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maks197457 [2]
3 years ago
9

A sales associate is preparing a seller's net statement. She estimates a closing date of June 26. Taxes are estimated at $4,360

and interest for June is $3,540. If she rounds to the nearest $100, which entries should she make on the statement?
Business
1 answer:
ad-work [718]3 years ago
4 0

Debit the profit and loss account by  $7600 and credit taxes by $4,360 and also credit Interest account by $3,540

Explanation:

Here, a sales associate prepares sellers net statement .,even it is a estimated statement .,but the date on June 26  it is a current statement

                              Accounting statement on June 26

Profit and loss account                $7600 (debit)

            To Taxes                                                 $4,360  (credit)

            To Interest                                               $3,540  (credit)

(being the amount allotted for Taxes and Interest)

Note:

Hence .,the total of taxes and interest itself appears as a rounded one .,so we need not make the amount to the nearest $100.

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Answer:

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      Statement of Comprehensive Income

Income before income taxes                 $436,000  

Less: Income Tax                                   <u>$139,520</u>

($436,000 * 32%)

Net Income                                              $296,480

Other comprehensive income (loss):

Unrealized gain on available-for-sale     <u>$58,140</u>

securities, net of tax ($85500*68%)  

Total Comprehensive Income                <u>$354,620</u>

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Answer:

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Explanation:

Planning is the method of focusing on the actions needed to achieve a specific purpose. Achieving desired outcome is the first and probably most important activity. This involves creating and managing a strategy, like psychological side that include analytical competencies. There are indeed a few assessments to assess the skill of someone to plan effectively.

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Answer:

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Explanation:

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Now, we simply replace the terms

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Explanation:

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