Answer:
Part a.
No entry
Part b.
Debit : Deposits in Transit $1,247
Credit : Bank Reconciliation Statement $1,247
Increase the Bank Statement Balance
Part c.
Debit : Bank Reconciliation Statement $1,247
Credit : Out Standing Checks $1,870
Decrease theBank Statement Balance
Part d.
Debit : Cash $115
Credit : Interest received $115
Interest credited in Bank Statement not recorded
Part e.
Debit : Bank Charges $37
Credit : Cash $37
Recording of Bank Charges in the Books
Part f.
Debit : Accounts Payable $258
Credit : Cash $258
Payment to Supplier understated by $258
Part d.
No entry
Explanation:
Corrections and Adjustments may be either to correct the Cash Book or the Bank Statement Balance as above.
Answer:
b. spending by individuals and households on only non-durable goods.
Explanation:
Consumption spending is spending by individuals and households on only non-durable goods. Consumption is a component of GDP which includes spending on goods and services by individuals and households as it includes non-durable as well as durable goods on the basis of consumption patterns.
Answer:
Option "B" and "D" are correct answer
Explanation:
c. $0 gain or loss; $60,000 basis.
d. $20,000 gain; $50,000 basis.
e. $30,000 gain; $60,000 basis.
Answer:
a. $0 gain or loss; $30,000 basis.
Explanation:
Since the partnership is being liquidated, Landis doesn't have to recognize any gain or loss resulting from the liquidation because the cash amount that he is receiving is less than his partnership interest. The asset's basis = $120,000 - $90,000 (cash) = $30,000, regardless of its current market value or prior basis.
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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Answer:
The odds of being murder victims among nob white males are 5.485 times as compared to white males.
Explanation:
See attachment for explanation.
Answer:
i) Close the dividends account.
ii) Close revenue accounts.
iii) Close expense accounts.
iv) Close the income summary account.
Explanation:
Closing journal entries are closing entries made at the end of an accounting period to zero out all temporary accounts so that their balances are transferred to permanent accounts. To close temporary accounts is to set them at the end of the period to nil balances.
Temporary accounts are not permanent. They do not have running balances that continue from one period to the next, unlike permanent accounts. All temporary accounts are closed to the income statement and used to determine the financial performance of an entity. Permanent accounts are stated in the balance sheet (to determine the financial position of an entity) and appear as opening balances in the next period's accounts.
A merchandiser has four closing journal entries: Close the dividends account. Close revenue accounts. Close expense accounts. Close the income summary account, hence options B, C, D, and F are correct.
Closing journal entries are entries made to close down all temporary accounts so that their balances may be transferred to permanent accounts at the conclusion of an accounting period.
Unlike permanent accounts, they don't have running balances that carry over from one month to the next. The income statement closes all temporary accounts, which is how an entity's financial success is assessed.
Learn more about dividends account, here:
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