During 2022, Lakeside Retreat reported revenue of $30,000. Total expenses for the year were $22,000. Lakeside Retreat ended the year with total assets of $25,000, and it owed debts totalling $8,000. At year-end 2021, the business reported total assets of $18,000 and total liabilities of $8,000. What is Lakeside Retreat's net income for 2022?

During 2022, Lakeside Retreat reported revenue of $30,000. Total expenses for the year were $22,000. Lakeside Retreat ended the year with total assets of $25,000, and it owed debts totalling $8,000. At year-end 2021, the business reported total assets of $18,000 and total liabilities of $8,000. What is Lakeside Retreat's net income for 2022?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
At the beginning of 2019, Blue Devil Inc. had net Accounts Receivable of $49,000. At the end of 2019, Blue Devil had cash of $41,000; net Accounts Receivable of $51,000; and short-term investments of $15,000. It also has $28,000 in current liabilities and $39,000 in long-term liabilities. The sales of 2019 is $120,000 and net income is $18,000. Required: Calculate the quick ratio and the account receivable turnover for 2019. Please show your calculation steps.
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