Math Revealed Profit and Loss Chapter 3 homework Assignment 3A last question

Question 8 Partially correct Mark 1.00 out of 2.00 Complete the income statement for January 2020. Math Revealed! Profit & Loss After Chapter 3 January 2020 Total Income $ 12,580 X Net Income $ 5,275 Check Partially correct Marks for this submission: 1.00/2.00. Previous e Save Answers ASSIGNMENTS Background information Martin Sch wanted to be an entrepreneur. Hes o ols h i he has decided to set up a small match bewapa p ring local high e se strule in the th e lle Math Revealed 2019 Martin is the only owner. He has not t r ue then The business has been accessful far. In 's w e decided to work in his business full time that he's done fr e e with a degree in mathematics He has decided to start wig Cuc ks Caline to keep track of tract He likes the convenience of being able to access this information over the late You agreed to act as his accountant while you're finishing your own c ele per He currently has a number of susters that he tutors in Pre- Nya. N o Geometry. His customers pay his fees by cash or check after each tutoring session but he does e bus deled the following fee schedules give terms of Net 15 to some of his custos Assignment Math Revealed! Home Refresher Persistence program Crisis program Description One hours Two one hour sessions per week Five one-hour sessions per wok S 50 per hour 90 per week $175 per week The tutoring sessions usually take place at his students' homes but he recently signed a two-year lease on a small office above a local coffee shop. The rent is only $200 per month starting in January 2020. A security deposit of $400 was paid in December 2019. The following equipment is owned by the company Description Computer Printer Graphing Calculators (2) Date placed in service 7/1/19 7/1/19 7/1/19 cost $3.000 $240 $ 294 u ite 36 months 24 months months Salvage Value $300 SO S60 All equipment is depreciated using the straight-line method. As of 12731/19, he owed $2,000 to his parents who initially helped him get started. They are charging him interest at a 6% annual rate. He has been paying interest only on a monthly basis. His last payment was 12/31/19. Over the next month or so, he plans to expand his business by selling a few products he believes will help his students. He has already purchased a few items Quantity on Hand Cost per Unit Sales Price Vendor Category Description Books and Tools Geometry in Sports Solving Puzzles: Fun with Algebra Getting Ready for Calculus Protractor/Compass Set Handheld Dry-Erase Boards Notebooks (pack of 5) Books Galore Books Galore Books Galore Math Shack Math Shack Paper Bag Depot 1/2/20 You're ready to start recording some transactions for Martin but you know you have some setup work to do first. Section Two Service Companion Yo organize the products/services listinte categories - You click the gear iemand der Products and Services select Manage categories on the More from me and you create the water ries: boksand i ng and Other edit the inventory Hems (Dry Eras, Sports, Puzzles Ready, K, and Notebooks) to link them to the Books and Tools category. Y et the service items (Refresher Persistence, Crisis) o link them to the Tutoring category You the default items weated by OBO (Hours and Services to include them in the You set me credit ters for Math Revealed! You click the gear icon and select All Lists Voet up two new terms in the Terms list We namene term "Net 15. This will be the default terras for c e s. Cus- rs will be expected to pay within 15 days of the invoice date if they don't pay at time of nice Yurale a second term "Net 30." You think Martin might decide to give some of his long-time customers a bit more time to pay You also decide to set some preferences in Account and Settings that you think will be helpful - In the sales form content section of the Sales tab: You select Net 15 as the Preferred invoice terms. You choose None as the Preferred delivery method since you intend to print out invoices or receipts to customers when the services are completed. TIP: Custom transaction numbers should bave been turned On as part of the homework in Chapter 2. If you missed that, make sure you turn it on now. You want to control how credits are applied so you turn Automatically apply credits off in the Automation section of the Advanced tab in Account and Settings Martin has let you know that he will be giving payment terms of Net 15 to all existing custom- ers. You odit all existing customers to add the Net 15 payment terms. TIP: Terms are added on the Payment and billing tab of the customer record. 1/6/20 Martin gives you a check from a new customer for $100 for two Refresher tutoring sessions. The check, #56772, is dated 1/6. You set up the new customer. The customer is Alonso Luna. You use Luna, Alonso as the display name TIP: Enter the display name first. Then complete the first name and last name fields. 4755 Hastings Road, Sacramento, CA 95822 916-118-8111 You set the payment terms at Net 15. You create a sales receipt (#SR-101) for the two tutoring sessions. You make sure to use 150 Undeposited Funds as the Deposit to account. You'll be depositing checks in batches. Martin also gives you a list of all sessions held this past week. He did not collect payment for any of these sessions so you prepare invoices dated 1/6, with credit terms of Net 15, for the following customers: Debbie Han-Crisis $175, INV-1004 Marcus Reymundo-Refresher $50, INV-1005 Eliot Williams-Persistence $90, INV-1006 All mors have a 15 There was the Persistenc e , IN 1/920 Martin is wys ning student $20 for the afterno Aceh renda You pa new services Martin is calling the line Mahes h hecide to name the wem the new item to the Tutoring category. Yes weet toring the income account Math i s the description 1/10/20 You receive two checks in the mail Tip Make sure 150 Unleted P ls for the Deposit to account for both * Check 189 from Kim Kowalski, dwed 11, for $100 on INV-1002 You give Kim a call and reminder that the totalment doe was $180. She wprologs and promises to pay the balance i n the end of the month * Check 2840 from Annie Wang, das 170, for $175 in full payment of INV-1003 You deposit the checks received today with the check received on Monday. The total deposit is $375. 1/13/20 - Annie Wang's mother calls. She is so happy with the progress Annie is making in her vanced Algebra course that she sets up appointments for the next four wees under the Per- sistence package. You invoice Annie S360, nct 15. (INV-1009). . You realize that some of the revenue just invoiced to Annie will not be earned until cho ary. (The four weeks will be up on February 10th.) You decide to wait until the end of the month to make any necessary adjustments to the income statement. (TIP: You'll do this as part of the homework for Chapter 5 so don't worry about it now.) 1/17/20 Martin gives you a list of the sessions for the past two weeks. (He's gotten a little behind on his paperwork and you remind him that his business needs cash to grow!) Some of the students paid for the sessions. You use 1/17 as the check date on the sales receipts. O Marley Roberts paid S180 for two weeks of Persistence with check #1701. (SR-102) o Alonso Luna paid S100 for two Refresher sessions with check #56792. (SR-103) Jon Savidge came in with four of his friends. All of them chose the Crisis package. Don's fa- ther agreed to pay for all five of them. You bill Jon for $875. (INV-1010, net 30) 1/18/20 Twenty-five high school students show up for the Mathmagic Clinic. All of them pay cash (5500 in total). You decide to create one sales receipt (SR-104) to record all the payments instead of creating a receipt for each student. You decide to create a "Drop-In" customer for this purpose. You click Add new in the customer name field. You enter "Drop-In" as the Name. You click Details to open the customer record window. You use 3835 Freeport Blvd, Sacra mento, CA 95822 as the address. One of the students, Navi Patel, decides to also sign up for two Refresher sessions. She pays the $100 in cash. Martin schedules the service for 1/22 and 1/29. Section Two Service Companies the disp Since she may be an g customer, you decide decewa te receipt for the future tutoring s om SR 105 New s 25 Fractal Drive, Sacramento, CA 92 .1 leren 121 RON Cretes fure in Ne Pas Nav 1/22/20 receive the following checks in the morning mailand 1/22 -170 from Jan Savi , check 1334, in pient of INV-1001 and INV-1007 590 from hi Williams, check 814 in payment of INV-1006 $175 from Debellan, check #4499 in payment of INV-1004 No deposit all checks and cash received since 1/10. The total deposit is $1,515. Martin lets you know that he does the office on January 20ch for Martin Luther King Day As a result, Paul Richardmed one his Crisis sessions. You create a credit memo (CM 100) for $15, dated 1/22. You use Crisis as the PRODUCT/SERVICE and change the AMOUNT to 15. You enter "Credit for missed session due to holiday in the Message des played on Invoice field. Since Paul has an outstanding invoice, you'll apply the credit when he plays the balance doc The father of one of Martin's Mathmaric students storms into the office right before closing Gus Ranting is very upset that Math Revealed did not get his consent before tutoring his son. Martin talks to the father and explains that the tutoring clinic was voluntary and that there was no pressure on any of the students to sign up for more sessions. Nonetheless, Martin agrees refund the $20 and that seems to calm Gus down You add Gus Ranting as a customer when you create refund receipt RR-100. You center Ranting, Gus as the display name. You issue the $20 refund from the Checking account. The Math Revealed! check number is 1100 You use Mathmagic as the PRODUCT/SERVICE 1/24/20 Martin gets a call from Teacher's College. Mr. Learn, the college president, has heard that Martin has developed some innovative techniques for helping students develop strong math hills Mr. Learn asks Martin whether he's ever considered training other educators in hus techniques. Martin is always up for new challenges and agrees to develop a workshop for the college for $2,000. Mr. Learn expects that there will be at least 50 math teachers from around the area in attendance. The workshop will be held February 15-16. You decide to set up a new income account called Workshops Revenue to track this new source of revenue. You select Income as the account type and Service/Fee Income as the detail type. You assign 405 as the account number Martin thinks there may be opportunities for other types of workshops in the future so you decide to set up a new category named "Workshops."[TIP: Categories are managed in Products and Services.] You also create a new service item called "Educator Workshop." You use "Tips for Teaching Math Workshop" as the item description and link the item to the Workshops category. o You enter a rate of "$2,000" as the default sales price/rate and select account 405 Workshops as the income account. You also set up Teacher's College as a customer. 21 Academy Avenue, Sacramento, CA 95822. 916-443-3334 Terms are Net 30. Ch o ngo Teacher's College asks yon to ing the paperwork. Yo prepare INV1011 the that they 1 24. for the CEP: You will make an d part of the Chapter 5 so don't worry about it 1/28/20 Martin gives a list of tutoring sessions held since 1/17 You prepare an invoice for Marley Roberts, one Persistence packages, INV-1012, No 15 One student paid by check so you created a sales receipt for Eliot Williams, one Persistence package (Check $144, SR-105) Martin lets you know that he won't be setting up any additional sons for January 29-31 He's going to use that time to prepare the workshop for Teacher's College 1/30/20 You receive two checks from customers. Check #7788090, dated 1/30, from Teacher's College for $2.000, in payment of INV-1011 Check #45678, dated 1/30 from Paul Richard for $315 in payment of INV-1008. You apply CM-1008 to the balance when you enter the payment. You deposit both checks in the bank along with the check received on 1/28. The deposit totals $2,405. Check numbers 1/31 Checking account balance:.....$7,120 January Sales Revenue:........$5,275 Suggested reports for Chapter 3: All reports should be in portrait orientation. Journal-1/01 through 1/31 transactions only [TIP: The Journal report is in the For my accountant section of Reports.] Sales by Product/Service Summary (January sales only) - Customize (filter) the report to only show items in the Tutoring or Workshops categories. A/R Aging Summary dated 1/31 Balance Sheet as of 1/31 Profit and Loss for January und in Computer Question 8 Partially correct Mark 1.00 out of 2.00 Complete the income statement for January 2020. Math Revealed! Profit & Loss After Chapter 3 January 2020 Total Income $ 12,580 X Net Income $ 5,275 Check Partially correct Marks for this submission: 1.00/2.00. Previous e Save Answers ASSIGNMENTS Background information Martin Sch wanted to be an entrepreneur. Hes o ols h i he has decided to set up a small match bewapa p ring local high e se strule in the th e lle Math Revealed 2019 Martin is the only owner. He has not t r ue then The business has been accessful far. In 's w e decided to work in his business full time that he's done fr e e with a degree in mathematics He has decided to start wig Cuc ks Caline to keep track of tract He likes the convenience of being able to access this information over the late You agreed to act as his accountant while you're finishing your own c ele per He currently has a number of susters that he tutors in Pre- Nya. N o Geometry. His customers pay his fees by cash or check after each tutoring session but he does e bus deled the following fee schedules give terms of Net 15 to some of his custos Assignment Math Revealed! Home Refresher Persistence program Crisis program Description One hours Two one hour sessions per week Five one-hour sessions per wok S 50 per hour 90 per week $175 per week The tutoring sessions usually take place at his students' homes but he recently signed a two-year lease on a small office above a local coffee shop. The rent is only $200 per month starting in January 2020. A security deposit of $400 was paid in December 2019. The following equipment is owned by the company Description Computer Printer Graphing Calculators (2) Date placed in service 7/1/19 7/1/19 7/1/19 cost $3.000 $240 $ 294 u ite 36 months 24 months months Salvage Value $300 SO S60 All equipment is depreciated using the straight-line method. As of 12731/19, he owed $2,000 to his parents who initially helped him get started. They are charging him interest at a 6% annual rate. He has been paying interest only on a monthly basis. His last payment was 12/31/19. Over the next month or so, he plans to expand his business by selling a few products he believes will help his students. He has already purchased a few items Quantity on Hand Cost per Unit Sales Price Vendor Category Description Books and Tools Geometry in Sports Solving Puzzles: Fun with Algebra Getting Ready for Calculus Protractor/Compass Set Handheld Dry-Erase Boards Notebooks (pack of 5) Books Galore Books Galore Books Galore Math Shack Math Shack Paper Bag Depot 1/2/20 You're ready to start recording some transactions for Martin but you know you have some setup work to do first. Section Two Service Companion Yo organize the products/services listinte categories - You click the gear iemand der Products and Services select Manage categories on the More from me and you create the water ries: boksand i ng and Other edit the inventory Hems (Dry Eras, Sports, Puzzles Ready, K, and Notebooks) to link them to the Books and Tools category. Y et the service items (Refresher Persistence, Crisis) o link them to the Tutoring category You the default items weated by OBO (Hours and Services to include them in the You set me credit ters for Math Revealed! You click the gear icon and select All Lists Voet up two new terms in the Terms list We namene term "Net 15. This will be the default terras for c e s. Cus- rs will be expected to pay within 15 days of the invoice date if they don't pay at time of nice Yurale a second term "Net 30." You think Martin might decide to give some of his long-time customers a bit more time to pay You also decide to set some preferences in Account and Settings that you think will be helpful - In the sales form content section of the Sales tab: You select Net 15 as the Preferred invoice terms. You choose None as the Preferred delivery method since you intend to print out invoices or receipts to customers when the services are completed. TIP: Custom transaction numbers should bave been turned On as part of the homework in Chapter 2. If you missed that, make sure you turn it on now. You want to control how credits are applied so you turn Automatically apply credits off in the Automation section of the Advanced tab in Account and Settings Martin has let you know that he will be giving payment terms of Net 15 to all existing custom- ers. You odit all existing customers to add the Net 15 payment terms. TIP: Terms are added on the Payment and billing tab of the customer record. 1/6/20 Martin gives you a check from a new customer for $100 for two Refresher tutoring sessions. The check, #56772, is dated 1/6. You set up the new customer. The customer is Alonso Luna. You use Luna, Alonso as the display name TIP: Enter the display name first. Then complete the first name and last name fields. 4755 Hastings Road, Sacramento, CA 95822 916-118-8111 You set the payment terms at Net 15. You create a sales receipt (#SR-101) for the two tutoring sessions. You make sure to use 150 Undeposited Funds as the Deposit to account. You'll be depositing checks in batches. Martin also gives you a list of all sessions held this past week. He did not collect payment for any of these sessions so you prepare invoices dated 1/6, with credit terms of Net 15, for the following customers: Debbie Han-Crisis $175, INV-1004 Marcus Reymundo-Refresher $50, INV-1005 Eliot Williams-Persistence $90, INV-1006 All mors have a 15 There was the Persistenc e , IN 1/920 Martin is wys ning student $20 for the afterno Aceh renda You pa new services Martin is calling the line Mahes h hecide to name the wem the new item to the Tutoring category. Yes weet toring the income account Math i s the description 1/10/20 You receive two checks in the mail Tip Make sure 150 Unleted P ls for the Deposit to account for both * Check 189 from Kim Kowalski, dwed 11, for $100 on INV-1002 You give Kim a call and reminder that the totalment doe was $180. She wprologs and promises to pay the balance i n the end of the month * Check 2840 from Annie Wang, das 170, for $175 in full payment of INV-1003 You deposit the checks received today with the check received on Monday. The total deposit is $375. 1/13/20 - Annie Wang's mother calls. She is so happy with the progress Annie is making in her vanced Algebra course that she sets up appointments for the next four wees under the Per- sistence package. You invoice Annie S360, nct 15. (INV-1009). . You realize that some of the revenue just invoiced to Annie will not be earned until cho ary. (The four weeks will be up on February 10th.) You decide to wait until the end of the month to make any necessary adjustments to the income statement. (TIP: You'll do this as part of the homework for Chapter 5 so don't worry about it now.) 1/17/20 Martin gives you a list of the sessions for the past two weeks. (He's gotten a little behind on his paperwork and you remind him that his business needs cash to grow!) Some of the students paid for the sessions. You use 1/17 as the check date on the sales receipts. O Marley Roberts paid S180 for two weeks of Persistence with check #1701. (SR-102) o Alonso Luna paid S100 for two Refresher sessions with check #56792. (SR-103) Jon Savidge came in with four of his friends. All of them chose the Crisis package. Don's fa- ther agreed to pay for all five of them. You bill Jon for $875. (INV-1010, net 30) 1/18/20 Twenty-five high school students show up for the Mathmagic Clinic. All of them pay cash (5500 in total). You decide to create one sales receipt (SR-104) to record all the payments instead of creating a receipt for each student. You decide to create a "Drop-In" customer for this purpose. You click Add new in the customer name field. You enter "Drop-In" as the Name. You click Details to open the customer record window. You use 3835 Freeport Blvd, Sacra mento, CA 95822 as the address. One of the students, Navi Patel, decides to also sign up for two Refresher sessions. She pays the $100 in cash. Martin schedules the service for 1/22 and 1/29. Section Two Service Companies the disp Since she may be an g customer, you decide decewa te receipt for the future tutoring s om SR 105 New s 25 Fractal Drive, Sacramento, CA 92 .1 leren 121 RON Cretes fure in Ne Pas Nav 1/22/20 receive the following checks in the morning mailand 1/22 -170 from Jan Savi , check 1334, in pient of INV-1001 and INV-1007 590 from hi Williams, check 814 in payment of INV-1006 $175 from Debellan, check #4499 in payment of INV-1004 No deposit all checks and cash received since 1/10. The total deposit is $1,515. Martin lets you know that he does the office on January 20ch for Martin Luther King Day As a result, Paul Richardmed one his Crisis sessions. You create a credit memo (CM 100) for $15, dated 1/22. You use Crisis as the PRODUCT/SERVICE and change the AMOUNT to 15. You enter "Credit for missed session due to holiday in the Message des played on Invoice field. Since Paul has an outstanding invoice, you'll apply the credit when he plays the balance doc The father of one of Martin's Mathmaric students storms into the office right before closing Gus Ranting is very upset that Math Revealed did not get his consent before tutoring his son. Martin talks to the father and explains that the tutoring clinic was voluntary and that there was no pressure on any of the students to sign up for more sessions. Nonetheless, Martin agrees refund the $20 and that seems to calm Gus down You add Gus Ranting as a customer when you create refund receipt RR-100. You center Ranting, Gus as the display name. You issue the $20 refund from the Checking account. The Math Revealed! check number is 1100 You use Mathmagic as the PRODUCT/SERVICE 1/24/20 Martin gets a call from Teacher's College. Mr. Learn, the college president, has heard that Martin has developed some innovative techniques for helping students develop strong math hills Mr. Learn asks Martin whether he's ever considered training other educators in hus techniques. Martin is always up for new challenges and agrees to develop a workshop for the college for $2,000. Mr. Learn expects that there will be at least 50 math teachers from around the area in attendance. The workshop will be held February 15-16. You decide to set up a new income account called Workshops Revenue to track this new source of revenue. You select Income as the account type and Service/Fee Income as the detail type. You assign 405 as the account number Martin thinks there may be opportunities for other types of workshops in the future so you decide to set up a new category named "Workshops."[TIP: Categories are managed in Products and Services.] You also create a new service item called "Educator Workshop." You use "Tips for Teaching Math Workshop" as the item description and link the item to the Workshops category. o You enter a rate of "$2,000" as the default sales price/rate and select account 405 Workshops as the income account. You also set up Teacher's College as a customer. 21 Academy Avenue, Sacramento, CA 95822. 916-443-3334 Terms are Net 30. Ch o ngo Teacher's College asks yon to ing the paperwork. Yo prepare INV1011 the that they 1 24. for the CEP: You will make an d part of the Chapter 5 so don't worry about it 1/28/20 Martin gives a list of tutoring sessions held since 1/17 You prepare an invoice for Marley Roberts, one Persistence packages, INV-1012, No 15 One student paid by check so you created a sales receipt for Eliot Williams, one Persistence package (Check $144, SR-105) Martin lets you know that he won't be setting up any additional sons for January 29-31 He's going to use that time to prepare the workshop for Teacher's College 1/30/20 You receive two checks from customers. Check #7788090, dated 1/30, from Teacher's College for $2.000, in payment of INV-1011 Check #45678, dated 1/30 from Paul Richard for $315 in payment of INV-1008. You apply CM-1008 to the balance when you enter the payment. You deposit both checks in the bank along with the check received on 1/28. The deposit totals $2,405. Check numbers 1/31 Checking account balance:.....$7,120 January Sales Revenue:........$5,275 Suggested reports for Chapter 3: All reports should be in portrait orientation. Journal-1/01 through 1/31 transactions only [TIP: The Journal report is in the For my accountant section of Reports.] Sales by Product/Service Summary (January sales only) - Customize (filter) the report to only show items in the Tutoring or Workshops categories. A/R Aging Summary dated 1/31 Balance Sheet as of 1/31 Profit and Loss for January und in Computer