Answer:
1. An asset.
2. A liability.
3. An asset.
4. A dividend.
5. Revenue.
6. An asset.
7. A liability.
8. An expense.
9. An expense.
10. An expense.
Explanation:
1. Amounts due from customers: an asset. It should be recorded on the balance sheet as account receivable.
2. Amounts owed to suppliers: a liability. It should be recorded on the balance sheet as account payable.
3. Cash on hand: an asset. It should be recorded on the balance sheet as account receivable.
4. Cash paid to stockholders: a dividend. It should be recorded on the statement of retained earnings.
5. Cash sales: revenue. It should be recorded on an income statement.
6. Equipment: an asset. It should be recorded on the balance sheet as account receivable.
7. Note payable owed to the bank: a liability. It should be recorded on the balance sheet as account payable.
8. Rent paid for the month: an expense. It should be recorded as an expense on the income statement.
9. Sales commissions paid to salespersons: an expense. It should be recorded as an expense on the income statement.
10. Wages paid to employees: an expense. It should be recorded as an expense on the income statement.
Answer:
See explanations below.
Explanation:
First , we need to calculate net income
Revenues :
Service revenue $10,800
Less : Expenses:
Salary expense $1,900
Rent expense $550
Total expense. ($2,450)
Net income. $8,350
a. Winfrey Towing Service
Statement of retained earnings
Month ended, June 30 2018
Retained earnings June 1, 2018 $3,900
Add net income for the month $8,350
$12,250
Less: Dividends ($4,000)
Retained earnings June 30, 2018 $8,250
b. Statement of retained earnings report is the change in retained earnings of a firm or business unit during a given period of time.
Answer:
$2536.232
Explanation:
The spread in this case is 30*8% = 2.4
A spread is simply gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity and the net proceeds are the amount of money the seller receives following the sale of an asset after all costs and expenses are deducted from the gross proceeds.
The net proceeds in this case is 30-2.4 =27.6
To get the number of share we can simply divide the funds need by the net proceeds per share = 70000000/27.6 = $2536.232. Therefore the correct answer is $2536.232
Answer:
Ending inventory:
(a) specific identification = $5,885
(b) weighted average = $5,960
(c) FIFO = $5,750
(d) LIFO = $5,845
Explanation:
Date Activity Units Cost Total
Oct. 1 Beg. inventory 155 $14 $2,170
Oct. 5 Purchase 180 $13.50 $2,430
Oct. 9 Sales 240
Oct. 18 Purchase 140 $13 $1,820
Oct. 29 Sales 110
Oct. 25 Purchase 330 $12.50 $4,125
total Purchases 805 $13.10 $10,545
Cost of goods sold:
(a) specific identification = [(55 x $14) + (185 x $13,50)] + [(35 x $13) + (75 x $12.50)] = $4,660
(b) weighted average = $13.10 x 350 units = $4,585
(c) FIFO = (155 x $14) + (85 x $13.50) + (95 x $13.50) + (15 x $13) = $4,795
(d) LIFO = (180 x $13.50) + (60 x $14) + (110 x $13) = $4,700
Ending inventory:
(a) specific identification = $10,545 - $4,660 = $5,885
(b) weighted average = $10,545 - $4,585 = $5,960
(c) FIFO = $10,545 - $4,795 = $5,750
(d) LIFO = $10,545 - $4,700 = $5,845
Answer:
Rocky Mountain Bikes
Current moving average price is:
$25.43
Total inventory valuation is:
$11,443.50
Explanation:
Colorado warehouse:
Item Qty Price Moving Total Total Value
average price Qty
Inventory 50 $25.13 50 $1,256.50
Purchase 300 $25.54 $25.48 350 $8,918.50
Transfer 100 $25.25 $25.43 450 $11,443.50
Rocky Mountain Bikes' Colorado warehouse uses the moving average price to value the inventory. The moving average price is computed by creating a constantly updated average price. This smoothens the price data.
Answer:
sim eu também preciso desta respota
Adjusted Trial Balance
December 31, 2014
Debit Credit
Cash $2,660
Accounts Receivable 2,140
Supplies 1,850
Equipment 15,900
Accumulated Depreciation-Equipment $ 3,975
Accounts Payable 3,310
Unearned Service Revenue 3,205
Common Stock 10,000
Retained Earnings 4,510
Dividends 1,000
Service Revenue 4,300
Supplies Expense 410
Depreciation Expense 2,420
Rent Expense 2,920
$29,300 $29,300
Using the information from the adjusted trial balance, you are to prepare for the month ending December 31:
1. An income statement.
2. A balance sheet.
3. A retained earnings statement.
Answer:
1.
Income Statement
$
Service Revenue 4,300
Less :Supplies Expense 410
Gross Income 3,890
Less :Depreciation Expense 2,420
Less :Rent Expense (2,920)
Net Loss 1,450
2.
Balance Sheet
Assets $
Non-Current Asset
Equipment (15,900-3,975) 11,925
Current Asset $
Cash 2,660
Accounts Receivable 2,140
Supplies 1,850
6,650
Total Asset 18,575
Common Stock 10,000
Retained Earnings 2,060
Liabilities
Current Liabilities $
Unearned Service Revenue 3,205
Accounts Payable 3,310
6,515
Total Equity and Liability 18,575
3.
Retained Earning Statement $
Retained Earning (at beginning) 4,510
Dividend Paid (1,000)
Net Loss for the year (1,450)
Retained Earning (at Ending) 2,060
Explanation:
1.
Income statement shows the profit or loss for the period by deducting all the expenses from the revenue. The net value from here transferred to retained earning in the balance sheet.
2.
Balance sheet shows the financial position of the company. It contains assets, equity and liabilities balance.
3.
Statement of retained earning shows the balance of retained earnings and adjust all the payments made to shareholders in the form of dividend and net profit or loss for the period.
The income statement shows a net loss of $1,450. The retained earnings statement is $2,060 after accounting for the net loss and dividends. The balance sheet shows a total of $18,575 in assets, $6,515 in liabilities, and $12,060 in stockholders equity.
We will first need to prepare the income statement, followed by the retained earnings statement, and finally the balance sheet.
Service Revenue: $4,300
Less Expenses:
Supplies Expense: $410
Depreciation Expense: $2,420
Rent Expense: $2,920
Total Expense: $5,750
Net Income (Service Revenue - Total Expense): -$1,450
Beginning Retained Earnings: $4,510
Add: Net Income: -$1,450
Less: Dividends: $1,000
Ending Retained Earnings: $2,060
Assets:
Cash: $2,660
Accounts Receivable: $2,140
Supplies: $1,850
Equipment: $15,900
Less: Accumulated Depreciation: $3,975
Total Assets: $18,575
Liabilities:
Accounts Payable: $3,310
Unearned Service Revenue: $3,205
Total Liabilities: $6,515
Stockholders Equity:
Common Stock: $10,000
Retained Earnings: $2,060
Total Stockholders Equity: $12,060
Total Liabilities and Stockholders Equity: $18,575
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