Given the information below find net profit/loss in dollars for the month ofJuneGuest Hotel Inc.Income Statementfor the period ending June 30, 2021SalesFood179,17879,882BeverageTotal SalesCost of SalesFoodBeverageTotal cost of goods sold-Gross ProfitControllable ExpensesSalaries & WagesOccupancyOffice & GeneralUtilities77,07426,752100,57827,12311,3649.144TransportationKitchen suppliesProfessional feesAdvertisingSocial Media Expenses 10,750VehicleTotal ControllableExpensesNet Profit / Loss5.9088,0357.0007,7884.907

The income statement shows the net result of the business operations for an accounting period. The…

Answered: Given the information below find net…

Business

Accounting

Given the information below find net profit/loss in dollars for the month of June

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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Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

Given the information below find net profit/loss in dollars for the month of
June
Guest Hotel Inc.
Income Statement
for the period ending June 30, 2021
Sales
Food
179,178
79,882
Beverage
Total Sales
Cost of Sales
Food
Beverage
Total cost of goods sold-
Gross Profit
Controllable Expenses
Salaries & Wages
Occupancy
Office & General
Utilities
77,074
26,752
100,578
27,123
11,364
9.144
Transportation
Kitchen supplies
Professional fees
Advertising
Social Media Expenses 10,750
Vehicle
Total Controllable
Expenses
Net Profit / Loss
5.908
8,035
7.000
7,788
4.907

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