Answer:
Explanation:
The adjusting entry for supplies is shown below:
Supplies expense A/c Dr $115
To supplies A/c $115
(Being adjusted entry recorded)
The trial balance show a supplies balance of $148 and the supplies on hand were $33, so the adjusted supply balance would be equal to
= Supplies balance - supplies on hand
= $148 - $33
= $115
Answer:
The amount of Lantz's operating revenue is $734,000
Explanation:
The computation of the operating revenue is shown below:
= Total cash sales + Total credit sales
= $255,000 + $479,000
= $734,000
Since we have to compute the operating revenue, so we considered only revenue part not expenses part
The other information which is mentioned in the question is not being considered because it is related to the operating expenses. So, ignored it.
Answer:
The correct answer that fills the gap is <em>d. before.</em>
Explanation:
Everything that happens in the business must be registered in the accounting system, so that the newspaper and the major contain a complete history of all the commercial operations of the period. If an operation or transaction has not been registered, account balances will not show the correct figure at the end of the accounting period.
The seats with which the accounts are adjusted or updated are called adjustment seats. If the adjustment does not affect an income or expense account, it is not an adjustment entry.
The income can be earned (accrued) before the cash is received from the client, or from accounting for the transaction in the accounting records. These are revenues that have been earned but the corresponding cash has not yet been collected.
The adjustments made to the income accounts are necessary to ensure that all income earned in the period has been recorded in the accounting. In order for the net profit to be expressed correctly in the income statement. There are two types of income adjustment:
- Cumulative income not collected.
- Customer advances.
You would say "<span>Mr. Schott, Ms. West, sales representative for Seascape Graphics."
In professional introductions like this, you should include both name, position, and the place of the workers of that person. By doing this, your boss will understand the probable intent of that person and understand the relevancy between her and what the company wants to achieve.</span>
Answer:
Option A
Explanation:
Although goodwill is the difference between the consideration transferred by the acquirer to the acquiree it is not the fair value of the identifiable assets acquired rather it is the fair value of the net assets acquired.
The difference is fair value of identifiable assets is the value of the assets at some point of time which is expected to provide some future benefits.
The fair value of the net assets acquired is the total of the fair value of net assets minus liabilities.
