What is an example of cross-contamination

The following account balances were drawn from the financial statements of Grayson Company: Cash $ 5,000 Accounts payable $ 1,55

Anestetic [448]

Answer:

The balance of Common Stock for Grayson Company is $8,300

Explanation:

For computing the common stock value, first we have to compute the ending retained earning balance which is shown below

= Beginning retained earning balance + revenues - expenses

= $3,300 + $10,100 - $7,550

= $5,850

Thus, the ending balance is $5,850

Now by applying the accounting equation we can compute the common stock value

Accounting equation is equals to

Assets = Liabilities + Equity

where,

Assets = Cash + Accounts receivable + Land

= $5,000 + $2,100 + $8,600

= $15,700

Liabilities = Accounts payable = $1,550

And, Equity = Ending Retained earnings balance + common stock

= $5,850 + common stock

Now, apply the above accounting equation which is shown below:

$15,700 = $1,550 + $5,850 + common stock

$15,700 = $7,400 + common stock

So, common stock = $8,300

Hence, the balance of Common Stock for Grayson Company is $8,300

4 0

4 years ago

Liberty Corporation had net income of $120,000 during the year. Depreciation expense was $6,000. The following information is av

miss Akunina [59]

Answer:

$146,000

Explanation:

Net income $120,000

Add: depreciation expenses $6,000

Increase Accounts Receivable 10,000

Decrease Accounts Payable 15,000

Less $5,000

(increase Accounts Receivable 10,000-

decrease Accounts Payable 15,000)

Net cash $146,000

Therefore the amount that Liberty should report as net cash provided by operating activities in its statement of cash flows for the year will be $146,000

5 0

4 years ago

During Bruce Company’s first year of operations, the company purchased $4,300 of supplies. At year-end, a physical count of the

seraphim [82]

Answer:

Supplies Used = $2475

Explanation:

<u>Bruce Company</u>

Supplies Purchases $4,300

Supplies on hand $1,825

Supplies Used = $ 4300- $ 1825 = $2475

The amount of Supplies used ( $ 4300- $ 1825 = $2475) will be shown in the income statement as an expense and the amount of unused supplies or Supplies on hand $1,825 will be shown in the Balance sheet as an asset account. The both of which will total the supplies actually purchased.

The relating <u>adjusting entry </u>will be

Supplies Expense $ 2475 Debit

Supplies Account $ 2475 Credit

This means the supplies of the amount $ 2475 have been used and is recorded as an expense in the income statement. It will be deducted from the gross profit. The remaining amount $ 1825 is for future use so recorded as an asset in the Balance Sheet and added to the total assets.

6 0

3 years ago

The signing of the project portfolio statement signals the transition from the high-level project initiating stage into the more

dimulka [17.4K]

The signing of the project portfolio statement signals the transition from the high-level project initiating stage into the more detailed project planning stage. It is a TRUE STATEMENT

When the project portfolio statement is signed, the high-level project initiation stage ends and the more in-depth project planning stage begins. The organization's existing state should be positively, powerfully, and vividly described in the vision.

<h3>What is a background statement in project management?</h3>

The project charter must include a background statement, which serves as the foundation for the scope overview and business case. (T/F) The important schedule milestones, significant points, and events in the project are identified in the project master network, which is a summary-level timetable.

<h3>What should the prioritization of projects in a portfolio consider?</h3>

Whether the requirements for carrying out each project are properly known should be taken into account when ranking the projects in a portfolio. The project business case outlines the goals and methods for the project. A formal legal contract between the project team and the project sponsor is established via the project charter.

<h3>How to develop a background document for your project initiative?</h3>

Consider the following details when creating a background document for your project initiative: primary target (what is to be addressed by the project) a list of requirements and the main justifications for launch. a typical explanation of how to carry out the job

Learn more about smooth running of the projects:

brainly.com/question/17301765

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6 0

2 years ago

Requirement

Kipish [7]

The best early career choice for the senior interested in ultimately becoming a certified fraud examiner is to start working as an internal auditor. The work profile of an internal auditor complements the responsibilities performed by a certified fraud examiner. Since an internal auditor is someone who has the opportunity to work in all areas of the business. There is practical exposure in compliance, operational, and financial auditing.

7 0

4 years ago