Answer and Explanation:
The presentation of short term debt is presented below:
Kingbird Company
Partial Balance sheet
December 31, 2020
Particulars Amount ($)
Current Liabilities :
Notes Payable $145,000
Long term Debt :
Notes Payable 1,216,000
Notes Payable is come from is
= $1,216,000 - $1,071,000
= $145,000
The company's total notes payable is $1,216,000, out of which $1,071,000 are shown as a issue of common stock and $145,000 are liquidate using cash.
Answer:
a. $369
Explanation:
The computation of the net income is shown below:
As we know that
The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid
where,
Dividend = $500
And, the change in the retained earnings = $131
So, the net income would be
= Dividend - change in the retained earnings
=$500 - $131
= $369
Answer and Explanation:
the source of this money is treated as a capital for the cake decorating business.
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