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on September 1, Pat Hopkins estavloshed, calculate OCC's preliminary net income if possible break down numbers and charts to see where i couldve been wrong,
on September 1, Pat Hopkins estavloshed, calculate OCC's preliminary net income
if possible break down numbers and charts to see where i couldve been wrong,
Required information (The following information applies to the questions displayed below.) On September 1, Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $14,000 for 1,400 shares of OCC. On September 8, OCC borrowed $34,500 from a bank, promising to repay the bank in two years. On September 10, OCC wrote a check for $25,500 to acquire computer equipment. On September 15, OCC received $1,100 of supplies purchased on account and, on September 16, paid $2,450 for September rent. Through September 22, OCC provided its customers $12,250 of services, of which OCC collected $6,450 in cash. On September 28, OCC paid $555 for Internet and phone service this month. On September 29, OCC paid wages of $4,300 for the month. Finally, on September 30, OCC submitted its electricity meter reading online and determined that the total charges for the month will be $790. This amount will be paid on October 14 through a preauthorized online payment. 3-a. Using your answer to part 1 or 2, calculate OCC's preliminary net income for September. Preliminary Net Income 3-b. Is OCC profitable, based on its preliminary net income? Yes No 2 Step by Step Solution
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