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telo118 [61]
2 years ago
6

Se the following account balances from the adjusted trial balance of Gees Catering:

Business
1 answer:
S_A_V [24]2 years ago
8 0

Answer:

The amount that Gees Consulting would report as the ending balance in the R. Gees, Capital account at the end of the year is $8,000

Explanation:

For computing the ending balance of capital account, first, we have to compute the net income or loss which is shown below:

Net income/loss = Fees revenue - salary expense - rent expense - supplies expense

= $10,000 - $7,000 - $6,000 - $6,000

= ($19,000)

Now the ending balance would be

= Opening capital - net loss -  drawings

= $18,000 - $9,000 - $1,000

= $8,000

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Answer:

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Vika [28.1K]

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MC algo 3-13 Equity Multuiplier Use the following information to answer this question Windswept, Inc. 2017 Income Statement ($ i
Helga [31]

Answer:

The answer is Option D. 1.68 times

Explanation:

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2 years ago
Beta Corporation acquired 100 percent of the voting shares of Yang Inc. by issuing 10,000 new shares of $10 par value common sto
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Answer:

The question is not complete.

Here is the complete question:

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Required:

1) Which company is the parent and which is the subsidiary?

2) Define a subsidiary corporation.

3) Define a parent corporation.

4) Which entity prepares consolidated worksheet?

5) Why are elimination entries used?

Here are the answers:

1. Beta Corporation is the parent while Yang Inc. is the subsidiary.

2.A subsidiary  corporation is an investee company in which another entity has a controlling interest in. This controlling interest is majorly achieved when the entity has more than 50% f the total voting shares.

3. A parent corporation is the investment entity which has a controlling interest in another entity called subsidiary.

4. It is the parent corporation that prepares consolidated worksheet.

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Explanation:

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3 years ago
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