Which statements is correct, Financial Accounting

Assignment Help:

In its first month in business, Jones, Inc. sold merchandise to customers on account for $119,800. It collected $72,000 on those sales during the first month and recorded Revenue for the period of $119,800. Cost of goods sold expense was $60,000, and other expenses, including taxes, were $30,000. Which one of the following statements is correct?
Question options:
Net income (loss) for the first month was ($18,000), and ending balance of accounts receivable was $47,80
Net income for the first month was $29,800, and ending balance of accounts receivable was $47,800.
Net income for the first month was $29,800, and cash collected from customers was $29,800.
Net income for the first month was $29,800, and ending balance of accounts receivable was $119,800.


Related Discussions:- Which statements is correct

Assessment, Write down what processes and data you would analyse when looki...

Write down what processes and data you would analyse when looking at the following scenarios and write down any improvements you could include to ensure that the problem would be l

Capital asset pricing model to estimate a project, Q. Capital asset pricing...

Q. Capital asset pricing model to estimate a project? CAPM could have been utilized to estimate a project - specific Ke if the project activities were different from that of th

Acid-test ratio, What is Acid-test ratio A measurement of the capabilit...

What is Acid-test ratio A measurement of the capability of a business to meet its short-term commitments. It is considered by dividing excluding stock, current assets, by curre

Prepare journal entries to record liquidation transaction, The following t...

The following transactions transpire during the liquidation of the Marks, Norris, Smith, and Savannah partnership: • Collected 90 percent of the total accounts receivable with the

Prepare income statement and analysis of retained earnings, You are prepari...

You are preparing and income statement and analysis of retained earnings for Pacioli Wholesale Corporation for the years ended June 30, 2011 and 2012 based on the following informa

Business mathamatics, im doing compound interest my calculator doest have a...

im doing compound interest my calculator doest have anxy butyx cant do nothing with the ten being the power of .9

Debtors property at commencement of bankruptcy, DEBTOR'S PROPERTY AT COMMEN...

DEBTOR'S PROPERTY AT COMMENCEMENT OF BANKRUPTCY 1) Doctrine of "relation back" : The trustee's title to the debtor's property is deemed to relate back to the commencement o

Clean opinion in auditor''s work, Unqualified Opinion - AUDIT opinion not q...

Unqualified Opinion - AUDIT opinion not qualified for any material scope restrictions nor departures from GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). AUDITOR may issue an unqu

Credit reference agencies and credit scoring, Q. Credit Reference Agencies ...

Q. Credit Reference Agencies and Credit Scoring ? A several organisations example Dun & Bradstreet and Standard & Poor provide credit scores and ratings for companies. These ma

Vat, 1.discuss how the vat system works 2.list and explain the vat supply c...

1.discuss how the vat system works 2.list and explain the vat supply categories, provide examples in each category write as an essay of 500 words

Write Your Message!

Captcha
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