Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. peters curling inc. operates several curling centr

Peters Curling Inc. operates several curling centres for games and equipment sales. The following transactions...

70.2K

Verified Solution

Question

Accounting

Peters Curling Inc. operates several curling centres for games and equipment sales. The following transactions occurred in October of the current year:
Peters collected $14,500 from customers for games played in October.
Peters sold curling equipment inventory for $9,500; received $6,000 in cash and the rest on account; the cost of sales is $5,800.
Peters received $4,000 from customers on account who purchased merchandise in September.
The curling league gave Peters a deposit of $4,500 for the upcoming fall season.
Peters paid $5,000 for the September electricity bill and received the October bill for $5,500, which will be paid in November.
Peters paid $7,000 to employees for work in October.
Peters purchased and paid $2,100 in insurance for coverage from October 1 to December 31.
Peters paid $2,500 to plumbers for repairing a broken pipe in the washrooms.
Required:
Prepare a statement of earnings for Peters Curling Inc. for the month of October of the current year. Use an income tax rate of 40 percent.

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

Statistics
1.2K views

A survey of the mean number of cents off that coupons give was conducted by randomly...

Basic Math
1.2K views

years 8 5 9 10 11 X 12 Suppose that 2000 is placed in a...

Basic Math
1.2K views

A PIN is a string of four digits For example 0119 and 4512 are PINs...

Basic Math
1.2K views

Caitlin has a $10 gift certificate to the music store. She has chosen a number...

Basic Math
1.2K views

Kyndal wants to buy a lamp that originally cost $82, but went on sale for...

Calculus
1.2K views

Find equations of the tangent line and normal line to the curve at the given...

Accounting
1.2K views

In your opinion, what is the relationship between risk and project management

Accounting
1.2K views

Shirley Processing, Incorporated (SPI) makes adhesive tape. The following Information on the physical flow of...

Accounting
1.2K views

The following is the footnote to operating leases as reported in Company ABC's 2019Q1 (the...

Accounting
1.2K views

Total fixed costs at 50,000 units would be A. $193,000. B. $25,000. C. $152,000. D....

Accounting
1.2K views

ACET 230 Allecting marked Costs Hondul 15 cost for cheable is building the ho l...

Accounting
1.2K views

1. Consideras que la deducciones aplicables a contribuyentes que son individuos dispuestas segn el Cdigo...