Made cash sales of $51,400 (example).Purchased $3,250 of additional supplies on account.Borrowed $59,000 on long-term notes.Purchased $23,600 in additional equipment, paying in cash.Incurred $39,150 in selling expenses, paying two-thirds in cash and owing the rest on account.Paid $4,750 in rent for this month, and also paid $4,750 for next month.What is the preliminary net income. keeps saying incorrect

Directions: Read each senterce carefully and determine whether the statement is TRUE or FALS E. Write your answers on the space provided before each number. 1. At the beginning of the day, you have P200 cash in your pocket. At the end of the day, you have P50 left. If you make a horizontal analysis of your cash, you would conclude that your cash has decreased by 80% during the day. 2. In 2019, Entity A reported sales of P100 and profit of P20. In a vertical analysis, a financial statement user would conclude that Entity A was able to generate 20% profit from every peso of its sales during the period. 3. Entity A reported irventory balances of P100 and P50 in 2019 and 2018, respectively. In a horizontal analysis, a financial statement user would conclude that Entity A's inventory has increased by 50% from2018 to 2019. 4. An analysis of the intenelationships of infomation in a single period, expressed as parcentages of a common denomirator, is called horizortal analysis. 5. A comparison…

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Karim Corp. requires a minimum $9,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,400, and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow.    July   August   September   Cash receipts $ 25,000   $ 33,000   $ 41,000   Cash payments   29,500     31,000     33,000     Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)      KARIM CORP. Cash Budget For July, August, and September   July August September Beginning cash balance $9,400             Total cash available                       Preliminary cash balance               Ending cash…

Accrual income versus cash flow for a period. Thomas Book​ Sales, Inc., supplies textbooks to college and university bookstores. The books are shipped with a proviso that they must be paid for within 30 days. For​ simplicity, assume there are no returns and no bad debts​ (i.e., bookstores pay on​ time). This​ year, Thomas shipped and billed book titles totaling $660,000. Collections, during the year totaled $603,316. The company spent $266,861 acquiring the books that it shipped. a. Using accrual accounting and the preceding​ values, show the​ firm's net profit for the past year.   Sales Revenue............? Less: Costs...................? Net Profit......................?       b. Using cash accounting and the preceding​ values, show the​ firm's net cash flow for the past year.   Cash Inflow...............? Less: Cash Outflow.................? Net Cash Flow.....................?   c. Explain why the accrual and cash accounting methods show different net profits. How do the two…