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
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
Expert Answer
Related Accounting Q&A
Q: is the answer correct?
A: Material spending variance is the total variance on the materials and includes both material purchas...
Q: Cost of Goods Sold and the Periodic System Hermani Company uses the periodic inventory system. Herma...
A: A periodic inventory system is a system used to determine the inventory at the end of specific perio...
Q: Hello, A task force of capital budgeting analysts at Morrison Ltd., collected the following data con...
A: The Net Present Value of the project has to be determined by deducting the present values of all inf...
Q: On January 2, 2019, Twilight Hospital purchased a $96,400 special radiology scanner from Crane Inc. ...
A: Incremental analysis is a technique of decision making that is used to determine the true cost diffe...
Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: ...
A: Preparation of the bank reconciliation statements. We have,
Q: Hi i need help answering this question please! The last section got a bit cut off for part e but it ...
A: Click to see the answer
Q: Q: Which situation is better for the debt financing of a subsidiary? A. 16% income tax, 10% withhold...
A: AssumptionsLet us understand the best situation for the parent company in Debt financing to its subs...
Q: The two independent cases are listed below: Case A Case B Year 2 Year 1 Year 2 Y...
A: Cash flows from operating activities: Cash flows from operating activities refer to the cash receiv...
Q: I'm not sure how to come up with the missing numbers . Exercise 2-14 Complete each of the followin...
A: Contribution format income statementContribution format income statement highlights the cost behavio...
