In its first month in business jones inc sold merchandise, Accounting Basics

+44 141 628 6080
[email protected]

In its first month in business jones inc sold merchandise

In its first month in business, Jones, Inc. sold merchandise to customers on account for $119,800. It collected $72,000 on those sales during the first month and recorded Revenue for the period of $119,800. Cost of goods sold expense was $60,000, and other expenses, including taxes, were $30,000. Which one of the following statements is correct?
Question 7 options:

Net income (loss) for the first month was ($18,000), and ending balance of accounts receivable was $47,800.
Net income for the first month was $29,800, and ending balance of accounts receivable was $47,800.
Net income for the first month was $29,800, and cash collected from customers was $29,800.
Net income for the first month was $29,800, and ending balance of accountsreceivable was $119,800.

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: In its first month in business jones inc sold merchandise

Reference No:- TGS0659092

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : How cgi animation and other advances in digital technology

How CGI, animation, and other advances in digital technology have changed the ways in which stories are told on film

Q : Increase in prepaid insurance expense an asset decreasing

Increase in prepaid insurance expense, an asset, decreasing both net income and retained earnings by $6,000 and decrease in cash of $6,000.

Q : Based on the films you have watched and the ways you have

Based on the films you have watched and the ways you have learned to interpret meaning in them, discuss your ideas about how films engage social concerns and have lasting effects on society. Pick a film (or films) as evidence of this dynamic an

Q : Prepare a forecasted contribution margin income statement

Prepare a forecasted contribution margin income statement for 2012 that shows the expected results with the machine installed. Assume that the unit sales price and the number of units sold (20,900 units) will not change, and no income taxes will b

Q : In its first month in business jones inc sold merchandise

Q : What advantages and disadvantages result from the

What advantages and disadvantages result from the organization stressing some objectives over others and - objectives of operations management

Q : Cycling through pittsburgh pennsylvania to look at its

Cycling through Pittsburgh, Pennsylvania, to look at its industrial heritage is an event open to the public. This intriguing ride is laced with the economic challenges that steel mills in Pittsburgh and other areas in the United States have faced res

Q : Revenue should be recognized at the time of sale if goods

Revenue should be recognized at the time of sale if goods were purchased with a credit card payment the buyer has sixty days to return the goods and the amount of future returns cannot be estimated the selling price is substantially less than the

Q : At the equinoxes the sun in directly overhead at the

At the equinoxes, the sun in directly overhead at the equator (0 degrees latitude) at noon (the sun is 90 degrees above the horizon). Your current location is located near the 42 degrees North Latitude. How high (angle) is the noon sun above the sout

1957423

Questions
Asked

3,689

Active Tutors

1461135

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: In its first month in business jones inc sold merchandise

Reference No:- TGS0659092

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : How cgi animation and other advances in digital technology

Q : Increase in prepaid insurance expense an asset decreasing

Q : Based on the films you have watched and the ways you have

Q : Prepare a forecasted contribution margin income statement

Q : In its first month in business jones inc sold merchandise

Q : What advantages and disadvantages result from the

Q : Cycling through pittsburgh pennsylvania to look at its

Q : Revenue should be recognized at the time of sale if goods

Q : At the equinoxes the sun in directly overhead at the

Discuss the process of selecting problem areas

Explain the meaning of sepsis

Performing your assessment on sally michaels

Problem on client prescribed psyllium mucilloid

Education for a female client prescribed sulfasalazine

Education of a client prescribed an antacid

Client with ulcerative colitis prior administer azulfidine

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: In its first month in business jones inc sold merchandise

Reference No:- TGS0659092

Recent Questions Asked Accounting Basics

Q : How cgi animation and other advances in digital technology

Q : Increase in prepaid insurance expense an asset decreasing

Q : Based on the films you have watched and the ways you have

Q : Prepare a forecasted contribution margin income statement

Q : In its first month in business jones inc sold merchandise

Q : What advantages and disadvantages result from the

Q : Cycling through pittsburgh pennsylvania to look at its

Q : Revenue should be recognized at the time of sale if goods

Q : At the equinoxes the sun in directly overhead at the

Asked Questions