All categories

3 years ago

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?

Business

1 answer:

Alexeev081 [22]3 years ago

7 0

Please see attached image to see the given data.

The trial balance totals of the debits and credits are $2,250 debit, $2,250 credit.

$1000 (cash) + $500 (Equipment) + $750 (Salaries Expense) = $2,250 Debit

$350 (Accounts Payable) + $900 (Capital) + $1000 (Service Fees) = $2,250 Credit

You might be interested in

In a financial statement audit performed following AICPA Professional Standards, how frequently must an auditor test operating e

Anni [7]

Answer: D. At least every third audit

Explanation: According to the AICPA Professional Standards of auditing. Testing the operating effectiveness of controls that appear to function as they have in past years and on which the auditor wishes to rely upon in the current year must be carried out at least every 3rd Audit.

This is done if the auditor plans to use audit evidence from a prior audit about the operating

effectiveness of specific controls. The auditor shall establish the continuing relevance of that

evidence by obtaining audit evidence about whether changes in those controls have

occurred subsequent to the previous audit.

3 0

3 years ago

Using these data from the comparative balance sheet of Rollaird Company, perform horizontal analysis.

iris [78.8K]

Answer:

1) Accounts receivable amount = $550,200 - $420,000

Accounts receivable amount = $130,200

% increase = $130,200/$420,000 * 100

% increase = 0.31 * 100

% increase = 31%

2. Inventory amount = $855,600 - $620,000

Inventory amount = $235,600

% increase = $235,600/$620,000 * 100

% increase = 0.38 * 100

% increase = 38%

3. Total asset amount = $2,909,750 - $2,575,000

Total asset amount = $334,750

% increase = $334,750/$2,575,000 * 100

% increase = 0.13 * 100

% increase = 13%

8 0

3 years ago

a corporation reported cash of $14,000 and total assets of $178,300 on its balance sheet. its common-size percent for cash equal

34kurt

B. 7.85% is the is its common-size percent for cash (14000÷178300)×100

Line items are shown as a percentage of a single chosen or common figure in a financial statement of common size. A balance sheet will contain different line items depending on the type of firm and the industry. Since all businesses in a given industry deal with the same kinds of transactions, the line items utilised for their balance sheets will typically be comparable.

It is simpler to study a company over time and evaluate it against its competitors when financial statements are created in a common size. One can identify trends that a raw financial statement might not reveal by using financial statements of a common size.

Learn more about common size percent here:

brainly.com/question/27406789

#SPJ4

4 0

1 year ago

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory cost

Ilya [14]

Answer:

Sale, March 14 (1,380 units) cost of goods sold = $117,200
Sale, August 31 (1,550 units ) cost of goods = $96,100
Ending inventory = 1,800 units

Explanation:

a. Cost Of Goods Sold Using LIFO

1. Sale, March 14 (1,380 units)

- from May 1 purchase)

1,130 units at $90= 1130*90= $101,700

from January 30 purchase

250 units from 2,150 units at $62 = $15,500

Total= 15,500+101,700= $117,200

2. Sale, August 31 (1,550 units )

- from January 30 purchase

1,550 units from 1900 units leftover

1550 at $62 = 1550*62= $96,100

b. Ending inventory

350 units leftover from January 30 purchase + 1,450 units of Beginning inventory, January 1 = 1,800 units

5 0

3 years ago

During the current year, Walter invests $35,000 in each of two separate corporations. Each investment gives him a 20% ownership

Bond [772]

Answer:

B) Only statement II is correct.

II. Has $20,000 of taxable income from Corporation Z.

Explanation:

One of the disadvantages of a C Corporation is that their owners (stockholders) are double taxed. That means that the corporation is taxed and then the stockholders are taxed depending on the dividends that they receive. In this case, Walter has $10,000 of taxable income from Corporation X (= $50,000 x 20%).

On the other hand, sole proprietorships, partnerships, limited liability companies and S Corporations are not taxed, they are pass through entities whose owners are taxed directly. In this case, Walter owns 20% of Corporation Z, therefore he must pay taxes on 20% of taxable income = $100,000 x 20% = $20,000.

8 0

3 years ago