Answer:
Statement of stockholders' equity
at the end of the year (December 31)
<u>Common Stock</u> <u>Retained Earning</u> <u>Total</u>
Opening Balance $12,000 $7,100 $19,100
Income for the year $7400 $7400
Dividend Paid ($2,100) ($2,100)
Common stock issuance <u> $6,900 </u> <u> </u> <u> $6900 </u>
End of the year Balance $18,900 $12,400 $31300
The sales budget and the schedule of cash receipts.
Option B.
<u>Explanation:</u>
Account receivable is the account which consists of the amount that is to be received by a firm for the goods and the services that have been delivered to the customers but the amount and the payment has not yet been received by the firm for the same.
The amount of money that is still to be received can be derived from the accounts having the sales that is done by the firm to the clients.
Answer:
See below
Explanation:
1. Cost of the Tramel Job
= Direct material cost + Direct labor cost + Overhead applied
= $1,900 + $500 + (140% × $500)
= $1,900 + $500 + $700
= $3,100
2. Journal entry to record the overhead cost
Overhead cost account Dr $500
To Material account Cr $400
To Labor account Cr $100
3. Effect of additional rework required $200 of direct labor on the cost of Tramel job
= Direct material cost + Direct labor cost + Overhead applied
= $1,900 + ($500 + $200) + (140% × $500)
= $1,900 + $700 + $700
= $3,300
The effect of additional rework required of $200 of direct labor cost is an increase of $200 on the cost of job for Tramel
Answer: Option C
Explanation: As per the rules of business law, only a limited partner in a partnership arrangement has limited liability all other partners such as the general partner have unlimited liability to the debt of the entity.
A general partner can be held personally liable for the debts of the entity and his personal assets can be taken into consideration in case of any default by the entity.
In the eyes of law, in partnership arrangement the owner and the entity are not two separate legal entities.
The balance in the cash account <u>decreases, </u>when a company incurs a cash expense.
<h3>What is cash expense? </h3>
In cash basis accounting, cash expense refers to the recording of expenses as they are paid directly in cash.
- Cash expense is recorded as the total costs less (minus) depreciation.
When a company incurs a cash expense, the balance in the cash account <u>decreases, </u> and the balance in the expense account increases.
Learn more about cash expenses here:
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