Answer:
B) $84,000
Explanation:
Since accounts receivable increased by $10,000, it means that the cash basis pretax income is $10,000 lower than the accrual basis pretax income. The company sold the goods or services but it hasn't received the cash them yet.
Since accounts payable decreased by $6,000, it means that the cash basis pretax income is $6,000 lower than the accrual basis pretax income. The company acquired debt in year 1 but it paid it during year 2, therefore it used cash during year 2 to pay for debt that corresponded to year 1.
If we add both negative adjustments; (-$10,000) + (-$6,000) = -$16,000
$100,000 - $16,000 = $84,000
Answer:
A. They can be in electronic or paper form.
Answer:
a. 0.36
Explanation:
The computation of the gross profit rate is shown below:
Gross profit rate = Gross profit ÷ Net sales revenue
where,
Net sales revenue = Sales revenue - Sales return and allowances - sales discounts
= $160,000 - $3,000 - $7,000
= $150,000
And, the Cost of goods sold is $96,000
So, the gross profit is
= $54,000 ÷ $150,000
= 0.36
The Date sheet is a statement for daily business transactions. it includes the list of checks and balances for the office for a specific date of service.
A business transaction is an economic event involving a third party that is documented in the accounting system of a company.
Such a transaction needs to have a monetary value. Business transactions include, for example:
In a specific diary, such as a purchasing journal or sales journal, high-volume commercial transactions may be documented.
These journals are used to record business transactions, which are then regularly compiled and submitted to the general ledger.
Transactions with a lower volume are submitted straight to the general ledger. The financial accounts of the company eventually include a summary of these transactions.
A source document must always be used to back up a business transaction. A purchase order, for instance, might be used to facilitate the purchase of items from a supplier and the payment of wages to an employee.
Learn more about business transactions here
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