2. An organization's products and services are the driving force in accomplishing

You own a graphic design business. You have a new client who is refusing to pay her bill because she doesn't like the way her br

Alex73 [517]

Answer:

Mediation

Explanation:

Your welcome:)

6 0

4 years ago

A company's balance sheet shows: cash $39,000, accounts receivable $45,000, equipment $80,000, and equity $87,000. What is the a

Alisiya [41]

Answer:

C. $77,000

Explanation:

Calculation for the amount of liabilities

Using this formula

Amount of liabilities=(Cash+Account receivable +Equipment) -Equity

Let plug in the formula

Amount of liabilities=($39,000+$45,000+$80,000)-$87,000

Amount of liabilities=$164,000-$87,000

Amount of liabilities=$77,000

Therefore the Amount of liabilities will be $77,000

8 0

3 years ago

An audit of historical financial statements most commonly includes the Group of answer choices income statement, the statement o

Advocard [28]

Answer:

balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.

Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.

6 0

3 years ago

Eric wants to attend a higher education institution that will prepare him to directly enter the workforce, but he wants to atten

romanna [79]

I think I would have to stick with either A or B it can be those two but C and D are wrong.

8 0

3 years ago

Read 2 more answers

Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1. with an authorizat

riadik2000 [5.3K]

Answer:

a. See the journal entries below.

b. Stockholders' equity = $3,766,000

Explanation:

Note: There are little errors in this question where dollar signs are used as figures. These are however corrected before answering the question. The complete question with the correction is therefore presented as follows:

Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1. with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred:

Apr. 1 Issued 80,000 shares of common stock at $40 cash per share:

3 Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $31,000

8 Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000

20 Issued 6,000 shares of preferred stock for cash at $80 per share.

Required :

a. Prepare journal entries to record the above transactions.

b. Prepare the stockholders' equity section of the balance sheet at April 30.

Explanation of the answers is now given as follows:

a. Prepare journal entries to record the above transactions.

Let APIC represents additional paid in capital, the journal entries can be prepared as follows:

Date Particulars Dr ($) Cr ($)

Apr. 1 Cash (80,000 * $40) 3,200,000

Common stock (80,000 * $5) 400,000

APIC - Common stock 2,800,000

(To record common stock issued in excess of par value.)

Apr. 3 Attorney and promoters service exp. 31,000

Common stock (2,000 * $5) 10,000

APIC - Common stock 21,000

(To record common stock issued to attorneys and promoters for services at a premium.)

Apr. 8 Equipment (Fair value) 55,000

Common stock (3,000 * 5) 15,000

APIC - Common stock 40,000

(To record common stock issued for equipment at a premium.)

Apr. 20 Cash (6,000 * $80) 480,000

Preferred stock (6,000 * $50) 300,000

APIC - Preferred stock 180,000

(To record preferred stock issued in excess of par value.)

b. Prepare the stockholders' equity section of the balance sheet at April 30.

Using the figures from the journal entries above, this can be prepared as follows:

Torey Corporation

Stockholders' Equity Section of the Balance Sheet

At April 30.

Details Amount ($)

Common stock ($400,000 + $10,000 + $15,000) 425,000

Preferred stock 300,000

APIC - Common stock ($2,800,000 + $21,000 + $40,000) 2,861,000

Additional paid in capital - Preferred stock 180,000

Stockholders' equity  3,766,000 

5 0

3 years ago