What net income for the company for the month of june was

Assignment Help Financial Accounting
Reference no: EM132809229

Problem 1: In June, Kipper Ltd. received a $6,000 cash payment for work billed the previous month. The company replanted a clear-cut area of northern Alberta for which it sent out an invoice for $25,000. At the beginning of the month the company had $2,000 of trees for planting. During the month the company purchased $4,000 more, and at the end of the month it was left with trees that had cost $1,000. The company's expenses were $1,000 in rent for its office and $3,000 in other expenses. Amortization on the truck and office equipment was calculated to be $500. The income tax rate is 10%. Net Income for the company for the month of June was

Select one:

a. $13,950
b. $19,350
c. none of the listed answers are correct
d. $9,900

Reference no: EM132809229

Questions Cloud

Typical customer needs and service expectations : (a) Describe your typical customer's needs and service expectations.
Write journal entry for the journal entries : Write journal entry for the 20X2 Journal entries. The company issues 15,000 shares of common stock (no par value) for $220,000
Explain employee career planning and development : Within this unit, you have learned the valuable role onboarding plays with new hires. Rarely will a new hire be familiar with the social and work environment
Name one diversity law or piece of legislation : For each company Apple and Amazon. Name one diversity law or piece of legislation. How effective has this legislation been at eliminating discrimination
What net income for the company for the month of june was : Amortization on the truck and office equipment was calculated to be $500. The income tax rate is 10%. What Net Income for the company for the month of June was
Significant issue or problem with safety : Identify a port that has had a significant issue or problem with safety, an accident, or some other disaster or catastrophe that has effected its operations,
Design a recruiting strategy for necessary positions : Consider the following hypothetical case. Eng. Francisco Colón created a corporation that provides database maintenance and security services.
Calculate the minimum taxable capital gain : Giang Ngo sold a piece of land in 2019 for $500,000.Calculate minimum taxable capital gain that Giang will include in income for tax purposes for 2019 and 2020.
Explain management development budget : You are the Training and Development manager. Your president calls you in and tells you that the management development budget

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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