A decrease in the reserves will permit the bank to loan more, by this means increasing the source of money. But since the bank wrote a check for the other bank and deposited an amount of $8000 and also granted a loan of the same amount. There is a decrease of $8000 due to the deposit to the other bank.
Explanation:
The preparation of the trial balance is presented below:
Cullumber Company
June 30, 2017
Trial Balance
Particulars Debit Credit
Service revenue $7,750
Cash $8,000
Accounts Payable $8,750
Common stock $22,800
Dividend $2,550
Equipment $18,050
Rent expense $2,750
Salaries and wages expense $3,200
Accounts receivable $4,750
Total $39,300 $39,300
Answer:
Fighting Okra Cooking Services
Income Statement for the years ended December 31, xxxx
Service revenue $84,000
Less: Supplies expense <u>($19,000)</u>
Gross Income $65,000
Less: Operating Expenses
Postage expense $1,950
Legal fees expense $2,850
Rent expense $11,500
Salaries expense <u>$33,000</u>
<u>($49,300)</u>
Operating Income <u>$15,700 </u>
Explanation:
The interest and Tax expenses has not been given, so the income statement is ended up on Operating income.
Answer:
d. 391,667
Explanation:
Contribution per unit = Selling price - Variable cost = $4 - $2.80 = $1.20
Break even point = Fixed cost ÷ Contribution per unit = $470,000 ÷ $1.20 = 391,667 units
Therefore, the company's breakeven point, i.e., the unit sales volume that would make income equal costs is 391,667 units.
Answer:
lol... is that a question
Explanation: