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3 years ago

You've just created and e-mailed the financial statements to your boss? What is the next step you should do in accounting cycle?

1 answer:

5 0

<span>You've just created and e-mailed the financial statements to your boss. What is the next step you should do in accounting cycle? Close out the revenue and expense accounts. After the financial statements are prepared all nominal accounts which include the revenue and expenses, should be closed out to zero. This allows for the accounts to be at an even start for the next accounting cycle.

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Using the attached sheet (or a spreadsheet if you prefer), prepare a classified balance sheet for the ABC, LLC for the year ende

charle [14.2K]

Answer:

ABC, LLC

Classified balance sheet as at December 31, 2020

ASSETS

Non - Current Assets

Land 25,000

Total Non - Current Assets 25,000

Current Assets

Accounts Receivable 3,000

Cash 20,000

Total Current Assets 23,000

TOTAL ASSETS 48,000

EQUITY AND LIABILITIES

LIABILITIES

Non - Current Liabilities

Notes Payable (due in 5 years) 10,000

Total Non - Current Liabilities 10,000

Current Liabilities

Accounts Payable 4,000

Salaries Payable 5,000

Total Current Liabilities 9,000

TOTAL LIABILITIES 19000

EQUITY

Common Stock 1,000

Preferred Stock 8,000

Treasury Stock 6,000

Retained Earnings 7,000

Paid in Capital in Excess of Par - Common Stock 17,000

Paid in Capital in Excess of Par - Preferred Stock 2,000

TOTAL EQUITY 41,000

TOTAL EQUITY AND LIABILITIES 60,000

Explanation:

A classified balance sheet shows the Assets, Liability and Equity Balances in their respective categories as shown above.

8 0

3 years ago

For what range in marginal cost will the firm continue to charge a price of $60?

hammer [34]

Range for marginal cost = $20 to $50

Since at the price of $60 total Marginal revenue on demand curve two = $20

Total Marginal revenue on demand curve on =$50

Hence $60 for the product is optimum for the range of marginal cost from $20 to $ 50.

Since the optimum level of price is where marginal cost is equal to marginal revenue.

The marginal cost of production includes all costs that vary with that level of production. For example, if a company needs to build an entirely new factory to produce more goods, the cost of building the factory is the marginal cost.

Marginal Cost = Change in Total Cost / Change in Quantity. Change in Total Cost = Total Cost of Manufacturing Including Additional Units – Total Cost of Manufacturing Regular Units. Quantity Change = Full Quantity Product with Additional Units - Full Quantity Product in Regular Units.

Learn more about Marginal Cost here: brainly.com/question/17230008

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5 0

1 year ago

Prime Company began operations in January, 2019, by issuing 5,700 shares of 9%, cumulative, $65 par value preferred stock and 25

8090 [49]

Answer:

Preference dividend = 9% x $65 x 5,700 shares

= $33,345

Dividend paid to ordinary shareholders = $50,000 - $33,345

= $16,655

Explanation:

The dividend paid to preferred stockholders is 9% of the par value multiplied by number of preferred stock outstanding. The dividend paid to common stockholders is the difference between total dividend paid and dividend paid to preferred stock holders.

6 0

2 years ago

Which option is an example of labor as a factor of production?

dolphi86 [110]

Answer:A

Explanation:

8 0

2 years ago

Read 2 more answers

Mitch, a single taxpayer, earns $100,000 in taxable income and $10,000 in interest from an investment in city of Birmingham Bond

omeli [17]

Answer: $18,079.5‬0