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1 year ago

The budgeted income statement is typically prepared before the budgeted balance sheet. - true or false?.

Business

1 answer:

nlexa [21]1 year ago

4 0

True The budgeted income statement is typically prepared before the budgeted balance sheet.

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

A balance sheet is a summary of an individual's or organization's financial balances, whether it is a sole proprietorship, a business partnership, a corporation, a private limited company, or another organisation such as the government or a not-for-profit institution.

A balance sheet provides a snapshot of your company's financial position at any given time. A balance sheet, along with an income statement and a cash flow statement, can assist business owners in evaluating their company's financial status.

The balance sheet's basic equation is Assets = Liabilities + Equity. Analysts should be aware that certain assets and liabilities may be assessed differently. Some items, for example, are measured at historical cost or a variation thereof, whereas others are measured at fair value.

To know more about balance sheet follow the link:

brainly.com/question/26680185

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A company reported net income of $290,000. Beginning balances in Accounts Receivable and Accounts Payable were $18,000 and $21,0

NikAS [45]

Answer:

$310,500

Explanation:

The first step is to calculste the increase in account payable

= ending amount-beginning balance

= $29,000-$11,500

= $17,500

Decrease in account receivable

= $21,000-$18,000

= $3,000

Therefore the cash flow can be calculated as follows

= $290,000 + $17,500 + $3000

= $310,500

8 0

3 years ago

Which procedure would be of most assistance to an auditor discovering a large credit sale that has erroneously been recorded twi

koban [17]

Answer:

B. Sending accounts receivable confirmations.

4 0

3 years ago

Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $11,200 of federal in

iragen [17]

Answer:

Tax Due by Jeremy is $218

Explanation:

Step 1: Calculate Jeremy's total Income

$100,000 (Salary) + $6,000 (Interest Income) + $4,000 (long term capital gain)= $110,000

Jeremy's exclusion at this point is 0.

Therefore, Jeremy's Gross income = $110,000, This is also Jeremy's Adjusted Gross Income (AGI).

Step 2: Calculate Taxable Income after deductions.

AGI= $110,000

Deductions from AGI= $23,000 (The greater of standard or itemized deduction).

Qualified Business Income Deductions (QBI)= $0 (Jeremy did not declare any personal business).

Taxable Income= AGI-Deductions- QBI Deductions

= $110,000-$23,000-0

= $87,000

Step 3: Calculate Jeremy's Tax Liability as follows:

Capital Gain is included as part of Gross Income, therefore finding the tax liability will necesitate that the capital gain be deducted and only the taxable percentage be added back.

Jeremy's tax liability = (87,000-4,000) + (4,000 x 0.15)

= ($83,000 x 15.4%) + 600

=$12,818 + 600

=$13,418

Jeremy's total tax Liability= $13,418 - $0 (non refundable tax credit) + 0 (other taxes)

Jeremy's total tax liability = $13,418

The total tax payment made by Jeremy

=(2,000 + 11,200)= $13,200

Therefore the tax due by Jeremy is Total Tax Liability - Tax Payment mande

= $13,418 - $13,200

= $218

7 0

3 years ago

Indentify possible transactions

Nikitich [7]

Answer:

Hope i helped:)

Explanation:

1) All places 0

2)2 of the same numbers canceling each other for example (-400, +400) (except column 2 because it has 7 free boxes witch means 1 of the boxes have to equal to 0)

7 0

3 years ago

Juniper Bush Farm has a December 31 fiscal year end. The company has six notes payable

marusya05 [52]

Juniper Bush Farm has a December 31 fiscal year end. The company has six notes payable
outstanding on December 31, 2014, as follows:
i. A nine-month, 5%, $25,000 note payable issued on July 1, 2014. Interest is payable
monthly on the first day of each month starting on August 1.
ii. A six-month, 4%, $10,000 note payable issued on September 1, 2014. Interest and
principal are payable at maturity.
iii. A seven-month, 4.5%, $40,000 note payable issued on November 1, 2014. Interest and
principal are payable at maturity.

4 0

3 years ago