ing Hard collected $23,600 from customers for lesson services provided in February. Swing Hard sold a gift card for golf lessons for $100 cash in February. Swing Hard received $5,200 from credit sales made to customers in January. Swing Hard collected $3,650 in advance payments for golf lessons to start in June. Swing Hard billed a customer $130 for services provided between February 25 and February 28. The bill is to be paid in March. Swing Hard paid $5,250 for wages to its golf instructors for the month of February. Swing Hard paid $2,100 for electricity used in the month of January. Swing Hard received an electricity bill for $1,700 for the month of February, to be paid in March.

Question

Christine

Business

12 October, 11:37

ing Hard collected $23,600 from customers for lesson services provided in February. Swing Hard sold a gift card for golf lessons for $100 cash in February. Swing Hard received $5,200 from credit sales made to customers in January. Swing Hard collected $3,650 in advance payments for golf lessons to start in June. Swing Hard billed a customer $130 for services provided between February 25 and February 28. The bill is to be paid in March. Swing Hard paid $5,250 for wages to its golf instructors for the month of February. Swing Hard paid $2,100 for electricity used in the month of January. Swing Hard received an electricity bill for $1,700 for the month of February, to be paid in March.

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Kaleb Paul · Answer 1

The preparation for the month ended February 28 income statement for Swing Hard is presented below:

Swing Hard

Income statement

For the month ended February 28

Revenue

Service revenue $23,730 ($23,600 + $130)

Total revenues $23,730 (A)

Less: Expenses

Electricity expense $1,700

Salaries and wages expense $5,250

Total expenses $6,950 (B)

Net income $16,780 (A - B)