Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

BASED OFF ACCURAL ACCOUNTING WHAT IS TOTAL PROFIT FOR YEAR Care & Beauty Inc. (CB) is a doggy daycare and pet grooming services company. The

BASED OFF ACCURAL ACCOUNTING WHAT IS TOTAL image text in transcribed PROFIT FOR YEAR

Care & Beauty Inc. (CB) is a doggy daycare and pet grooming services company. The company had the following balances in the accounts on July 31: Cash $83,083 Revenue $67,078 Expenses $34,513 Following transactions took place in August: Date Transaction August 1 CB paid rent for August of $1,408. August 2 Joe Hassan dropped of their pet at the daycare. Joe's pet received spa package valued at $125. August 3 Linda Fallon paid for future services $351. August 4 CB purchased grooming supplies of $992 with cash. August 5 CB received $233 in cash for the obedience classes that will be provided in September August 6 Wendy Carney purchased a gift card valued at $32. August 7 Alan Peters prepaid $957 for daycare services for their two dogs. August 8 CB purchased $102 office supplies with cash. August 9 CB received a bill for $971 for CPR training provided to staff last weekend. August 10 CB provided services to the corporate client of $412. August 11 Ghana, and miniature pinscher, came in for a nail trim, valued at $17. August 12 GD is a husky that belongs to Maria Criswell. GD's time at the daycare included grooming services. Maria paid $121 cash for the services. August 13 Ida McIntyre dropped off Bowie, the golden retriever at the daycare for the day. Ida paid $57 cash. August 14 Joan Fletcher purchased $124 of grooming services for Joan's new puppy Eliza. Eliza seemed to enjoy the pampering. August 15 CB purchased dog treats for the daycare value at $249. August 16 In order to attract new customers, CB paid for magazine advertisement that will run in September. The cost of the advertisement was $128. August 17 Fiona Korten paid $177 for services provided within the last week. August 18 Juno was dropped off at the daycare for a bath and nail trim. Services received and paid were valued at $57. August 19 Alan Peters dropped of their two dogs at the daycare for a week while the family was on vacation. The cost of daycare is $406. August 20 CB paid rent for September of $1,408. August 21 CB paid $28 for the dog treats purchased on August 15. August 22 Tom Redington paid $87 for daycare services received between August 15th and 21st. August 23 CB provided services to a long time customer Warren Golding of $114. August 24 Saba, a friendly pitbull mix, received pampering valued at $53. August 25 CB paid $2,405 in wages to employees for the last month. August 26 Matilda, westie mix, was dropped off by the puppy's owner and the daycare for couple of days. Adam Smith paid $93 in cash for the service. August 27 Brian Kirchhoff picked up their great dane, Buddy, from the daycare. Services provided to Buddy were valued at $124. August 28 CB received a bill of $239 for the company's cell phones. This bill was paid in cash. August 29 CB received a bill of $352 for the August's utilities. August 30 CB paid for janitorial services for August $488. August 31 Company staff counted the supplies and determined that $307 of supplies were used. Based on accrual basis accounting, what is the total profit for the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Environmental Responsibility Accounting And Corporate Finance In The EU

Authors: Panagiotis Dimitropoulos, Konstantinos Koronios

1st Edition

3030727726, 9783030727727

More Books

Students also viewed these Accounting questions