Activity 1 - Computing Net Income or Net Loss, Collectibles and ExpensesDirections: Apply the basic equation of income statement written above and answerthe questions bellow.GIN Janitorial and General Services, Inc. is a company engaged in providingjanitorial services to different business establishments in the city. The following financialdata reveals the income and expenses records during the last quarter of 2018:Revenue / Service Income:P 95,000.00145,000.00Service rendered - on account (Deluxe Hotel)Service rendered - Cash (Maxandria Hotel)Service rendered - on account (Pearlmont Inn)Service rendered - Cash (Mallberry Suites)Service rendered - Cash (VIP Hotel)25,000.00105,000.0065,000.0075,000.00Service rendered - on account (Dynasty Court Hotel)Service rendered - on account (Grand City Hotel)60,000.00TOTALP570,000.00Salaries and Wages of Employees:Janitor's Salary- TotalManagement Staff Salary - TotalP 95,000.0045,000.00General Manager's salary- Total70,000.00TOTAL P210,000.00Operating and Administrative Expenses:Utilities ExpensesP 15,000.00Rent ExpenseRepairs and Maintenance15,000.007,500.004,500.00Transportation and CommunicationsP 42,000.00CO_Q2_Entrepreneurship SHSModule 10The owner of the business wants to know the operations of the business. Youare tasked to compute for the following:1. Total service income collected in cash2. Total service income still collectible3. Total expenses4. Net income of GIN Janitorial and General Services, Inc.5.TOTAL34

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Description: Activity 1 - Computing Net Income or Net Loss, Collectibles and ExpensesDirections: Apply the basic equation of income statement written above and answerthe questions bellow.GIN Janitorial and General Services, Inc. is a company engaged in providing

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The owner of the business wants to know the operations of the business. You are tasked to compute for the following: 1. Total service income collected in cash 2. Total service income still collectible 3. Total expenses

The owner of the business wants to know the operations of the business. You are tasked to compute for the following: 1. Total service income collected in cash 2. Total service income still collectible 3. Total expenses

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 74.4C: Case 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K...

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