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3 years ago

The financial statement that shows revenue and expenses for a period of time is the

Business

1 answer:

zavuch27 [327]3 years ago

8 0

<span> The </span>income statement<span> reports revenues and expenses and the resulting </span>net income

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Machinery purchased for $69,600 by Tamarisk Co. in 2016 was originally estimated to have a life of 8 years with a salvage value

8_murik_8 [283]

Answer and Explanation:

The journal entries are shown below:

a. No journal entry is required

b. Depreciation expense $4,756

To Accumulated depreciation-Machinery $4,756

(Being depreciation expense is recorded)

Here the depreciation expense is debited as it increased the expense and credited the accumulated depreciation as it decreased the assets

Working

Accumulated depreciation is

= ($69,600 - $4,640 ÷ 8 × 5)

= $40,600

Now Revised depreciation is

= ($69,600 - $40,600 - $5,220) ÷ 5

= $4,756

7 0

2 years ago

Bold Stapler Sales Company (BSS) began 2019 with cash of $80,000, inventory of $7,200 (400 staplers that cost $18 each), $2,000

viva [34]

Answer:

Bold Stapler Sales Company (BSS)

FIFO LIFO Weighted Average

Ending inventory $4,500 $3,240 $4,122

Cost of goods sold $96,300 $97,560 $96,678

Explanation:

a) Data and Calculations:

Beginning balances in 2019:

Cash $80,000

Inventory $7,200

Common stock $2,000

Retained earnings $2,000

Description Units Unit Cost Total

Beginning inventory 400 $18 $7,200

The first purchase 1,600 $21 33,600

The second purchase 2,400 $25 60,000

Goods available 4,400 $100,800

Sales of units (4,220) $45 $189,900

Ending inventory 180

FIFO:

Ending inventory = $4,500 ($25 * 180)

Cost of goods sold = $96,300 ($100,800 - $4,500)

LIFO:

Ending inventory = $3,240 ($18 * 180)

Cost of goods sold = $97,560 ($100,800 - $3,240)

Weighted Average:

Weighted average cost per unit = $22.91 ($100,800/4,400)

Ending inventory = $4,122 (22.91 * 180)

Cost of goods sold = $96,678 ($100,800 - $4,122)

8 0

3 years ago

Justin, a real estate salesperson with City Brokerage, received a referral fee after referring a client to Mark, another real es

Ganezh [65]

Answer: Justin's sponsoring broker

Explanation:

From the question, we are informed that Justin, a real estate salesperson with City Brokerage, received a referral fee when he refered a client to Mark, who is another real estate salesperson with City Brokerage.

The person to pay Justin his referral fee will be Justin's sponsoring broker. It should be noted that when another agents gets a referral from an agent, the sponsoring broker is the one who gives the referral fee to the referring agent.

8 0

3 years ago

Someone please help me..

siniylev [52]

already answered this question for you in a previous post.

8 0

3 years ago

Revenues are recognized when ______, even when the cash is collected in a different accounting period than the obligation to the

Elanso [62]

The condition for which revenues are recognized even when the cash is collected in a different accounting period is;

Services are provided even if cash has not yet been collected, in cases of accrual basis accounting

<h3>Revenue recognition</h3>

Two major forms of revenue recognition exist;

When Cash is collected from customers. This is the case when the organisation uses cash basis accounting
When services are provided even if cash has not yet been collected. This is the case when the organisation used accrual basis accounting