AL MEJOR Custodian Commandos, Inc., provides janitorial services to public school systems. The business adjusts its accounts monthly, but closes them only at year-end. Its fiscal year ends on December 31. A summary of the company's total revenue and expenses at the end of five selected months is as follows. b. c. March 31 June 30 August 31 September 30 December 31 Total Revenue $ 69,000 129,000 134,000 159,000 249,000 Total Expenses $ 48,000 90,000 115,000 130,000 175,000 Rank the company's fiscal quarters from most profitable to least profitable. Compute the company's income for the month of September. Compute the company's net income (or loss) for the first two months of the third quarter. Provide a possible explanation why profitability for the first two months of the third quarter differs significantly from profitability achieved in the third month of the quarter (as computed in part b).

AL MEJOR Custodian Commandos, Inc., provides janitorial services to public school systems. The business adjusts its accounts monthly, but closes them only at year-end. Its fiscal year ends on December 31. A summary of the company's total revenue and expenses at the end of five selected months is as follows. b. c. March 31 June 30 August 31 September 30 December 31 Total Revenue $ 69,000 129,000 134,000 159,000 249,000 Total Expenses $ 48,000 90,000 115,000 130,000 175,000 Rank the company's fiscal quarters from most profitable to least profitable. Compute the company's income for the month of September. Compute the company's net income (or loss) for the first two months of the third quarter. Provide a possible explanation why profitability for the first two months of the third quarter differs significantly from profitability achieved in the third month of the quarter (as computed in part b).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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