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?
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