Ask Question
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.

+2
Answers (1)
  1. 12 October, 11:48
    0
    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)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “ing Hard collected $23,600 from customers for lesson services provided in February. Swing Hard sold a gift card for golf lessons for $100 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers