A firm will experience a loss when its revenue is less than its expenses

Talbot Riding Stables provides stables, care for animals, and grounds for riding and showing horses. The account balances at the

Goshia [24]

Answer:

See answers below in the explanation

Explanation:

Journal Entries :

Journals

<u>Date Account and Explanation Debit Credit </u>

a Accounts receivable 210300

Service Revenue 210300

(Record earned revenue)

Cash 62300

Service Revenue* 62300

(Record earned revenue)

b cash 199100

accounts receivable** 199100

(Record collection Account)

*$41000+$20500=$62300

**$4400+$210300-$$15600=$199100

c Supplies 62900

Accounts Payable 62900

(record purchase of supplies on credit)

d Supplies 7400

Cash 7400

(record purchase of supplies

e Wages Payable 14200

Cash 14200

Record Payment of previous wages

Wages Expenses 112000

Cash 112000

(Record Payment to Employees)

f Income Tax payable 15100

cash 15100

(Record Payment of Income taxes

g Accounts Payable 73000

cash 73000

(record payment of account)

h Interest Expense 2700

Interest Payable 2700

Cash*** 5400

(Record Payment of Interest)

i No journal entry required

j Property Taxes Expense 17000

cash 17000

(Record payment of property taxes)

k Dividends 7200

Cash 7200

(Record Payment of dividends)

*** $60000*9%=$5400

6 0

3 years ago

What is the importance of having a good management

skad [1K]

Answer:

Employees need to know what is expected of them; having clear expectations helps employees do their job well. A good manager will convey his expectations and make sure employees understand them. He also will make himself available to employees, so they can have the opportunity to clarify any confusion they may have.

4 0

3 years ago

Read 2 more answers

Commonminussized income statements A. compare companies with the same level of net income. B. assist in the comparison of compan

erik [133]

Answer:

B. assist in the comparison of companies of different sizes.

Explanation:

In the common-size income statements, the items of the income statement are shown in the percentage of the sales. The motive of this statement is to compare the financial statements of the same company for different periods or comparing it by different size companies.

By comparison, the company gets to know about the liquidity, solvency, financial position, performance, profitability over the past years.

7 0

3 years ago

Borrowed 152300 for three years if the qouted rate (apr) is 11.75% and the compounding is daily what is the effective annual rat

Vikki [24]

Answer:

The appropriate response is "12.47%".

Explanation:

The given values are:

Borrowed amount,

= 152300

APR,