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Georgia [21]
3 years ago
7

Prepare partners' capital statement and partial balance sheet. (LO 2) For National Co., beginning capital balances on January 1,

2020, are Nancy Payne $20,000 and Ann Dody $18,000. During the year, drawings were Payne $8,000 and Dody $5,000. Net income was $40,000, and the partners share income equally.

Business
1 answer:
timurjin [86]3 years ago
5 0

Answer: The answer had been attached below

Explanation:

The purpose of a balance sheet is to show the financial status of a business at a particular point in time. It shows an asset i.e what is owned by an entity, the liability i.e how much an entity owes and an equity i.e the amount invested in a business.

The partners' capital statement and partial balance sheet. (LO 2) for National Co., has been prepared and attached below.

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Lego Company has used the FIFO method since it began operations in 2023. Lego changed to the weighted average method in 2026. Th
Viktor [21]

Answer:

c. $14,000 increase

hope it helps

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5 0
3 years ago
Which of the following statements about the income statement is false? a. The single-step format groups all income items togethe
Sophie [7]

Answer:

The statement which is false is D) .

Explanation:

Income statement helps in assessing the current and past performance of the company, it also helps in predicting the future performance and in assessing the risk present in future in obtaining cash flows. Income statement are prepared through two methods either single step format ( which is used by sole proprietor and partnership firms ) or multi step format ( used by corporations ) .

In the single step format , all the income items are group together and are subtracted from the total cost, while in multi step format , a company breaks all the sources from where the revenues and cost have come, it is used to take out various measures like gross profit, operating profit etc.

A common size statement is one of the type of income statement where each account item is represented as a percentage of total sales value.

Option D is false because discounted operations and extraordinary transactions appear on both the single step and multi step format , these transactions are written as written as footnote below the statement.

5 0
3 years ago
Following are Nintendo's revenue and expense accounts for a recent calendar year.Net sales ¥ 1,014,345 Cost of sales 626,379 Adv
elena-14-01-66 [18.8K]

Answer: These transactions can be journalized as follows :-

Explanation: Since the entries are closing entries these would be recorded at year end :-

Dec 31.  Sales a/c Dr  ¥ 1,014,345

                 To income a/c ¥ 1,014,345

         (Being revenue account closed)

Dec 31.  Income a/c Dr  ¥ 936,724

                 To cost of sales a/c  ¥626,379

                 To advertising expense a/c ¥ 96,359

                 To other expense a/c  ¥213,986

         (Being expenses account closed)

Dec 31.  Income a/c Dr  ¥77,621

                  To retained earnings ¥77,621

          (Being excess income transferred)

4 0
2 years ago
Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions
balu736 [363]

Answer:

Gram Co.

Statement of cash flows

For the month ended May 31, 202x

Cash flows from operating activities:

Net income                                                  $5,590

Adjustments to net income:

Increase in accounts payable                    <u>     $80</u>

Net cash flow from operating activities    $5,670

Cash flows from investing activities:

Purchase of office equipment                 <u>($2,020)</u>

net cash flow from investing activities    ($2,020)

Cash flows from financing activities:

Issuance of common stock                     $43,500

Paid dividends                                         <u> ($1,600)</u>

Net cash flow from financing activities   $41,900

Net cash increase during May               $45,550

Initial balance of cash account              <u>          $0</u>

Ending balance of cash account (5/31) $45,550

Explanation:

operating cash flows:

rent expense ($2,400)

cleaning services ($780)

service revenue $5,300 + $2,400 + $3,200

assistant's salary ($790)

accounts payable increased by $80

assistant's salary ($790)

utilities bill ($550)

total revenue = $10,900

total expenses = $5,310

net income = $5,590

investing cash flows:

purchased equipment for $1,940

purchased office equipment $80

financing cash flows:

Issuance of common stock $43,500

paid dividends ($1,600)

7 0
3 years ago
Match each term with the best definition given blow. Note: Not all definitions will be used.
Virty [35]

Answer:

1. Allocation Base

Definition: A measure that causes or influences the incurrence of a cost.

2. Direct Labor Time

Definition: A source document that shows how a worker spent time each week.

3. Ticket Indirect Costs

Definition: Costs not easily traceable to producing a product, job or service.

4. Job Coat Shoot

Definition: A detailed record of costs incurred to complete a specific job.

5. Job Order Costing

Definition: An accounting system used by companies that offer customized or unique products or services.

6. Materials Requisition Form

Definition: A form that lists the quantity of direct materials to be used in a job.

7. Overapplied Overhead

Definition: The amount of actual overhead is less than the applied overhead.

8. Underapplied Overhead

Definition: The amount of actual overhead is greater than the applied overhead.

9. Predetermined Overhead

Definition: Estimated manufacturing overhead divided by estimated cost driver.

10. Rate Process Costing

Definition: An accounting system used by companies to make standardized or homogeneous products or services.

3 0
2 years ago
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