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CALCULATE NET INCOME Frankie Vantastico (TP) is the sole proprietor of Salon...

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Accounting

CALCULATE NET INCOME image
Frankie Vantastico (TP) is the sole proprietor of Salon V! Beauty Salon. Salon V! revenue comes from two sources - beauty services \& styling products. Salon V! has two employees whose compensation consists of weekly base salary plus 40% of the services they provide to customers. Salon V! uses a hybrid method of accounting: cash method for beauty services and accrual method for the sale of styling products. Salon V! had the following revenue and expenses for the year

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