Hospitality Cost Control. Problem 7 The income statement section of a worksheet

Question

Hospitality Cost Control.
Problem 7 The income statement section of a worksheet shows the following results: Total debits: Total credits: $65,000 $72,000 amount. Problem 8 The income statement section of a worksheet shows the following results: Total debits: Total credits: $84,000 $78,000 Specify amount. whether the company has a net income or loss for the period, and determine the Problem9 A proprietorship shows the following results on its worksheet: Capital, beginning of year Withdrawals for the year $50,000 30,000 20,000 Net income for the year What will be the new balance in the Capital account after the closing entries have he posted?

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Problem 7 Total Debit                          65,000.00 Total Credits                          72,000.00 Since credits are more than debits therefore company has net income for the period = 72,000 - 65,000                            7,000.00 Problem 8 Total Debit                          84,000.00 Total Credits                          78,000.00 Since debits are more than credits therefore company has net loss for the period = 84,000 - 78,000                            6,000.00 Problem 9 Capital, beginning of year                          50,000.00 Net Income for the year                          20,000.00 Withdrawls for the year                       (30,000.00) Capital end of year                          40,000.00

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