Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Percent Amount of Total Net sales $ % 54,000 9,180 Cost of goods sold % Gross profit 44820 % Service Revenue 4,530 % 49350 %

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Percent Amount of Total Net sales $ % 54,000 9,180 Cost of goods sold % Gross profit 44820 % Service Revenue 4,530 % 49350 % Operating expenses: Depreciation expense 2,592 % 2,376 % 1,296 % Rent expense Insurance expense Supplies expense Salaries expense Payroll taxes expense 1,674 % % 19,170 2,160 % Rent expense 2,376 % Insurance expense 1,296 % Supplies expense 1,674 % Salaries expense 19,170 % Payroll taxes expense 2,160 % Bank service fees 432 % 29700 % Total operating expenses Operating income 19650 % Other expense: Interest expense 820 % $ Net income 18,830 % stai Data Table Reag April 30 $ 5,540 Flex Repair, Inc. Comparative Balance Sheets May 31 and April 30, 2019 May 31 Assets Cash 8,487 $ Accounts Receivable, net 92,450 Inventory 4,050 Supplies 50 Total Current Assets 105,037 Fixed Assets 345,700 Less: Accumulated Depreciation (3,852) Net Fixed Assets 341,848 Total Assets 446,885 $ 71,400 Td 160 125 0 77,225 262,000 (1.260) Nd 260,740 Regy 337,965 Seleg decin Liabilities Total Assets Liabilities $ Accounts Payable Unearned Revenue 1,595 $ 450 5,800 1,300 950 775 265 25 2,580 120 Salary Payable Interest Payable Payroll Taxes Payable Dividend Payable Current Portion of Long-Term Debt Total Current Liabilities Notes Payable 400 800 3,000 3,420 15,010 6,470 58,700 184,000 26,000 134,000 257,710 166,470 Mortgage Payable Total Liabilities Stockholders' Equity Preferred Stock Additional Paid-in Capital, Preferred 15,000 15,000 8,000 8,000 Ana AA 257,710 166,4701 Stockholders' Equity Preferred Stock 15,000 8,000 Additional Paid-in Capital, Preferred Common Stock Additional Paid-in Capital, Common 15,000 8,000 64,000 64,000 Retained Earnings Total Stockholders' Equity 3,000 99,175 3,000 81,495 189,175 171,495 Total Liabilities and Stockholders' Equity 446,885$ 337,965 Income Statement For the Month Ended May 31, 2019 Net Sales $ 54,000 Service Revenue 4,530 Expenses: Cost of Goods Sold 9,180 Salaries Expense 19,170 Depreciation Expense 2,592 2,376 Rent Expense Interest Expense 820 1,296 Insurance Expense Supplies Expense Payroll Taxes Expense 1,674 ase 2,160 432 Bank Service Fees cula $ 18,830 Net Income Income taxes ignored and the XA

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

Nmap Network Exploration And Security Auditing Cookbook

Authors: Paulino Calderon

2nd Revised Edition

1786467453, 978-1786467454

More Books

Students also viewed these Accounting questions

Question

* What is the importance of soil testing in civil engineering?

Answered: 1 week ago

Question

Explain the concept of shear force and bending moment in beams.

Answered: 1 week ago