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Dafna11 [192]
1 year ago
12

1 Cash 15,000 2 Bank 22,000 3 Account Receivable 41,000 4 Goodwill 60,000 5 Merchandinse 1-1-2021 31,000 6 Furniture 70,000 7 Bu

ilding 110,000 8 Land 280,000 9 Prepaid Insurance 17,000 10 Bad debt Expense 2,000 11 Salary Expense 24,000 12 Utility Expense 8,000 13 Rent Expense 6,000 14 Purchases 140,000 15 Transportation Expense 2,500 16 Sale Return 1,400 17 Purchase Return 7,000 18 Sales Discount 1,400 19 Cash Sales 268,000 20 Credit Sales 220,000 21 Note Payable 14,000 22 Bond Payable 50,000 23 Accounts Payable 26,000 24 Equity 246,300 Total 831,300 831,300 Additional Information Merchandise 31-12-2021 is 37000 Insurance expense during the year was 14000 Depreciation expense of the furniture was calculated 20% of the book value Requirement: Prepare Income Statement and Balance sheet for Williom and Sons for the year ended 31-12-2021 Calculate: Current Ratio, Net Profit Margin, Quick Ratio, Gross Profit Margin and Account Receivable Turnover Period
Business
1 answer:
Otrada [13]1 year ago
8 0

Answer:

232323232

Explanation:

34343434

You might be interested in
You are an accountant working for Hotel Co. Your supervisor has asked you to research what amount of revenue Hotel Co. should re
Sonja [21]

Answer:

Hotel Co. should record the gross transaction fee and not only the net amount it receives from Expedia.

Explanation:

The revenue that Hotel Co. should account for in its books includes the gross transaction fee, while the collection expense that is withheld by Expedia is recorded as an expense or cost.  This method ensures that the revenue due to the Hotel Co. is actually accounted for while the collection expense by Expedia is also separately accounted for.  This will enable comparison with another hotel that does not use Expedia for its collection, for example.

5 0
3 years ago
Q 8.2: On June 15th, Buehler Company sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20th, Chaz C
Pavel [41]

Answer:

C : $686

Explanation:

The computation of the cash received amount is shown below:

= (Sale value of merchandise - returned merchandise) × (100 - discount rate)

= ($1,000 - $300) × (100 - 2%)

= $700 × 98%

= $686

Since the payment is made within 30 days, so the company could avail the discount of 2% and the return goods should be deducted so that the actual amount of cash received can come.

8 0
3 years ago
1. Which of the following is NOT a general characteristic of a service? A. Production and consumption are simultaneous. B. The s
Snezhnost [94]

Answer:

B. The service can be transported

Explanation:

Service relates to providing an intangible form of work which is performed for others to yield a benefit or satisfy a want. An important aspect of a service being, it is intangible or something which cannot be touched or felt.

For example, service provided by a doctor or services provided by a waiter at a hotel. Services are consumed, the moment they are produced. For instance, services of a waiter arise when a customer enters the hotel and a want for the service is created.

Services cannot be resold as for instance the receiver performs the same service to another, the provider would change.

As services are intangible, they cannot be stored since they arise only when a want arises and are consumed immediately.

Thus, the correct option is B. The service can be transported.

5 0
3 years ago
Marcella has a $65,000 basis in her 50% partnership interest in the JM Partnership before receiving any distributions. This year
PSYCHO15rus [73]

Answer:

C) $40,000 inventory basis, $15,000 JM basis.

Explanation:

JM distributed $80,000 worth of inventory, since Marcella has a 50% partnership interest, then half of the inventory belongs to her, $40,000 (= $80,000 / 2).

Since Marcella also received $10,000 in cash from JM, then her remaining basis in the partnership is:

$65,000 - $40,000 - $10,000 = $15,000

3 0
3 years ago
While everyone's personal financial goals will be unique to their situation, the means for achieving them will be similar. What
MrRa [10]

Answer:

increase their savings

Explanation:

Saving is the action of putting aside a portion of income in a safe place instead of spending.  It is a technique that firms and individuals use to achieve their financial objectives. Consistent saving for a duration of time helps accumulates a substantial amount of money that can be used to actualize financial objectives.

While savings is not the financial objective, it is a means to achieve the actual goal. For Example, if one goal is to own a home or a car, they start saving for the down-payment. Saving helps achieve their long term goals.

7 0
3 years ago
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