Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

crual Net Income and Cash Flow (24 points total) Moon Consulting Company opened for business on October 1,2018. Moon go ation related to October 2018:

image text in transcribed
crual Net Income and Cash Flow (24 points total) Moon Consulting Company opened for business on October 1,2018. Moon go ation related to October 2018: Clients paid the Company a total of $75,000 during October 2018 gives you the following received by the Company for work that will be done during Nove Company has done approximately $15,000 worth of work for ot collected in November 2018 other customers that will be The Company paid a total of $5,000 in rent on first and last month's rent for the compa October 1, 2018. This amount repre The Company paid $7,000 for supplies during October. A count of remaining su October 31, 2018 revealed that $3,000 of these supplies were stil As of October 31, 2018, October and $2,000 to the utility company for its October bill. Both tem November 2018 The Company paid a total of $50,000 to its employees for sala supplies on the company owed its employees $4,000 for salaries earned in in October 2018 The Company purchased equipment on October 1, 2018, at a total cost of $144,000. believe this asset will last an average of 6 years without any salvage value. The Company borrowed $200,000 on October 1 from the local bank at a The first interest and principal payment is due on November 1, 2018 On October 31, 2018, the Company paid $2,500 for its November 2018 rent. rate of 6 percent . . Required: a. Calculate the accrual accounting net income for Moon for October 2018. b. What is the Company's operating cash flow for October 2018

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

Auditory Interfaces

Authors: Stefania Serafin, Bill Buxton, Bill Gaver, Sara Bly

1st Edition

1032196459, 978-1032196459

More Books

Students also viewed these Accounting questions

Question

1. Define and explain culture and its impact on your communication

Answered: 1 week ago