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3 years ago

What is the book of first entry

Business

1 answer:

taurus [48]3 years ago

3 0

Answer:

Journals

Explanation:

“books original entry refers to the accounting journals in which business transcriptions are initially recorded the information in these books are summarized and posted into a general ledger from which financial statements are produced"

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JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1786,995; selling and administrative

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Answer:

JDW Corporation

Income statement

For the year ended December 31, 20x1

Sales $2,929,500

Cost of good sold $1,786,995

Gross Profit $1,142,505

Selling and Administration expenses $585,900

Income from Operations before tax $446,605

Income Tax $116,887

Net Income $439,718

JDW Corporation

Statement of comprehensive income

For the year ended December 31, 20x1

Net Income $439,718

Unrealized holding loss net of tax -$22,000

Foreign currency transaction adjustment $26,250

Unrealized loss from pension adjustment net of tax -$7,000

Comprehensive Income $436,968

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3 years ago

Why do economists think in terms of costs and benefits

Anna35 [415]

Answer:

Cost benefit analysis is usually preferred by economists, due to several reasons.

Explanation:

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2 years ago

Teresa is the manager of an aquacultural farm. She works for a large company that produces fish at many farms. She worked for se

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full time

offers benefits

salaried

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3 years ago

Read 2 more answers

Work and/or assignments performed in a career are _____.

Misha Larkins [42]

Answer:

b. task

Explanation:

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3 years ago

The ABC partnership had net income of $100,000 for 20X9. They allocate profits and losses in the ratio 5:3:2. After closing the

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Answer:

The journal entry would be passed as the accounts are closed, which is shown below:

Explanation:

As the books are closed, then the correction would be made against the capital accounts of the partners. And the following Journal entry would be made as:

Land A/c................................Dr $30,000

A's Capital A/c..................Cr $15,000

B's Capital A/c..................Cr $9,000

C's Capital A/c..................Cr $6,000

Working Note:

The amount of land is to be proportionate as the ratio of the partners which is computed as:

A's Capital A/c = Land amount × Ratio of A / Sum of ratios

= $30,000 × 5 / 10

= $15,000

B's Capital A/c = Land amount × Ratio of A / Sum of ratios

= $30,000 × 3 / 10

= $9,000

C's Capital A/c = Land amount × Ratio of A / Sum of ratios

= $30,000 × 2 / 10

= $6,000

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3 years ago

What is the book of first entry​

What is the book of first entry