Reference no: EM133015614
Question - As well as your investments, you have decided to start a small business buying large boxes of wool and selling knitting kits on TradeMe.
Your business has started selling knitting kits for $30 each. The cost of the wool and the knitting needles in each kit totals $10. You include free shipping with each sale. The following transactions occurred during your first month of business:
1 May Invested $3,000 capital in the business.
2 May Purchased a computer for $1,000 on one-year interest-free credit.
3 May Purchased 10kg of wool online for $40 per kg and paid in cash.
5 May Purchased 100 knitting needles on credit for $200.
7 May Purchased a manually operated wool-winder to create smaller balls of wool for $400 cash.
10 May Paid a $300 advertising bill.
12 May Sold five knitting kits for $30 each. The cost of wool and needles for the kits was $10 each.
16 May Sold another twelve kits for $30 each. Contents cost $10 for each kit.
17 May Paid $50 courier charges in total for the 17 deliveries.
24 May Gave one knitting kit to your father, free of charge.
30 May Sold 20 knitting kits to a local shop on credit at a reduced price of $25 per kit.
Required - Prepare Income Statement for your business for the month ending 31 May 2021.
|
What amount would madison report for cost of goods sold
: Madison Outlet has the following inventory transactions for the year: What amount would Madison report for cost of goods sold
|
|
Calculate the total cost assigned to units started
: Given equivalent units of 63,000 for materials and 59,500 for conversion, calculate the total cost assigned to units started and completed
|
|
What is the company january financial position
: Assume Jones Company's January 1, 2019, financial position was: Assets, $40,000 and Liabilities, $15,000. What is the company January financial position
|
|
What is bad boys inc cost of capital
: If Bad Boys, Inc. raises capital using 30% debt, 5% preferred stock, and 65% common stock, what is Bad Boys, Inc.'s cost of capital
|
|
Prepare income statement for your business for month ending
: The cost of wool and needles for the kits was $10 each. Prepare Income Statement for your business for the month ending 31 May 2021
|
|
What is the cost of drawing up the contract
: Total overhead costs of rent and utilities is expected to total $144,000 for the year. What is the cost of drawing up the contract
|
|
What is the amount of sales for the year
: Ending inventory is twice as much as the beginning. The income after tax of 30% for the current year is P2,100,000. What is the amount of sales for the year
|
|
Should technology inc ltd accept the order
: Should Technology Inc. Ltd accept the order if the buyer offers $38 per unit for 10,000 desktop computer printers
|
|
Construct an ito for caldertech
: Construct an ITO for CALDERTECH and Map the process for order fulfilment (including manufacture) of electrofusion boxes at CALDERTECH
|