Answer:
Net income for the current period is $2,350.
Explanation:
Calculation of Net Income for the Current Period.
$ $
Fees earned 7,250
Less Expenses :
Rent expense 1,300
Salaries expense 2,300
Utilities expense 345
Insurance expense 650
Supplies expense 115
Depreciation expense—equipment 190 (4,900)
Net Income / (Loss) 2,350
A.click the chart and ask t edit data
Answer:
Patent-investing activity
depreciation expense-operating activity
issuance of note payable-financing activity
Increase in inventory-operating activity
Explanation:
The purchase of patent as intangible asset is reported as an investing activity item as an outflow of cash from the business.
Depreciation expense is meant to added to net income in arriving at the net cash flows from operating activities
Issuance of a note payable is a financing item under the financing activities' segment of the cash flow as an inflow.
Increase in inventory is increase in net working capital which is deducted as an operating activity item .
Answer:
1- A) Cash (Dr.) $1,000
Accounts Receivable (Cr.) $1,000
2- b. Unearned Revenue
3- c. determining when to record revenue.
Explanation:
1- When a company sales its products to its customers on credit basis under accrual accounting system it records Accounts receivable as debit and sales as credit. At a later date when the customer pays the cash, the company makes adjusting entry; cash as debit and Account receivable as credit.
2- Cash basis accounting system is one in which revenues and expenses are only record when there is actual cash exchange which means revenue will be recorded only when cash is received from customers and expenses will be recorded when they are actually paid.
Accrual basis allows to record revenue when it is earned and expenses when they are billed. Unearned revenue account will only be used if the company is using accrual basis accounting.
3- Revenue recognition principle guides the account when to record revenue under cash basis and accrual basis accounting systems.
When producers' costs increase, there will be smaller products (shift left) at each price brought to the market.
Growth in value causes an upward (or a leftward) shift of the deliver curve so that at any price, the portions supplied may be smaller, supply Curve Shifts. whilst the fee of production will increase, the supply curve shifts upward to a new charge stage.
Factors that may shift the delivery curve for goods and services, causing a unique quantity to be supplied at any given fee, encompass entry costs, natural conditions, changes in generation, and authorities taxes, regulations, or subsidies.
The fee is dependent on the interplay among calls for and delivers additives of a market. call for and deliver represent the willingness of consumers and manufacturers to engage in buying and promoting. A change of a product takes vicinity whilst buyers and sellers can agree upon a price.
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