Taste Thai Restaurant recorded food and drink sales of $700. 000 for the financial year. The expenses amounted to $300.000, the owner’s withdrew $100.000 for personal use and the business purchased supplies for $35,000(recorded as an asset initially. What was the restaurant’s profit for the year?

Taste Thai Restaurant recorded food and drink sales of $700. 000 for the financial year. The expenses amounted to $300.000, the owner’s withdrew $100.000 for personal use and the business purchased supplies for $35,000(recorded as an asset initially. What was the restaurant’s profit for the year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The accounts payable balance at the beginning of the year was $98,000. The company purchased $445,000 worth of goods on account, and the ending balance of the payables account was $135,000. What were the total payments on account? Multiple Choice $548,000 $463,000 $408.000 $478.000
How do I answer #5?
Ans.
(b) Abdullah is concerning about buying of a gift shop operating at AEON Shah Alam. Based on the shop financial statement, Abdullah estimated the revenue of the shop is RM275,000 per year. The shop cost of goods sold are RM65,000. The other expenses per year for the shops as follows: Expenses Wages and Salaries Utilities charges Repair and maintenance Printing and stationery Promotion Other expenses RM 137,500 9,000 10,000 3,000 5,500 2,200 Based on the information given, compute the selling price of the gift shop if the cash flow discounted at 10 percent using discounted cash flow method.
In providing accounting services to small businesses, you encounter the following situations. Sunland Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,100 plus GST of $305 and PST of $488. 2. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,820 for income taxes. (ii) Ayayai's employer portions were $3,254 for CPP and $1,327 for El for the month. 1. 3. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit…
es Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,500. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,500 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $728 in gift cards redeemed. (Hint: The $728 includes a 4% sales tax of $28.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Complete this question by entering your answers in the…
Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: 1. ProvidedP100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. (Use perpetual inventory system) 5. Sold goods on cash basis for P200,000. The cost of sales is P20,000. 6. Sold goods on account for P300,000. The cost of sales is P30,000. 7. Paid supplies expense for P20,000 cash. 8. Paid rent expense of P180,000. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable. 12. Made total drawings of P25,000.
Good Buy Company made total purchases of $270,000 in the most current year. It paid freight in of $1,000 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to Good Buy's customers, totaled $7,200. Of the total purchases Good Buy made during the period, it returned $24,000 of the merchandise. Good Buy took advantage of $2,300 of purchase discounts offered by its vendors. What was Good Buy's cost of inventory?
Kobe’s Clinics provides health services and career counseling. Net income from the health services business this year is $32 million after tax. During the year, Kobe’s Clinics sold the career counseling side of the business at a loss after tax of $7.5 million. Show how Kobe’s Clinics would report this loss in the income statement, beginning with income from continuing operations of $32 million.
During the year, the senbet discount tire company had gross saels of 556900. the companys cost of goods sold and selling expenses were 189200 and 110200, respectively. The company aslo had debt of 496000 which carried and interest rate of 6 percent. depreciation was 65700, tax rate 21 percent. a. what is the companys net income? b. what was the companys operating cash flow?