Question dominick lopez operates a consulting firm called, Ask an Expert

Accounting

Question: Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company's records show the following accounts and amounts for the month of August. Use this information to prepare an August income statement for the business.

Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,360 D.

Lopez, Withdrawals . . . . . . . . . $ 3,000

Accounts receivable . . . . . . . . . . . . 17,000

Consulting fees earned . . . . . . . . . 17,000

Office supplies . . . . . . . . . . . . . . . . . 3,250

Rent expense . . . . . . . . . . . . . . . . 4,550

Land . . . . . . . . . . . . . . . . . . . . . . . . . 46,000

Salaries expense . . . . . . . . . . . . . . 8,000

Office equipment . . . . . . . . . . . . . . 18,000

Telephone expense . . . . . . . . . . . . 560

Accounts payable . . . . . . . . . . . . . . 8,000

Miscellaneous expenses . . . . . . . . 280

D. Lopez, Capital, July 31 . . . . . . . . . 4,000

Owner investments . . . . . . . . . . . 80,000

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92336779

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - computing a basket purchase allocation and

Question - Computing a Basket Purchase Allocation, and Recording Depreciation under Three Alternative Methods At the beginning of the year, Wong's Martial Arts Centre bought three used fitness machines from Hangar Inc. f ...

Accounting information system question -1-identify two

Accounting Information System Question - 1-Identify two strategic decisions that the information in one (or more) of the example dashboards at idashboards.com can help the company make. Be specific when describing these ...

Question -bella requires 232000 in four years to purchase a

Question - Bella requires $232000 in four years to purchase a new home. What amount must be invested today in an investment that earns 5% interest, compounded annually? Swifty Corporation will receive $21500 today (Janua ...

Question - susan a single taxpayer owns and operates a

Question - Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2018, the business pays $100,000 in W-2 wages, holds $150,000 of qualified p ...

Problem - thakin industries inc manufactures dorm furniture

Problem - Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the f ...

Question - on december 31 2017 sage company signed a

Question - On December 31, 2017, Sage Company signed a $1,023,100 note to Pronghorn Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in ...

Question -a calculate the ending balance of the

Question - (a) Calculate the ending balance of the Manufacturing Overhead account for November. Lawler and Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit job ...

Quesiton please note this part of the assignment is an

Quesiton: Please note, this part of the assignment is an essay. I will need a person to take their time and answer each section and question. Part III Prompt The results of both sections of your employment examination ha ...

Question - merchandise with an invoice price of 4600 is

Question - Merchandise with an invoice price of $4,600 is purchased subject to terms of 2/10, n/30, FOB shipping point. The seller prepaid $75 for the cost of transportation. What is the amount that the purchaser records ...

Question -a jalisco inc net credit sales of 75000 and

Question - A) Jalisco Inc. net credit sales of $75,000 and estimates that bad debts are approximately 3% of net credit sales. The yearend balance in accounts receivable is $200,000 and $2,000 of accounts receivable were ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert