C. Revising is always required or at least advised
Answer:
$360
Explanation:
We can compute net income to be
The ending balance of retained earnings = Beginning balance of retained earnings + net income - dividend paid.
Where,
Dividend = $482
Change in retained earnings = $122
Hence,
Net income = Dividend - Change in retained earnings
= $482 - $122
Net income = $360
Answer:
Matching transactions to the journal in which they would be entered:
Transactions Journal Type
1. Recognized depreciation on the building General Journal
2. Journalized the adjusting entry for supplies
used during the period General Journal
3. Closed the revenue account at the end
of the period General Journal
4. Received cash from the bank in exchange
for a note payable Cash Receipts Journal
5. Withdrew cash for personal use (by owner) Cash Payments Journal
Explanation:
Revenue journal records revenue transactions.
Cash receipts journal records all cash receipts.
Purchases journal records all purchases on account.
Cash payments journal records all cash payments.
General journal is used for all transactions, especially those that cannot be recorded in any of the other specialized journals.
The answer is C. “There is a major city 50 miles away from the region”.
Let understand that the organized table are intended to calculate missing numbers on Income Statement for the two companies are drawn below.
- Here, we are calculating missing columns for Monty Corp. and Whispering Winds Corp.
- Also understand that the bold numbers are the columns calculated according to the question.
Particulars Monty Corp. Whispering Winds Corp.
Sales revenue $90,000 $111,000
Sales return and allowance <u>$6,000</u><u> </u> <u>$5,000</u>
Net sales $84,000 $106,000
Cost of goods sold <u>$53,760 </u> <u>$65,720</u><u> </u>
Gross profit $30,240 $40,280
Operating expenses <u>$15,120 </u> <u>$19,080 </u>
Net income <u>$15,120</u><u> </u> <u>$21,200</u>
In conclusion, the formulae used to derived the bolded answers are:
- Sales revenue - Net sales = Sales returns and allowance
- Net sales - Cost of goods sold = Gross profit
- Gross profit - Operating expenses = Net income
- Net sales + Sales return and allowance = Sales revenue
- Net sales - Gross profit = Cost of goods sold
- Gross profit - Net income = Operating expenses
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