2008 for $425,000 plus accrued interest. Prepare all entries required to properly record the sale

  How does the amortization of principal balance affect

how does the amortization of the principal balance affect the amount of interest expense recorded each succeeding

  Analyze the concepts of gross income

Analyze the concepts of gross income and distinguish between the economic, accounting, and tax concepts of gross income and strategies to minimize gross income.

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