The following is a summary of transactions for January 20xx, gathered by the Sample Cafe bookkeeper. Sample
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Question:
The following is a summary of transactions for January 20xx, gathered by the Sample Cafe bookkeeper.
Sample Cafe Transactions
Item | Notes |
---|---|
8,700 medium cups of coffee sold at $3.00 each | Includes 600 medium cups sold to the college and delivered to a reception that has been invoiced, but not yet paid. |
3,900 large cups of coffee sold at $4.00 each | |
The espresso maker purchased last year for $11,400 | 5-year life |
$480 premium for business insurance | The premium for a full year |
$3,500 for rent | Includes $2,200 in rent deposits. |
$2,100 for coffee beans | Includes coffee discarded valued at $100 |
$1,500 for coffee cups | 0 cups in inventory at the beginning of January. $700 worth of cups are still in inventory at the end of the month. |
$14,900 to employees for payroll | $2,200 owed in payroll taxes |
$100 of interest on loan | Paid mid-month |
$900 for electricity and water | Includes $600 in utility deposits |
$13,200 in advertising | $3,300 per week billed monthly |
Use the preceding transaction information to create a Cash-Based Income Statement for January using the following template.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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