Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at the end of the first month of operations for ja

At the end of the first month of operations for Jackson's Catering Service, the business...

70.2K

Verified Solution

Question

Accounting

At the end of the first month of operations for Jackson's Catering Service, the business had the following accounts: Cash, $21,000; Prepaid Rent, $500; Equipment, $7,500 and Accounts Payable $4,000. By the end of the month, Jackson's had earned $32,000 of Revenues, and used $1,800 of Utilities Expenses, $4,000 of Rent Expense and $3,600 of Salaries Expenses. Calculate the net income to be reported by the company for this first month

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Use the Laplace transform to solve the given initial value problem. y(4) ? 4y''' + 6y'' ?...

General Management
1.2K views

1. Significance of the Effect of Organizational Culture on Supplier Satisfaction   (A Case Study on Jumia Ghana) 2....

Biology
1.2K views

List each taxon in the Linnaean system of classification, from most general to most specific.

Basic Math
1.2K views

Someone brought a box of twenty-four doughnuts to soccer practice. They all look the same...

Basic Math
1.2K views

Health insurers and the federal government are both putting pressure on hospitals to shorten the...

Statistics
1.2K views

Suppose that a random sample of 10 adult U S males has a mean height...

Algebra
1.2K views

Find the principle value of 1 i 3 3 1 i 3 10100 ni

Accounting
1.2K views

Industrial and consumer prducts have similar characteristics and can be sold through similar channels. Select...

Accounting
1.2K views

Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8] Presented below is the 2021...

Accounting
1.2K views

On July 8, Jones Inc. issued an $82,100, 9%, 120-day note payable to Miller Company....

Accounting
1.2K views

How much would you have to invest today in the bank at an interest rate...

Finance
1.2K views

In a discount interest loan, you pay the interest payment up front. For example, if...