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1 year ago

What account form needs to balance before you can move forward with the Accounting Cycle?

Business

1 answer:

zhannawk [14.2K]1 year ago

8 0

Answer:

Clyde's Well Servicing has the following financial statements. The balance sheet items, profit margin, and dividend payout have maintained the same ...

Explanation:

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On September 1, Boylan Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inve

natima [27]

Answer:

Sept 6. DR Inventory (80 * 20) 1,600

CR Accounts Payable $1,600

Sept 9. DR Inventory 80

CR Cash 80

Sept 10. DR Accounts Payable 63

CR Inventory 63

Sept 12. DR Accounts Receivable (26 * 31) 806

CR Sales Revenue 806

DR Cost of Goods Sold (21 * 26) 546

CR Inventory 546

Sept 14. DR Sales Returns and Allowances 31

CR Accounts Receivable 31

DR Inventory 21

CR Cost of Goods Sold 21

Sept. 20 DR Accounts Receivable (30 * 32) 960

CR Sales Revenue 960

DR Cost of Goods Sold (30 * 21) 630

CR Inventory 630

3 0

3 years ago

The bullet points beneath a one-line mission statement often serve as A. value statements to show how the mission will be achiev

umka21 [38]

Um, Hello there. The answer to your question is probably going to be.


The bullet points beneath a one-line mission statement often serve as
A. value statements to show how the mission will be achieved.
B. a timeline for achieving the company's goals.
C. lesser goals to consider for the future.
D. a reminder of the one-line statement.

3 0

3 years ago

Read 2 more answers

As a general rule, __________ seems to work best when the consumer target market for the product is alike across countries and c

Serggg [28]

The correct answer to fill in the blank is product extension.

7 0

3 years ago

MM Proposition II with taxes: Group of answer choices explains how a firm's WACC increases with the use of financial leverage. r

schepotkina [342]

Answer:

explains how a firm's WACC increases with the use of financial leverage.

Explanation:

According to the MM Proposition II with taxes, the cost of equity rises with the increases use of debt in the capital structure of a firm.

$r_{e}$ = $r_{o} +( r_{o} - r_{d} )$ × $\frac{D}{E}$

As cost of equity increases, the firm's WACC increases also

The MM Proposition I with taxes reveals how utilizing the tax shield on debt causes an increase in the value of a firm

4 0

3 years ago

Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-st

eduard

Answer:

Part a

Blossom Company

Income statement for the year 2014 - multiple-step form

$000

Sales revenue 97,088

Less Cost of goods sold (61,158)

Gross Profit 35,930

Less Operating Expenses :

Administrative expense

Officers' salaries 5,488

Depreciation of office furniture and equipment 4,548 (10,036)

Selling expense :

Delivery expense 3,278

Sales commissions 8,568

Depreciation of sales equipment 7,068 (18,914)

Operating Income (Loss) 6,980

Less Non Operating Expenses :

Income tax 9,658

Interest expense 2,448 (12,106)

Net Income (Loss) (5,126)

Part b

Blossom Company

Income statement for the year 2014 - single-step form

$000

Sales revenue 97,088

Less Cost of goods sold (61,158)

Gross Profit 35,930

Less Expenses :

Officers' salaries 5,488

Depreciation of office furniture and equipment 4,548

Delivery expense 3,278

Sales commissions 8,568

Depreciation of sales equipment 7,068

Income tax 9,658

Interest expense 2,448 (41,056)

Net Income (Loss) (5,126)

Explanation:

The multiple-step form shows the Operating Income and Net Income separately by grouping expenses as either operating and non-operating expenses.

The single-step form shows all expenses under one category and no grouping of expenses as either operating or non-operating.

4 0

2 years ago