All categories

3 years ago

The following transactions apply to Jova Company for Year 1, the first year of operation:

Business

1 answer:

erica [24]3 years ago

7 0

Answer:

Income statement balance for year 1 = $27210

Income statement balance for year 2 = $22880

Explanation:

Jova Company Year 1 Balance Sheet

ASSETS Stockholder's Equity

S/no ( Cash, Account receivable, Allowance) (Stock, Earning)

1. $15,500 $15,500

2 $64,500 $64,500

3. $57,600 -$57,600

4. -$36,000 -$36,000

5. $1,290 -$1,290

Bal. $37,100 $6,900 $1,290 $15,500 $27,210

Bad debt expense = 64500*2% =$1,290

Jova Company Year 2 Balance Sheet

ASSETS Stockholder's Equity

S/no ( Cash, Account receivable, Allowance) (Stock earning)

Bal. $37,100 $6,900 $1,290 $15,500 $27,210

1 $72,000 $72,000

2. $65,600 -$65,600

3. -$890 -$890

4. $300 $300

5 $300 -$300

6. -$48,400 -$48,400 7. $720 -$720

Bal. $54,600 $12,410 $1,420 $15,500 $50,090

Bad debt expense = 72000*1% $720

INCOME STATEMENT FOR YEAR 1

Revenues - Expenses = Net income

$64,500 - $64,500

$36,000 -$36,000

$1,290 -$1,290

BALANCE: $27210

INCOME STATEMENT FOR YEAR 2

Revenues - Expenses = Net income

$72,000 - $72,000

$48,400 -$48,400

$720 -$720

BALANCE: $ 22880

You might be interested in

Magnira corp., a manufacturer of hygiene and personal care products, launches a new toothpaste "tidy" that is more effective in

Ivenika [448]

The advertisement of the new toothpaste "tidy" that provides highly valid research information is an example of scientific execution style. It is a type of marketing style that uses research or scientific evidence to give a brand superiority over competitors. The consumer gets scientific information about the product.

5 0

3 years ago

The management staff of a busy cafeteria have not been getting along well. to increase group cohesiveness, the general manager c

omeli [17]

By criticizing each of the other managers' performance, and the overall operation of the cafeteria, the attempt of the general manager improve group cohesiveness among the management staff is based on the principle of OUTSIDE PRESSURE, which posits that groups that are pressured by outside forces tend to be more cohesive.

4 0

3 years ago

All of the following statements are true with regard to qualifying business losses EXCEPT: The loss will reduce any other curren

avanturin [10]

All of the following statements are true with regard to qualifying business losses EXCEPT: Qualifying losses from 2017 were carried forward to the taxpayer's 2018 tax return.

Explanation:

The loss would reduce any other eligible income of the applicant for the current year. An investor shall recover the QBI from various trades or businesses, including damages.

Upon deduction of all qualified company gains for the current year, the excess of the income shall be rolled forward to the next tax year. The unfavorable balance shall be shifted into the next fiscal year.

If the loss was incurred after 2018, the excluded or lost element is included in QBI and would otherwise be included in QBI, but is included in taxable income not until the year.

4 0

3 years ago

Interorganizational systems are examples of _____. Select one: a. group information technologies b. private information technolo

vazorg [7]

Answer:

Explanation:

Enterprise information technology is a type of information system designed to improve organizations structured interactions among their own employees and also with external customers,suppliers, government agencies, and other business partners. Three examples of enterprise information technology are transaction processing, enterprise, and interorganizational systems

7 0

2 years ago

HELPPPPPPP

GenaCL600 [577]

The information given regarding the marginal revenue is illustrated below.

<h3>How to illustrate the information?</h3>

Marginal revenue is the increase in revenue that results from the sale of one additional unit of output.

While marginal revenue can remain constant over a certain level of output, it follows from the law of diminishing returns and will slow down when the output level increases.

Here, the price effect dominates the quantity effect so he cannot increase the production from 7 units to 8 units.

Learn more about marginal revenue on:

brainly.com/question/25623677

#SPJ1

3 0

2 years ago