User Account

All Pages

What was the restaurant profit for the year

Assignment Help Accounting Basics
Reference no: EM133188490

Question - Taste Thai Restaurant recorded food and drink sales of $700,000 for the financial year. The expenses amounted to $300.000, the owner's withdrew $100.000 for personal use and the business purchased supplies for $35,000(recorded as an asset initially. What was the restaurant's profit for the year?

Reference no: EM133188490

Questions Cloud

What amount should be reported as retained earnings : At the current year-end, Grey Company issued 3,000 ordinary shares of P100 par value. What amount should be reported as retained earnings
How much of the foregoing is income derived from sources : Gain from sale of personal property, sale made in UK, property is in the Philippines, P290,000; How much of the foregoing is income derived from sources
Why subtraction method is used for product innovation : Use the management and communications tools you have been learning about to work effectively in a creative virtual team setting
Find the interest charged and the installment price : The balance of RM60000 was paid by making a loan which charged an interest of 3.7%. Find the interest charged and the installment price
What was the restaurant profit for the year : Taste Thai Restaurant recorded food and drink sales of $700,000 for the financial year. What was the restaurant profit for the year
What was its net income : Question - If Oriole Company had net income of $429,200 in 2022 and it experienced a 16% increase in net income over 2021, what was its 2021 net income
What are the challenges for elon musk for business : Determine the power base Elon Musk satisfies the situation. Please describe examples that determine your choice. Please provide a reference thank you.
How technology used with lloyds group for business startegy : to harness organisational assets such as knowledge and relationships, or to gather knowledge about customers, competitors or the organization itself
Determine the net income of compassion company : The units processed were 15,000 pounds of the main product and 900 pounds of the by-products. Determine the net income of Compassion Company

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the amount to be recorded as depreciation expense

Using the straight-line method of depreciation, please calculate the amount to be recorded as depreciation expense at December 31, 2019

  What is the accounts receivable turnover in times

For 2015, what is the accounts receivable turnover in times and number of days? You will need to first determine the ending 12/31/15 accounts receivable balance

  Compute the dividends received deduction for Crane

Crane and Loon corporations, two unrelated calendar year C corporations, Compute the dividends received deduction for Crane Corporation

  What is the amount of gain or loss on redemption of the bond

Audacious Accountants Ltd. sold $5,000,000 of five-year, 6% bonds at par on January 1, 2021. What is the amount of gain or loss on redemption of the bond

  What is the amortization deduction only

On March 1, 20X1 you purchased a business with the following asset values for $250,000: Equipment $175,000. What is the amortization deduction only

  How many units of product buzz would need to be sold

If Baldwin decides to absorb the cost and not pass any on to its customers in the form of raised prices how many units of product Buzz would need to be sold

  Foggy mountain company manufactures several styles of

foggy mountain company manufactures several styles of banjos. management estimates that during the second quarter of

  Provide support with proper citations for your response

Problem: Software, Inc. is a property tax software vendor that provides customers with a license to download and use its software on their computers

  Describe which accounting policy are being utilized by city

Explain how Cedar Falls follows the Government Accounting Standards Board (GASB) Statement No. 34. Create a brief outline that showcases the flow

  Determine the refundable amount

Assume that the Company's Part I Tax Payable has been correctly determined to be $37,133. Determine the refundable amount of Part I tax

  Prove the amount allocated to cost of goods sold

Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold.

  Compute the internal rate of return for the project

Compute the internal rate of return for the project, and the payback period. Compare and contrast these methods with the net present value method

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