Answer:
ADJUSTED BOOK BALANCE
Bank balance $59,549 Book balance $61,709
+ Deposit in transit $4,250 Interest earned $33
- Outstanding checks <u>$2,075</u> Bank service fees <u>$18</u>
Adjusted book <u>$61,724</u> <u>$61,724</u>
balance
Answer:
1. Dividends are deducted from the Statement of Retained Earnings as dividend expenses.
2. Dividends payable are reported in the Balance Sheet as current liabilities.
Explanation:
Dividends are distributions to the shareholders from earnings (income) after all expenses and taxes have been deducted from the revenue for the period. Dividends payable are unpaid dividends, which are reported as current liabilities until they are paid for in the next accounting period.
Answer:
Following are the Journal entries to the given question:
Explanation:
Accounts Dr Cr
Robo Department Overhead Control 996
Materials Control 
Wages Payable 
Shop overhead control
Finished Goods 
Work in process control
Answer:
<u>e. owners of sole proprietorships can lose all their personal assets if the business is sued or fails.</u>
Explanation:
<em>Remember</em>, in a sole proprietorship form of business ownership, the owner's personal assets are not usually separated from the business since the business isn't viewed as a separate legal entity.
Hence, in a case where the business incurs liability or sued/fails, <u>the owner's personal assets can be targeted in the lawsuit and may lead to loss of </u><u>all their personal assets.</u>
The percentage of fixed costs in a company's cost structure.
