Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in june, blackfly ltd. received a $6,000 cash paym

In June, Blackfly Ltd. received a $6,000 cash payment for work...

80.2K

Verified Solution

Question

Accounting

image
In June, Blackfly Ltd. received a $6,000 cash payment for work performed \& billed the previous month. The company replanted a clear-cut area of northern Alberta for which it sent out an invoice for $20,000. At the beginning of the month the company had $1,000 of trees for planting. During the month the company purchased $2,000 more, and at the end of the month it was left with trees that had cost $1,000. The company's expenses were $1,000 in rent for its office and $3,000 in other expenses. Amortization on the truck and office equipment was calculated to be $1,500. The income tax rate is 10%. The expected life of the truck and office equipment when purchased new was 3 years, with no residual value and the amortization expense was based on the straight-line model. The original cost of the truck and office equipment was

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

Physics
1.2K views

a research document concerning a physical principle or a common technology is required. I choose to do...

Physics
1.2K views

b half that due c double that due to a single charge d dependent on...

Geometry
1.2K views

Write the following numbers in the polar form e^i?,0 ? ? < 2pi(a)1/9 r=____ ...

Basic Math
1.2K views

Kristin Wilson lives in Anderson, South Carolina, and wishes to visit relatives in the following...

Calculus
1.2K views

solve the followin equation using the method of undetermined coefficients Question 2 6 6 8...

Accounting
1.2K views

Question 3 (20 marks) (a) What are the differences in nature between cyber security and...

Accounting
1.2K views

Due to differences in technology, China can grow rice at $600/...

Accounting
1.2K views

Han Products manufactures 25,000 units of part S-6 each...

Accounting
1.2K views

Video Company had sales during July 20X3 of $30,000. During the month, the company had...

Accounting
1.2K views

Question 10 12 pts Jackson (54) and Audrey (55) Scott are married. Jackson makes 125,000...

Accounting
1.2K views

24) Excerpts from Neuwirth Corporation's comparative balance sheet appear below: Ending Balance Beginning Balance Cash...

Accounting
1.2K views

Klumper Corporation is a diversified manufacturer of industrial goods. The companys activity-based costing system contains...