Answer:
Demon Deacons Corporation
Adjusted Trial Balance:
Demon Deacons Corporation is presented below.
Accounts Debit Credit
Cash $ 9,400
Accounts Receivable 14,400
Prepaid Rent 4,320
Supplies 740
Deferred Revenue $ 1,800
Salaries Payable 700
Common Stock 11,000
Retained Earnings 5,400
Service Revenue 47,480
Salaries Expense 32,700
Rent Expense 2,160
Supplies Expense 2,660
$ 66,380 $ 66,380
Explanation:
a) Data and Calculations:
The December 31, 2021, unadjusted trial balance for
Demon Deacons Corporation is presented below.
Accounts Debit Credit
Cash $ 9,400
Accounts Receivable 14,400
Prepaid Rent 6,480
Supplies 3,400
Deferred Revenue $ 2,400
Common Stock 11,000
Retained Earnings 5,400
Service Revenue 46,880
Salaries Expense 32,000
$ 65,680 $ 65,680
Adjustments:
DR Rent Expense $2,160 CR Prepaid Rent $2,160
DR Deferred Revenue $600 CR Service Revenue $600
DR Salaries Expense $700 CR Salaries Payable $700
DR Supplies Expense $2,660 CR Supplies $2,660
Answer:
Asset
Balance Sheet
Expense
Income statement
Explanation:
An asset is defined as a property of company, from which future economic benefits will arise, as for inventory in hand, the inventory can be sold in future and then future benefits will arise from such sale. Thus, it is an asset and assets are reported in balance sheet.
The expenses are the cost associated to earn the revenue, as when any inventory is sold the inventory is recorded as an expense called cost of goods sold, which is recorded in income statement.
Answer:
According to Amazon, the demographics report “shows Brand Owners the breakdown of their Amazon customers (in aggregate) by age, household income, education, gender, and marital status.
hope this helps <3
<u>Solution and Explanation:</u>
The following formulas will be used in order to calculate the accounts receivable turnover ratio and in order to find out the number of days collect.
Accounts receivable turnover ratio = Net sales divided by Average net Accounts receivable
![=\$ 50,370 /[(\$ 7,250+\$ 5,720) / 2]](https://tex.z-dn.net/?f=%3D%5C%24%2050%2C370%20%2F%5B%28%5C%24%207%2C250%2B%5C%24%205%2C720%29%20%2F%202%5D)
= 7.77 times
<u>Days to collect</u> = 365 divided by Accounts receivable turnover ratio
= $365 divided by 7.77
= 47 days
<u>Note</u>: The number of days that has been assumed is 365 days
