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2 years ago

Do it in the balance sheets I presented or make one similar in sheets.

Business

1 answer:

Stels [109]2 years ago

7 0

The preparation of the trial balance and balance sheet of Sabourin Realty as of September 30, 2020, is as follows:

1. Sabourin Realty

<h3>Trial Balance</h3>

As of September 30, 2020

Accounts Debit Credit

Cash $84,645

Accounts receivable 5,325

Supplies 1,250

Equipment 12,700

Automobile 28,250

Building 182,100

Land 103,200

Accounts Payable $7,325

Bank Loan 37,570

Mortgage Payable 105,000

Capital, J. Sabourin 267,575

Totals $417,470 $417,470

2. Sabourin Realty

<h3>Balance Sheet</h3>

As of September 30, 2020

<h3>Assets</h3>

Current Assets:

Cash $84,645

Accounts receivable 5,325

Supplies 1,250

Total current assets $91,220

Long-term Assets:

Equipment 12,700

Automobile 28,250

Building 182,100

Land 103,200 $326,250

Total assets $417,470

<h3>Liabilities and Equity:</h3>

Current liabilities:

Accounts Payable $7,325

Bank Loan 37,570

Total current liabilites $44,895

Long-term liabilities:

Mortgage Payable 105,000

Total liabilities $149,895

Equity:

Capital, J. Sabourin 267,575

Total liabilities and equity $417,470

<h3>What is a balance sheet?</h3>

A balance sheet is a financial statement that summarizes the financial position of an entity at a point in its fiscal period.

The financial position shows the entity's assets (what it owns), liabilities (what it owes creditors), and equity (what it owes the owner).

At any date of the financial period, the assets are always equal to the liabilities and equity. Balance sheets, like other financial statements, are always prepared from the Trial Balance.

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Answer:

The answer is a heightened risk of fraud

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4 years ago

Identify each of the following transactions as:

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Answer:

Explanation:

Basically there are three types of activities under the indirect method is shown below:

1. Operating activities: It includes those transactions which affect the working capital, and it records gain or loss on sale of the assets. Increase in current assets and decrease in current liabilities would be subtracted and the decrease in current assets and increase in current liabilities would be added

2. Investing activities: It records those activities which include purchase and sale of the fixed assets

3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance.

So, the item categorization under each activities are shown below:

a. Cash sale of land - Investing activity (I) (+)

b. Issuance of long-term note payable in exchange for cash - Financing activity (F) (+)

c. Depreciation of equipment - Operating activity (O) (+)

d. Purchase of treasury stock - Financing activity (F) (-)

e. Issuance of common stock for cash - Financing activity (F) (+)

f. Increase in accounts payable - Operating activity (O) (+)

g. Net income - Operating activity (O) (+)

h. Payment of cash dividend - Financing activity (F) (-)

i. Decrease in accrued liabilities - Operating activity (O) (-)

j. Loss on sale of land - Operating activity (O) (+)

k. Acquisition of building by issuance of notes payable - Non-cash investing and financing activity (NIF) as no cash transactions involves

l. Payment of long-term debt - Financing activity (F) (-)

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3 years ago

Padraig receives total employment compensation of $70,000 and had $2,000 in job expenses. Which of the following could be true a

Keith_Richards [23]

The option that's true about Padraig’s gross pay and total employee benefits is "His total employee benefits are 12.5% of his annual gross pay of $64,000"

His annual gross pay is $64,000, his employment benefits will be:

= 12.5% × $64000

= 12.5/100 × $6400

= 0.125 × $64000

= $8000

Therefore, the annual compensation will be:

= $64000 + $8000

= $72000

In conclusion, the correct option is C.

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KATRIN_1 [288]

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2 years ago