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4 years ago

Consider the following account balances of Smiths Corp. at the end of the year:

Business

1 answer:

Tems11 [23]4 years ago

8 0

Answer:

Interest revenue, rent expense and salaries expense

Explanation:

In the income statement, the total revenues and the total expenses are recorded.

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.

So, the categorization is shown below:

Interest revenue, rent expense and salaries expense

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Required information [The following information applies to the questions displayed below.] The following events occur for Morris

Gekata [30.6K]

Answer:

Journal 1 : February 2, 2021 Provide services to customers on account for $26,000

Trade Receivables $26,000 (debit)

Revenue $26,000 (credit)

Journal 2 :July 23, 2021 Receive $17,000 from customers on account.

Bank $17,000 (debit)

Trade Receivables $17,000 (credit)

Journal 3 :December 31, 2021 Estimate that 20% of uncollected accounts will not be received

Profit and Loss $ 1,800 (debit)

Allowance for Doubtful Debts $ 1,800 (credit)

(26,000-17,000)×20%

Journal 4 :April 12, 2022 Provide services to customers on account for $39,000

Trade Receivables $39,000 (debit)

Revenue $39,000 (credit)

Journal 5 :June 28, 2022 Receive $6,000 from customers for services provided in 2021.

Bank $6,000 (debit)

Trade Receivables $6,000 (credit)

Journal 6 :September 13, 2022 Write off the remaining amounts owed from services provided in 2021.

Bad Debts $3,000 (debit)

Trade Receivables $3,000 (credit)

(26,000-17,000-6,000)

Journal 7 :October 5, 2022 Receive $35,000 from customers for services provided in 2022

Bank $35,000 (debit)

Trade Receivables $35,000 (credit)

Journal 8 :December 31, 2022 Estimate that 20% of uncollected accounts will not be received.

Profit and Loss $800 (debit)

Allowance for Doubtful Debts $800 (credit)

39,000-35,000×20% = 800

Explanation:

"Services to customers on account"

Recognise an Asset - Trade Receivables and also Recognise Revenue

"Receipt of Cash from Receivables"

Recognise the Assets of Cash and De-recognise the Trade Receivable

"Estimate of uncollected accounts"

Recognise an Expense in the Profit and Loss and recognise a Contra - Account Allowance for Doubtful Debts to De-recognise the Trade Receivables

8 0

3 years ago

Questions<br>1. How you rename a worksheet?<br>

melamori03 [73]

1. Right-click on the tab of the worksheet you want to rename to open the context menu.
2. Click on Rename in the menu list to highlight the current worksheet name.
3. Type the new name for the worksheet.
4. Press the Enter key on the keyboard to complete renaming the worksheet.

8 0

3 years ago

Best Brands Appliance Mart is getting ready for its annual Labor Day sale. There are two Best Brands stores, one in midtown Manh

jasenka [17]

Answer:

Explanation:

From the given information:

Assuming we represent x to be the tablets sent from Brooklyn to Manhattan

Thus, (500 - x) to be the tablets sent from Baldwin to Manhattan

Also, suppose we represent y to be the tablets sent from Brooklyn to Amityville

It implies that (400 - x) to be the tablets sent from Baldwin to Amityville

∴

x ≥ 0 ; y ≥ 0

⇒ 500 - x ≥ 0 & 400 - y ≥ 0

The Shipping cost Z = 1(x) + 2(500-x) + 2(y) + 4(400-y)

Z = x + 1000 - 2x + 2y + 1600 - 4y

Z = x -2y + 2600

To minimize the shipping cost:

$\left \{ 500-x \geq 0 \ \implies \ x\leq 500}} \atop {400-y \geq 0 \ \implies \ y\leq 400}} \right.$

Thus, by replacing the coordinate values (x,y) into Z, we have:

Point Coordinates(x,y) Value of Z (shipping cost)

0 (0,0) 0

A (0,400) 1800

B (500,400) 1300

C (500,0) 2100

Hence, the minimum cost is 1300.

x = 500 units and y = 400 units

5 0

3 years ago

What is the primary goal of business

solong [7]

Answer:

Profit making and survival

Explanation:

The main objectives that a business might have are: Survival – a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis. Profit maximisation – try to make the most profit possible – most like to be the aim of the owners and shareholders.

7 0

3 years ago

Read 2 more answers

Wims, inc., has current assets of $6,000, net fixed assets of $25,100, current liabilities of $4,950, and long-term debt of $12,

loris [4]

Total assets = Current assets + Fixed Assets

Total assets = 6000+25100

Total assets = 31,100

Total liabilities = Current liabilities + Long term debt

Total liabilities = 4950+12000

Total liabilities = 16,950

According to accounting equation, stockholder's equity = Total assets - total liabilities

Stockholder's equity = 31,100-16,950 = 14,150

Value of Stockholder's equity = $14,150

3 0

4 years ago