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Helen [10]
3 years ago
14

Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside acco

untant prepared the following unadjusted trial balance as of the end of the annual accounting period, December 31, 2014: Account Titles Debit Credit Cash $ 42,000 Accounts receivable 11,600 Supplies 900 Prepaid insurance 800 Service trucks 19,000 Accumulated depreciation $ 9,200 Other assets 8,300 Accounts payable 3,000 Wages payable Income taxes payable Note payable (3 years; 10% interest due each December 31) 17,000 Common stock (5,000 shares outstanding) 400 Additional paid-in capital 19,000 Retained earnings 6,000 Service revenue 61,360 Remaining expenses (not detailed; excludes income tax) 33,360 Income tax expense Totals $ 115,960 $ 115,960 Data not yet recorded at December 31, 2014, included: a. The supplies count on December 31, 2014, reflected $300 remaining supplies on hand to be used in 2015. b. Insurance expired during 2014, $800. c. Depreciation expense for 2014, $3,700. d. Wages earned by employees not yet paid on December 31, 2014, $640. e. Income tax expense, $5,540.
Business
1 answer:
leonid [27]3 years ago
5 0

Answer:

Net income = $16,720

Total assets = Total Stockholders Equity and Liabilities = $68,300

Explanation:

Note: This question is not complete and the data in it are merged together. The complete question with the sorted data is therefore presented before answering the question. See the attached pdf file for the complete question with the sorted data.

Also note: See the attached excel file for the income statement and the classified balance sheet.

A classified balance sheet can be described as a financial statement that show different classifications such intangible assets, fixed assets, current assets, shareholders equity, current liabilities, and long-term liabilities.

Download xlsx
<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> xlsx </span>
<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> pdf </span>
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Identify and explain two reasons why effective communication within a business is important to the management​
steposvetlana [31]

Answer:

Why effective communication within a business is important to the management?

In order to attain your objectives, it is critical to communicate well during negotiations. Within the business, communication is also crucial. Effective communication can aid in the development of a positive working connection between you and your employees, which can enhance morale and productivity.

Explanation:

It Builds and Maintains Relationships: Positive interactions with people help to form and maintain relationships. Communication will be crucial in this process; without it, it would be difficult to build and maintain fruitful partnerships. Communication is an important component of any relationship. Two people cannot be friends until they begin to communicate with one another. A supervisor-underling relationship is similar, in that the boss should be able to explain how to do his job to a new office worker.

It Facilitates Innovation: Collaboration and innovation inside the unit or organisation can be improved when employees feel free to express themselves. Employees, for example, will be able to share their ideas on how to improve a company process. Furthermore, if employees are unable to communicate their ideas owing to a lack of communication skills, the idea is unlikely to be fully implemented.

3 0
2 years ago
Determine which costing method​ (variable costing or absorption​ costing) accounts for fixed manufacturing costs as costs of the
solniwko [45]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

Determine which costing method​ (variable costing or absorption​ costing) accounts for fixed manufacturing costs as costs of the​ period:

a. at the time of​ incurrence,

b. at the time the finished units to which the fixed overhead relates are sold.

Absorption costing allocated fixed manufacturing costs to the product. Therefore, the fixed costs go to the cost of goods sold.

4 0
4 years ago
Mr. Brown transferred property, which had an adjusted basis to him of $40,000 and a fair market value of $50,000, to Corporation
Cloud [144]

Answer:

$0

Explanation:

The adjusted basis for any property or assets transferred to a corporation or a partnership in exchange for shares or property rights must be registered at fair market value.

In this case Mr. Brown transferred property with a fair market value of $50,000 and received in exchange stock worth $35,000 and $15,000 in cash.  ($50,000 = $35,000 + $15,000)

3 0
3 years ago
Saguaro Company updates its inventory perpetually. Its beginning inventory is $70,000, goods purchased during the period cost $2
Mashutka [201]

Answer:

Ending inventory= 30,000

Explanation:

Giving the following information:

Its beginning inventory is $70,000, goods purchased during the period cost $240,000, and the cost of goods sold for the period is $280,000.

The ending inventory is the cost of the units remaining at the end of the period.

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

280,000= 70,000 + 240,000 - ending inventory

ending inventory= 70,000 + 240,000 - 280,000

Ending inventory= 30,000

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3 years ago
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SVETLANKA909090 [29]
Pretty sure your bank will just keep charging interest. but every bank is different. You should call them up and ask how they do things.
7 0
4 years ago
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