Answer:
a. Revenues, expenses. and dividends - Temporary accounts
b. List of permanent accounts and their balances - Post-closing trial balance
c. Transfer of temporary balances to retained earnings - Closing entries
d. List of permanent and temporary accounts and their balances - Adjusted trial balance
e. Assets, liabilities, and stockholders' equity - Permanent accounts
The type of business organization recommended in this case is the sole proprietorship, which is a business managed by a single person, with greater facilities to start up.
<h3 /><h3>Sole Proprietorship characteristics</h3>
It is owned and managed by only one person, with no legal distinction between the company and the owner, that is, it is an unincorporated company, whose owner is responsible for paying personal income taxes on the company's profits.
Therefore, the advantages of a sole proprietorship are the reduction of bureaucracy and interest rates, giving the owner greater possibility of creating and maintaining the business.
Find out more about Sole Proprietorship here:
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Question Completion:
If Delicious Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Answer:
Delicious Catering
Using the Accrual method, Delicious Catering would have recorded for the month a net income of $1,670.
Explanation:
Data and Calculations:
Prepaid Rent for 3 months = $1,500
Rent expense for the month = $500 ($1,500/3)
Utilities expense = $190
Service Revenue:
Cash for meals = $2,400
Credit 2,000
Total $4,400
Salary Expense = !,700
Depreciation expense = $340
Kitchen Equipment = $2,500
Income Statement for the month of May:
Service Revenue $4,400
Expenses:
Rent $500
Utilities expense 190
Salary expense 1,700
Depreciation expense 340
Total expenses $2,730
Net Income $1,670
Answer:
The net cash flows from financing activities is -$45,000
Explanation:
The computation of the net cash flows from financing activities is shown below:
= Additional common stock issued - purchase of treasury stock - dividend paid - long term note payable issued
= $160,000 - $75,000 - $40,000 - $90,000
= -$45,000
The other items which are mentioned in the question have come under the investing activities
