+Jean's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers earn 50% of the revenue for all personal training sessions. The Fitness Club also-sels nutrition products. Jean's general ledger accounts indicate the following for the year. The front desk staff wages expense remains the same throughout the yearAmount2$11,000$6,000$3,000AccountMembership revenuePersonal training revenueProduct salesAmount$145,000$76,000$67.000$35,000$12,000OA $323,000OB. $285,000OC. $288,000OD. $253,000AccountPersonal trainer wages expenseSpace rental expenseStraight line depreciation expenseRental insurance expenseCost of product soldFront desk staff wages expenseIf a traditional income statement is prepared for the year, what is Gross Profit?

The income statement shows the financial performance of a company over a specific period of time.The…

Jean's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers eam 50% of the revenue for all personal training sessions. The Fitness Club also sels nutrition products Jean's general ledger accounts indicate the following for the year. The front desk staff wages expense remains the same throughout the year Amount ? Account Membership revenue Amount $145,000 $76.000 Personal training revenue Product sales $67,000 Cost of product sold $35,000 Front desk staff wages expense $12,000 If a traditional income statement is prepared for the year, what is Gross Profit? OA $323,000 OB. $285,000 OC. $288,000 OD. $253,000 Account Personal trainer wages expense Space rental expense Straight line depreciation expense Rental insurance expense $11,000 $6,000 $3,000

Jean's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers eam 50% of the revenue for all personal training sessions. The Fitness Club also sels nutrition products Jean's general ledger accounts indicate the following for the year. The front desk staff wages expense remains the same throughout the year Amount ? Account Membership revenue Amount $145,000 $76.000 Personal training revenue Product sales $67,000 Cost of product sold $35,000 Front desk staff wages expense $12,000 If a traditional income statement is prepared for the year, what is Gross Profit? OA $323,000 OB. $285,000 OC. $288,000 OD. $253,000 Account Personal trainer wages expense Space rental expense Straight line depreciation expense Rental insurance expense $11,000 $6,000 $3,000

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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Paul’s Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 50 percent of their fees in the month the service is provided. In the month following service, Paul collects 40 percent of service fees. The final 10 percent is collected in the second month following service. Paul purchases his supplies on credit and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul’s busiest months: June 1 cash balance $16,000. June 1 supplies on hand $4,400. June 1 accounts receivable $9,100. June 1 accounts payable $4,300. Estimated sales for June, July, and August are $27,300, $41,000, and $43,900, respectively.…
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Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 40 percent of their fees in the month the service is provided. In the month following service, Paul collects 50 percent of service fees. The final 10 percent is collected in the second month following service. Paul purchases his supplies on credit, and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 70 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul's busiest months: June 1 cash balance $16,700. June 1 supplies on hand $4,500. June 1 accounts receivable $9,400. • June 1 accounts payable $4,400. • Estimated sales for June, July, and August are $28,200, $42,300, and $45,000,…
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