i have to calculate sales revenue and prepare an accrual income statement 459323

Charlie Driver has $35,000 saves and has decided to attend college, taking courses in marketing and retailing. To help pay his tuition and living expenses, he contracted with a mobile catering company as an independent driver. Charlie will run his mobile catering business on a cash basis; he named his business Charlie' s Convenient Catering or The 3C Company for short. He opened a company bank account with $35,000. He bought a used, fully equipped mobile catering truck for $29,000, and operated from January 4 to December 31,2005. At the end of the year, Charlie had $28,110 in the bank and $208 in a cash drawer. Invoices show he purchased food, beverages, and supplies inventories for $48,222; ending inventory remaining on the truck was $280. His invoices for truck operating expenses paid in cash total $3,288, and he has one unpaid truck repair invoice for $188. Charlie withdrew $2,400 a month for personal expenses. The truck has a five-year life and a residual value of $4,000, and straight-line depreciation is to be used. Charlie asks you to help him put together his business information and reconstruct his cash sales. He recorded his daily cash sales in a notebook that can not be found . Calculate 3C Company sales revenue and prepare an accrual income statement. Charlie is concerned that he has less cash now than he had when he started. Explain why.

Don't use plagiarized sources. Get Your Custom Essay on
i have to calculate sales revenue and prepare an accrual income statement 459323
For $10/Page 0nly
Order Essay
admin

Recent Posts

Economic Debate #3- Progressive Income Tax – The Homework Helper

Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…

2 years ago

MKT 6120 – Marketing Management – Davis Learning Engagement #7

TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…

4 years ago

jvjvjhvjhvhjvj

Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…

4 years ago

Students are supposed to select a technological organization of their choice.

The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…

4 years ago

Increases the risk of wildfires

you need to post your 2-page information flier to share with your Final Project Group.…

4 years ago

Statistics for Technology management

discussion: Discuss the methods used at your company to measure and ensure quality products and…

4 years ago