Question

Pretty Pink Beauty Supply accepts? Discover® cards from its customers. Discover charges Pretty Pink 2.4?% of...

Pretty Pink Beauty Supply accepts? Discover® cards from its customers. Discover charges Pretty Pink 2.4?% of sales for its services. During the? 2009-2010 fiscal? year, Pretty Pink?'s customers used Discover cards to purchase $ 60 comma 000 worth of merchandise. How much did Pretty Pink show as sales on the income statement for the year ended June? 30, 2010? How much cash did Pretty Pink actually receive from these? sales? How much did Pretty Pink show as sales on the income statement for the year ended June? 30, 2010? Pretty Pink Beauty Supply reported ?$ nothing as sales on the income statement for the year ended June? 30, 2010. How much cash did Pretty Pink actually receive from these? sales? Begin by selecting the formula used to calculate the cash received. Then enter the amounts to calculate the cash received. - = Cash received - =

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

A)Sales to be reported on Income statement for the year ended june 30 2010 = 60,000   

B)Cash received from sales = Amount of sales [1-charges]

                       60000 [1- .024]

                       60000* .976

                       $ 58560

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Cash Flows from Operating Activities—Direct Method The income statement of Booker T Industries Inc. for the...
Cash Flows from Operating Activities—Direct Method The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: Sales $550,000 Cost of merchandise sold 312,300 Gross profit $237,700 Operating expenses: Depreciation expense $42,210 Other operating expenses 111,580 Total operating expenses 153,790 Income before income tax $83,910 Income tax expense 23,270 Net income $60,640 Changes in the balances of selected accounts from the beginning to the end of the current year are as follows: Increase/...
8. Cash Flows from Operating Activities—Direct Method The income statement of Booker T Industries Inc. for...
8. Cash Flows from Operating Activities—Direct Method The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: Sales $478,530 Cost of merchandise sold 271,710 Gross profit $206,820 Operating expenses: Depreciation expense $36,720 Other operating expenses 97,080 Total operating expenses 133,800 Income before income tax $73,020 Income tax expense 20,260 Net income $52,760 Changes in the balances of selected accounts from the beginning to the end of the current year are as follows:...
The income statement of Booker T Industries Inc. for the current year ended June 30 is...
The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: Sales $352,820 Cost of goods sold 200,340 Gross profit $152,480 Operating expenses: Depreciation expense $27,070 Other operating expenses 71,580 Total operating expenses 98,650 Income before income tax $53,830 Income tax expense 14,930 Net income $38,900 Changes in the balances of selected accounts from the beginning to the end of the current year are as follows: Increase/ Decrease Accounts receivable (net) $(7,820) Inventories...
Q9. The income statement of Jeter Company includes the items listed below:                         Sales     &nbsp
Q9. The income statement of Jeter Company includes the items listed below:                         Sales                                                             $915,000                         Gross profit                                                    320,000                         Beginning inventory                                         80,000                         Sales discounts                                                 10,000                         Purchase discounts                                           15,000                         Sales returns and allowances                              5,000                         Purchase returns and allowances                        8,000                         Freight-in                                                         10,000                         Operating expenses                                        300,000                         Purchases                                                       540,000 Compute the ending inventory. $25,000 $27,000 $29,000 $30,000 10. The Marie Daughters, Inc. started and ended the year with unearned revenue account balances of $500,000 and $415,000....
Epping Ltd commences operations on 1 July 2019 and presents its first Statement of Comprehensive Income...
Epping Ltd commences operations on 1 July 2019 and presents its first Statement of Comprehensive Income and an extract of first Statement of Financial Position on 30 June 2020. The statements are prepared before considering taxation. The following information is available. Statement of comprehensive income for the year ended 30 June 2020 Gross profit $1,200,000 Administration expenses (350,000) Salaries (250,000) Long-service leave (60,000) Warranty expenses (90,000) Depreciation expense - equipment (240,000) Doubtful debts expense (18,000) Rent (28,000) Accounting profit before...
question: Summary Balance Sheets for Buckley Boat Repairs Ltd are given below: 31 Dec 20x2 31...
question: Summary Balance Sheets for Buckley Boat Repairs Ltd are given below: 31 Dec 20x2 31 Dec 20x1 cash 138,240 92,160 Accounts receivable 36,864 55,296 Inventory 147,456 202,752 Plant & Equipment 110,592 82,944 Total assets 433,152 433,152 Accounts payable 64,512 27,648 Wages payable 73,729 119,808 Non-current liabilities 82,944 110,592 Share capital 92,160 92,160 Retained profits 119,808 82,944 Total liabilities and owners equity 433,152 433,152 The following information has been extracted from the company's income statement for the year ended 31...
The income statement for Rhino Company for the current year ended June 30 and balances of...
The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: 1 Sales $450,000.00 2 Cost of goods sold 151,700.00 3 Gross profit $298,300.00 4 Operating expenses: 5 Depreciation expense $37,780.00 6 Other operating expenses 115,450.00 7 Total operating expenses 153,230.00 8 Income before income tax $145,070.00 9 Income tax expense 39,310.00 10 Net income $105,760.00 End Beginning of Year of...
[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger...
[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 26,700 Accounts Receivable 49,400 Allowance for Uncollectible Accounts $ 5,800 Inventory 21,600 Land 62,000 Equipment 23,000 Accumulated Depreciation 3,100 Accounts Payable 30,100 Notes Payable (6%, due April 1, 2022) 66,000 Common Stock 51,000 Retained Earnings 26,700 Totals $ 182,700 $ 182,700 During January 2021, the following transactions occur: January 2 Sold...
Analyzing Unearned Revenue Disclosures The following disclosures (excerpted) are from the August 28, 2016, annual report...
Analyzing Unearned Revenue Disclosures The following disclosures (excerpted) are from the August 28, 2016, annual report of Costco Wholesale Corporation. Revenue Recognition: We generally recognize sales, net of estimated returns, at the time the member takes possession of merchandise or receives services. When we collect payment from customers prior to the transfer of ownership of merchandise or the performance of services, the amount recieved is generally recorded as deferred revenue on the consolidated balance sheets until the sales or service...
Analyze property, plant, and equipment transactions from a company’s financial statements P6-56B CrossCanada Transport Inc. (CC)...
Analyze property, plant, and equipment transactions from a company’s financial statements P6-56B CrossCanada Transport Inc. (CC) provides warehouse and distribution services. The excerpts that follow are adapted from CC’s financial statements for fiscal year 2017. (amounts in thousands) October 31 Balance Sheet 2017 2016 Assets Total current assets $237,936 $208,530 Premises and equipment   5,941   5,246 Less Accumulated depreciation   (3,810)   (3,428) Goodwill    4,752    4,304 For the Year Ended October 31 Statement of Cash Flows (in millions) 2017 2016 Cash provided from...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT