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fgiga [73]
3 years ago
6

A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income f

or the current period?Unadjusted Trial Balance AdjustmentsDebit Credit Debit CreditCash 1,975Accounts Receivable 1,000 875Prepaid insurance 1,600 650Supplies 330 115Equipment 8,320Accumulated depreciation—equipment 720 190Accounts payable 1,140Owner, Capital 9,110Owner, Withdrawals 1,050Fees earned 7,250 875Rent expense 1,300Salaries expense 2,300Utilities expense 345Insurance expense 650Supplies expense 115Depreciation expense—equipment 190Totals 18,220 18,220 1,830 1,830
Business
1 answer:
lbvjy [14]3 years ago
3 0

Answer:

Net income for the current period is $2,350.

Explanation:

Calculation of Net Income for the Current Period.

                                                                    $               $

Fees earned                                                             7,250

Less Expenses :

Rent expense                                           1,300

Salaries expense                                     2,300

Utilities expense                                         345

Insurance expense                                    650

Supplies expense                                        115

Depreciation expense—equipment          190   (4,900)

Net Income / (Loss)                                              2,350

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This is true. Researchers suggest that  ineffective reward and recognition strategies are factors responsible for the failures.

<h3>What are global teams?</h3>

These are also referred to as the multinational teams. They are the specific type of team that is found in a workforce where the members may be people that are from different places.

By different places, we mean they are from different nations and their cultural backgrounds differ.

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Bingerton industries began the year with inventory of$85,000. Purchases of inventory on account during the year totaled $310,000
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The first entry of the journal records the inventory of of $310,000 as debited and accounts payable as credited.

<h3>What is inventory management?</h3>

The process of counting and recording fluctuations in the prices of assets such as raw materials, work-in-progress, and finished goods refers as Inventory management.

Following are the Journal entries-

1. Inventory accounts  A/c  $310,000

          To Accounts Payable A/c$310,000

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2. Accounts Receivable   A/c  $520,000

           To Sales Revenue  A/c $520,000

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2 years ago
Kesselring Corporation makes one product and has provided the following information to help prepare the master budget for the ne
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Sally is in the business of purchasing accounts receivable. Last year, Sally purchased an account receivable with a face value o
marusya05 [52]

Answer:

Sally’s basis in the Account Receivable is $60,000

She has a bad debt deduction of $0. There is no Bad debt deduction for Sally. Rather she made a profit on the transaction.

Explanation:

The Account Receivable can be defined as a Debt Instruments. Debt instruments in accounting are valued at Lower of Cost or Net Realizable Value.  

Cost is the amount of cash or its equivalent that was expended to obtain an asset. The cost of this Account Receivable therefore is 60,000

Net realizable value (NRV) is the value that can be realized from the sale of an asset. Net Realizable value of the Account Receivable therefore is 80,000.

Therefore the value to be utilized as the value of the Account Receivable 60,000.

Below is the accounting entries to record the transaction and recognized profit.

For the Face Value of the Debt    

Debit: Account Receivable Account(Debtors)    60,000.00    

Credit: Account Receivable Purchase Account      60,000.00  

     

For the payment of the A/R    

Debit: Account Receivable Purchase Account    60,000.00    

Credit: Bank      60,000.00  

     

For the settlement received on the A/R    

Debit: Bank    65,000.00    

Credit: Account Receivable Account(Debtors)       60,000.00  

Credit: Profit & Loss        5,000.00  

8 0
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