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Problem - Computing Net Income
Healy Corporation recorded service revenues of $100,000 in 2018, of which $70,000 were for credit and $30,000 were for cash. Moreover, of the $70,000 credit sales, it collected $20,000 cash on those receivables before year-end. The company also paid $60,000 cash for 2018 wages.
Required -
1. Compute the company's net income for 2018.
2. Suppose you discover that employees had earned an additional $10,000 in wages in 2018, but this amount had not been paid. Would 2018 net income change? If so, by how much?
Assume a nonprofit has a restricted fund for capital asset purchases. Compare the journal entries for the cash purchase of a $10,000 computer by the nonprofit, to how the journal entry would look for this for-profit.
Ben would like to use an inventory system that minimizes inventory cost and will satisfy 95 percent of his customers who order this wine. a. What is the economic order quantity for Ben to order?
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