Answer: a.Dr. Gain on Sale 9,600
Dr. Equipment 8,400
Cr. Accumulated Depreciation 18,000
Explanation:
Difference between following entries gives the elimination entry:
Actual: Equipment as actually recorded in the financial statements (Equipment Dr. 91600, Gain on sale Cr. 9600)
As if: Equipment as recorded in the financial statements as if it had not been transferred (Equipment Dr. 100000, Accumulated Depreciation Cr. 18000)
Difference of the above recorded entries would be: Equipment Dr. 8400, Gain on sale Dr. 9600, Accumulated Depreciation Cr. 18000
Thus, entry needed to eliminate Buzz’s gain on the sale of equipment to Woody would be:
.Dr. Gain on Sale 9,600
Dr. Equipment 8,400
Cr. Accumulated Depreciation 18,000
Answer:
B) Effects
Explanation:
In Microsoft Presentation the shadows and 3-D rotation option are available inside the Home tab. This option is used to provide special effects on the slides. and other options are not correct that can be described as:
The fill & Line both option working is different from each other the fill option used for fill color in shapes and the Line is used to provide a line in the presentation.The Size & Properties option is used to change the size and property of an object.The picture option is used to insert a picture or modify a picture in the presentation.
Answer:
to determine her income level, we must add Mary's net salary during the first 3 months + total unemployment benefits for the first 13 weeks (April, May and June) + unemployment benefits for the next 13 weeks (July, August and September) + her normal income received during the last part of the year
total income = ($40,000 x 1/4) + ($947 x 13 weeks) + ($347 x 13 weeks) + ($40,000 x 1/4) = $10,000 + $12,311 + $4,511 + $10,000 = $36,822
total spending = normal spending level during 6 months + reduced spending level for the other 6 months
total spending = ($39,000 x 1/2) + ($39,000 x 1/2 x 9/10) = $19,500 + $17,550 = $37,050
Answer and Explanation:
The preparation of the multi-step income statement is shown below:
Blossom Company
Income Statement
For the Month January 2022
Revenues
Sales revenue $431,000
Less:
Sales discount -$7,800
Sales return -$12,000
-$19,800
Net Sales $411,200
Less: Cost of goods sold -$270,000
Gross Profit $141,200
Less: Operating expenses:
Freight out -$6,800
Insurance expense -$13,000
Salaries and wages expense -$45,000
Rent expense -$35,000
Total Operating expenses -$99,800
Operating Income $41,400
We simply deduct the expenses from the gross profit so that the operating income could arrive
Answer:
Given that,
Sales discount forfeited = $600
Cost of goods sold = $13,000
Other expenses = $4,100
Expenses accounts:
= Cost of goods sold + Other expenses
= $13,000 + $4,100
= $17,100
Therefore, the second entry in the closing process is as follows:
Income summary A/c Dr. $17,100
To Cost of goods sold $13,000
To other expenses $4,100
(To record the closing entry)
