Ch 3 Solutions Manual Problem 3-10

# Ch 3 Solutions Manual Problem 3-10 - *PROBLEM 3-10(a...

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Unformatted text preview: *PROBLEM 3-10 (a) ARKANSAS SALES AND SERVICE Income Statement For the Month Ended January 31, 2010 (1) Cash Basis (2) Accrual Basis Revenues ...................................................... \$ 75,000 \$98,400* Expenses Cost of computers & printers: Purchased and paid ..................... 82,500** Cost of goods sold ...................... 59,500*** Salaries ............................................... 9,600 12,600 Rent ..................................................... 6,000 2,000 Other operating expenses ................ 8,400 10,400 Total expenses ........................... 106,500 84,500 Net income (loss) ......................................... \$(31,500 ) \$13,900 *(\$2,550 X 30) + (\$3,600 X 4) + (\$500 X 15) **(\$1,500 X 40) + (\$2,500 X 6) + (\$300 X 25) ***(\$1,500 X 30) + (\$2,500 X 4) + (\$300 X 15) *PROBLEM 3-10 (Continued) (b) ARKANSAS SALES AND SERVICE Balance Sheet As of January 31, 2010 (1) Cash Basis (2) Accrual Basis Assets Cash ......................................................Cash ....
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## This note was uploaded on 03/02/2012 for the course AICS 3115 taught by Professor Lynnalmond during the Spring '11 term at Virginia Tech.

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Ch 3 Solutions Manual Problem 3-10 - *PROBLEM 3-10(a...

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