Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well.Issued $30,000 of QCI stock for cash.Incurred $820 of utilities costs this month and will pay them next month.Incurred and paid wages for the current month, totaling $2,800.Performed cleaning services on account worth $4,000.Some of Quick Cleaners’s equipment was repaired at a total cost of $202. The company paidthe full amount at the time the repair work was done.Find the preliminary net incomeI have done the journal entry but how do you know what to add
Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well.Issued $30,000 of QCI stock for cash.Incurred $820 of utilities costs this month and will pay them next month.Incurred and paid wages for the current month, totaling $2,800.Performed cleaning services on account worth $4,000.Some of Quick Cleaners’s equipment was repaired at a total cost of $202. The company paidthe full amount at the time the repair work was done.Find the preliminary net incomeI have done the journal entry but how do you know what to add
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well.
Issued $30,000 of QCI stock for cash.
Incurred $820 of utilities costs this month and will pay them next month.
Incurred and paid wages for the current month, totaling $2,800.
Performed cleaning services on account worth $4,000.
Some of Quick Cleaners’s equipment was repaired at a total cost of $202. The company paid
the full amount at the time the repair work was done.
Find the preliminary net income
I have done the
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