Answer:
Correct ending balance 7855
Explanation:
Cash 7844
Books
Cash receipts pending on bank -3238
Checks written 1325
Banks
Bank service fee -25
Interest earned 36
Bank conciliation 5942
Bank account 5942
7844
Correct ending balance 7855
Answer: Both the State and local governments
Explanation: The State and Local Governments prepare both entity wide and fund financial statements.
The entity wide and fund financial statements consist of the statement of net assets and Statement of activities. That is its information is based on the funds the Government has and what the funds are used for.
This is different from the private organisations financial statement as they present every thing necessary about the organisation which includes statement of profit and Loss and Balance sheet.
The State and Local Government do not prepare Profit or loss account as the government funds generally have a short-term perspective.
Answer: a legal minimum on the price at which a good can be sold.
Explanation:
A price floor is the lowest price the government approves for a product sales, in other words the product cannot be sold below the price floor. The price floor is set to protect the sellers from running at a loss in case the market price of a product is less than the expenses made in producing/buying that product.
Answer:
3. $2,123,612
Explanation:
As we know that
Net working capital = Current assets - current liabilities
where,
Current assets = Cash and marketable securities + inventory + accounts receivables + other current assets
= $335,485 + $1,651,599 + $1,488,121 + $121,427
= $3,596,632
Current liabilities = Accounts payable + short-term notes payable
= $1,159,357 + $313,663
= $1,473,020
So, the net working capital is $2,123,612
Answer:
From all indications,the two rents received have been posted wrongly, I want to believe that you are required to post the adjusting entries,hence my answer below:
The first $9000 was posted to deferred revenue,whereas only two months should have been
First rent:
DR Deferred revenue $3000
CR Revenue $3000
Second Rent
DR Revenue $6000
CR Deferred revenue $6000
Explanation:
The first $9000 was posted to deferred revenue,whereas only two months should have been deferred and December rent recognized as rent.
As far as the second rent is concerned only one month has been earned,as a result the revenue should be credited with just $3000 for December.
This then mean that revenue from the second property has been overstated in December by $6000,this necessitated by adjustment above.
