During October 2008, Katie’s Catering Company generated revenues of P13,000. Sales discounts totaled P200 for the month. Expenses were as follows: Cost of goods sold of P7,000 and operating expenses of P2,000. Calculate the net income.

During October 2008, Katie’s Catering Company generated revenues of P13,000. Sales discounts totaled P200 for the month. Expenses were as follows: Cost of goods sold of P7,000 and operating expenses of P2,000. Calculate the net income.

Name: During October 2008, Katie’s Catering Company generated revenues of P1
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: During October 2008, Katie’s Catering Company generated revenues of P13,000. Sales discounts totaled P200 for the month. Expenses were as follows: Cost of goods sold of P7,000 and operating expenses of P2,000. Calculate the net income.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

See similar textbooks

Similar questions

Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Fairplay had the following information related to the sale of its products during 2009, which was its fi rst year of business: Revenue $1,000,000 Returns of goods sold $ 100,000 Cash collected $ 800,000 Cost of goods sold $ 700,000 Under the accrual basis of accounting, how much net revenue would be reported on Fairplay’s 2009 income statement? A . $200,000.
During May, 2020, Samoul’s Supply Store generated revenues of $180,000. The company’s expenses were as follows: cost of goods sold of $72,000 and operating expenses of $12,000. The company also had rent revenue of $3,000 and a gain on the sale of a delivery truck of $6,000.Samoul’s income from operations for the month of May, 2020 is $117,000. $111,000. $96,000. $180,000.
Fairplay had the following information related to the sale of its products during 2009, which was its fi rst year of business: Revenue $1,000,000 Returns of goods sold $ 100,000 Cash collected $ 800,000 Cost of goods sold $ 700,000 Under the accrual basis of accounting, how much net revenue would be reported on Fairplay’s 2009 income statement? C . $1,000,000.
Company A had the following transactions during the month of January: Sales revenue: $50,000 Cost of goods sold: $25,000 Operating expenses: $10,000 Interest expense: $2,000 Income tax expense: $5,000 Calculate the net income for Company A during the month of January.
Beach’s business made sales of £24,000 during the month of January 1991, indirect expenses amounted to £12,000, and net profit was 10% of sales. What was the businesses cost of sales for the month? A £9,600 B £12,000 C £14,400 D £21,600
Joana's Boutique incur the following amounts for the month of November 2020. Compute for the income statement to determine whether profit or loss given the following information: Sales - 500,00 Cost of Goods Sold - 24,000 Operating Expenses - 12,000
for the month of january, organic food had a revenue of p500,000, variable expenses of p400,000, and fixed expenses of p85,000. in order for the company to earn p100,000 of profit for february, how much should the revenue be?
During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses were as follows: cost of goods sold of $35000 and operating expenses of $4500. The company also had rent revenue of $1000 and a loss on the sale of a delivery truck of $1700. Sheffield’s operating income for the month of August 2020 is $20600.$21600.$19900.$25100.
Hamby Inc. has sales of $2,000,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses.Cost of goods sold Selling expenses Administrative expenses.Variable$760,000 95,000 79,000Fixed$600,000 60,000 66,000Prepare a CVP income statement for the quarter ended March 31, 2017.
Hamon Corporation has the following information before year-end, Total income for P130,000; total cost of goods sold for P62,000 and total operating expenses for P20,000. After closing the books, how much would be the ending balance of income summary?
You have the following income statement for a restaurant for the month of June. Sales Revenue 136550 Cost of Sales 31% of Sales Wages Expense 20.5% of Sales Operating Expenses $41,000 Rent Expense $17,500 Depreciation Expense $10,500 Operating Income $ Additional Information Actual sales revenue in May was $108,000 Actual purchases (cost of sales) in May was $69,000 Sales revenue is 25% cash Credit card sales revenue is 75% of total sales, of which 98% is collected in the month of sales, 2% is collected in the following month 40% of inventory purchases are paid in the month of purchase, the remaining 60% is paid in the following month Wages and operating expenses included in the income statement are paid in cash in June Cash balance at the end of May was 0217 Required: Calculate the actual cash balance at the end of June by preparing a cash budget