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kondaur [170]
3 years ago
8

The following account balances were extracted from the accounting records of Thomas Corporation at the end of the year:

Business
1 answer:
Savatey [412]3 years ago
7 0

Answer: $1,063,000

Explanation:

Net realizable value is the value of an asset that a company will get when the asset is sold minus the cost that came with the asset sales.

The net realizable value of the accounts receivable will be the accounts receivable of $1,100,000 minus the allowance for uncollectible accounts which was given as $37,000.

= $1,100,000 - $37,000

= $1,063,000

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At Creighton Company, the following errors were discovered after the transactions had been journalized and posted.1. A collectio
dangina [55]

Answer:

The correction entries shall be as follows,

1. Service Revenue    Dr. $ 920

  Customer Account   Cr. $ 920

2.  Store Purchases Dr. $1,180

    Accounts Payable Dr.$340  

   Supplies Account              Cr. $ 1,520

     

 Explanation:

1. The service revenue account was overstated and customer account understated. therefore by debiting service revenue and by crediting customer account, both have been restated at their actual position.

2. The accounts payable was overstated by $ 340 (1,180-1520).it is rectified by debiting with $ 340. Whereas the supplies account was wrongly debited therefore that impact of $1,520 reversed and actual store purchases debited with actual amount of $1,180

6 0
3 years ago
Trimble Graphic Design receives $1,800 from a client billed in a previous month for services provided. Which of the following ge
wel

Answer:

Explanation:

The journal entry is presented below:

Cash A/c Dr $1,800

   To Accounts receivable A/c $1,800

(Being the cash is received)

Since the cash is received so we debited the cash account and there is a decrease in account receivable so this account should be credited. Both the accounts are recorded at $1,800 each.

4 0
3 years ago
If Henry and Kate's Company has $300,000 of sales revenue, pays $50,000 in dividends, and has net income of $100,000, how much w
True [87]

Answer:

$205,000

--

Stockholders' equity = ($300,000 - $180,000) + ($375,000 - $240,000) - $50,000.

Explanation:

SE = (Total Assets - Total Liabilities) + (Revenues - Expenses) - Dividends

5 0
3 years ago
Record the necessary entries in the Journal Entry Worksheet below
Snezhnost [94]

Explanation:

The journal entries are shown below:

1. Salaries expense A/c Dr $1,200       ($400 × 3 days)

      To Salary payable A/c Dr $1,200

(Being the accrued salary is recorded)

The 3 days are calculated from December 28 to December 31

2. Salaries expense A/c Dr $4,400         ($400 × 11 days)

Salary payable A/c Dr $1,200

                       To Cash A/c $5,600

(Being the payment is recorded)

3. Now the adjusted balance of Salaries Payable is

= Salaries Payable before adjustment in 2015 + Adjusted balance

= $0 + $1,200

= $1,200

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3 years ago
A company has five plants p1, p2, p3, p4 and p5.​it now wabts to intorduce
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