1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Kryger [21]
3 years ago
14

Mayo Corp. has estimated that total depreciation expense for the year ending December 31, 2021 will amount to $600,000, and that

2021 year-end bonuses to employees will total $1,200,000. In Mayo's interim income statement for the six months ended June 30, 2021, what is the total amount of expense relating to these two items that should be reported?
Business
1 answer:
Mariulka [41]3 years ago
5 0

Answer:

$900,000

Explanation:

Depreciation for the year      $600,000

Employee Bonuses              $1,200,000

Total expense for the year    $1,800,000

Expense to be reported in interim income statement 1,800,000/2=$900,000

You might be interested in
I need help with the picture above can anyone please help me i am really struggling
12345 [234]
Economic growth, reducing marginal tax rates would spur economic growth as lower tax rates will give people more after tax income that could be used to buy more goods and services
8 0
3 years ago
Shane's Catering began with cash of $10,000. Shane then bought supplies for $2,300 on account. Separately, Shane paid $7,500 for
dolphi86 [110]

Answer:

Part (a) Shane has $ 12,300 in total assets

Part (b) Shane owes $ 2,300 in liabilities

Explanation:

Shane's Catering began with cash of $10,000

At the beginning the Accounting Records of Shane should reflect the following Account Balances

Cash $10000 (debit)

Owners Equity $ 10000 ( credit)

Shane then bought supplies for $2,300 on account.

When Shane buys supplies on account  the transaction is recorded as follows

Inventory $2300 (debit)

Account Receivable $ 2300

Shane paid $7,500 for equipment

When Shane pays for equipment in cash the transaction is recorded as follows

Equipment $7500(debit)

Cash $7500(credit)

Balance of Assets is calculated as:

Cash 10000+Inventory 2300- Cash 7500+ Equipment 7500 =$12300

Balance of Liabilities is calculated as:

Trade Receivable $ 2300

6 0
3 years ago
When a customer deposits $100 of cash into their checking account at a bank, the cash outside the bank decreases by $100, but th
Scilla [17]
There is no change in aggregate M1. M1 refers to money supply.
4 0
3 years ago
On January 1, 2021, Red Flash Photography had the following balances: Cash, $19,000; Supplies, $8,700; Land, $67,000; Deferred R
ira [324]

Answer:

<u> Red Flash Photography </u>  

<u>Balance Sheet as at January 1, 2018,</u>

<u>     Assets </u>

Cash,............... $26,000  

Supplies,........... $9,400

Land, ........ .......<u>$74,000</u>  

Total..................<u>109, 400</u>  

<u>Capital and Liabilities</u>

Deferred Revenue... $6,400

Common Stock..... ..$64,000  

Retained Earnings...<u>$39,000.</u>  

Total............................<u>109,400 </u>

<u> Red Flash Photography </u>  

Balance Sheet as at 31st December 2018

Revised Balance Sheet on 31st December 2018  

<u>Assets</u>

Cash..........................................42,600

Account Receivable............ 44,000  

Supplies....................................15,800  

Land..........................................74,000  

Prepaid Rent............................<u>19,500 </u>

Total...........................................<u> 195,900</u>  

<u>Capital & Liabilities</u>

Common Stock ......................98,000  

Retained Earnings.................56,500  

Accrued Wages........................5,400  

Accounts Payable...................<u>36,000</u>  

Total........................................... <u>195,900</u>

Explanation:

1. February 15 Issue additional shares of common stock, $34,000.  

ADD 34,000 TO EQUITY, AND TO CASH

2. May 20 Provide services to customers for cash, $49,000, and on account, $44,000.  

LESS 49,000 FROM CASH AND ADD TO RETAINED EARNINGS AS INCOME, ADD 44,000 AS ACCOUNT RECEIVABLES AND ADD TO INCOME IN RETAINED EARNINGS  

3. August 31 Pay salaries to employees for work in 2018, $37,000.  

LESS 37,000 FROM CASH AND FROM RETAINED EARNINGS

4. October 1 Purchase rental space for one year, $26,000.  

LESS FROM CASH AND FROM RETAINED EARNINGS

5. November 17 Purchase supplies on account, $36,000.  

ADD TO STOCK, ADD TO ACCOUNTS PAYABLES

6. December 30 Pay dividends, $3,400.  

LESS FROM CASH AND FROM RETAINED EARNINGS

The following information is available on December 31, 2018:  

1. Employees are owed an additional $5,400 in salaries.  

ADD TO ACCRUED SALARIES,LESS FROM RETAINED EARNINGS AS EXPENSES INCURRED IN THE PERIOD

2. Three months of the rental space has expired.  

CREATE PREPAID RENT FOR 3/4 OF RENT (19,500) AND LESS 6500 FROM RETAINED EARNINGS AS EXPENSE FOR THE PERIOD

3. Supplies of $6,400 remain on hand.  

LESS 19600 (26,000-6400) FROM SUPPLIES AND FROM RETAINED EARNINGS AS EXPENSE FOR THE PERIOD

4. All of the services associated with the beginning deferred revenue have been performed.  

DELETE DEFERRED REVENUE OF 6,400 AND ADD SAME AMOUNT TO RETAINED EARNINGS AS INCOME EARNED

7 0
3 years ago
During January 2017 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 we
Norma-Jean [14]

Answer:

The correct answer is:

Expenditures—2017 in the amount of $200. (C.)

Explanation:

This scenario describes a record that was less than the actual amount spent on the General Fund supplies. The amount recorded was $2,000, meanwhile the actual amount spent was $2,000. This entails that an amount worth $200 was not recorded, hence it will be debited as expenditures, but the question now is where the debit will be recorded?

This review was done in January 2017, meaning that the income statement for the 2016 Fiscal year must have been balanced, hence the amount will be an expenditure recorded in 2017, but the particulars will have a description that it was a carried over expenditure from 2016. Therefore $200 will be debited from 2017 as expenditures.

5 0
2 years ago
Other questions:
  • For the past two years, regis has been working as an engineer. he enjoys the work and identifies himself as an engineer when peo
    7·1 answer
  • How do I get better at Risk the Board Game
    9·1 answer
  • Honest tea considers themselves a​ mission-driven business. they have decided that it is important to understand the communities
    9·1 answer
  • Which two types of résumés can be formatted to be visually appealing?
    10·2 answers
  • Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the di
    7·1 answer
  • A movie theater estimates that for each $0.50 increase in ticket price, the number of tickets sold decreases by 60. The current
    12·1 answer
  • Meger Manufacturing uses the direct labor cost method for applying factory overhead to production. The budgeted direct labor cos
    7·1 answer
  • A college graduate who is searching for his first job illustrates the concept of cyclical unemployment. frictional unemployment.
    15·1 answer
  • G free ltd intends reducing the number of suppliers they use by 50% analyse how reducing the number of suppliers could imporve g
    13·1 answer
  • Increase the selling price
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!