What’s one difference between a checking account and a savings account

On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost

yaroslaw [1]

Inventory value of Cold stone Corporation as on 31/12/2021 is $ 58,600 at cost value and $61,530 at retail value

Explanation:

In the United Kingdom, Retail price index is a measure of inflation published monthly by the Office for National Statistics. It measures the change in the cost of a representative sample of retail goods and services.

LIFO - last in first out method .,means the inventory purchased in last will be sold first.

opening inventory and closing inventory always calculated at cost price only

Cost of sales = sales- markup

= $846,000 - $11,000 = $835,000

Closing inventory value

= cost of sales - purchases - opening inventory

= $835,000 - $693,600 = $141,400 - $200,000 =$ 58,600

$= $835,000 - $693,600 = $141,400 - $200,000 =$ 58,600$

Retail value of inventory on 31/12/2021

= $ 58,600×1.05= $61,530

$= $ 58,600×1.05= $61,530$

3 0

3 years ago

The safest action to take if someone claiming to be from your bank calls you to ask you for account information?

Cloud [144]

Ask questions on the person and check where is the number coming from in the phone. Or you can simply ask why do they need this info.

7 0

3 years ago

The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:

mote1985 [20]

Answer:

1)

Service revenue, $104,000, of which $31,200 was on account and the balance was received in cash.

Dr Cash 72,800

Dr Accounts receivable 31,200

Cr Service revenue 104,000

Collected on accounts receivable, $22,300.

Dr Cash 22,300

Cr Accounts receivable 22,300

Issued shares of common stock in exchange for $8,000 in cash.

Dr Cash 8,000

Cr Common stock 8,000

Paid salaries, $37,750 (of which $6,250 was for salaries payable at the end of the prior year).

Dr Wages expense 31,500

Dr Wages payable 6,250

Cr Cash 37,750

Paid miscellaneous expense for various items, $20,400.

Dr Miscellaneous expenses 20,400

Cr Cash 20,400

Purchased equipment for $10,500 in cash.

Dr Equipment 10,500

Cr Cash 10,500

Paid $2,475 in cash dividends to shareholders.

Dr Dividends 2,475

Cr Cash 2,475

Accrued salaries at year-end amounted to $755.

Dr Wages expense 755

Cr Wages payable 755

Depreciation for the year on the equipment is $1,600.

Dr Depreciation expense 1,600

Cr Accumulated depreciation 1,600

Dr Service revenue 104,000

Cr Income summary 104,000

Dr Income summary 54,255

Cr Wages expense 32,255

Cr Miscellaneous expenses 20,400

Cr Depreciation expense 1,600

Dr Income summary 49,745

Cr Retained earnings 49,745

Dr Retained earnings 2,475

Cr Dividends 2,475

2)

Cash Accounts receivable

debit credit debit credit

33,200 10,500

72,800 31,200

22,300 22,300

8,000 19,400

37,750

20,400

10,500

2,475

65,175

Equipment Wages payable

debit credit debit credit

11,200 6,250

10,500 6,250

1,600 755

20,100 755

Common stock Retained earnings

debit credit debit credit

41,500 7,150

8,000 49,745

49,500 2,475

54,420

Service revenue Wages expense

debit credit debit credit

104,000 31,500

104,000 755

0 0 32,255

0 0

Miscellaneous expense Dividends

debit credit debit credit

20,400 2,475

20,400 2,475

0 0 0 0

Depreciation expense Income summary

debit credit debit credit

1,600 104,000

1,600 54,255

0 0 49,745

0 0

3 and 4) Karlin Company

Trial Balance Sheet

For the year ended December 31, 2021

Debit Credit

Cash $65,175

Accounts receivable $19,400

Equipment $20,100

Wages payable $755

Common stock $49,500

Retained earnings $7,150

Service revenue $104,000

Wages expense $32,255

Miscellaneous expense $20,400

Depreciation expense $1,600

Dividends $2,475

Totals $161,405 $161,405

5.a. Karlin Company

Income Statement

For the year ended December 31, 2021

Service revenue $104,000

Expenses:

Wages expense $32,255
Miscellaneous expense $20,400
Depreciation expense $1,600 ($54,255)

Net income $49,745

5.b. Karlin Company

Balance Sheet

For the year ended December 31, 2021

Assets:

Cash $65,175

Accounts receivable $19,400

Equipment $20,100

Total assets $104,675

Liabilities:

Wages payable $755

Total liabilities $755

Stockholders' equity

Common stock $49,500

Retained earnings $54,420

Total stockholders' equity $103,920

Total liabilities + equity $104,675

6) Karlin Company

post-closing Trial Balance Sheet

For the year ended December 31, 2021

Debit Credit

Cash $65,175

Accounts receivable $19,400

Equipment $20,100

Wages payable $755

Common stock $49,500

Retained earnings $54,420

Totals $104,675 $104,675

4 0

4 years ago

Ted and Fred are the owners of a gas station. They invested $150,000 each and pay an employee named Lawrence $35,000 per year. T

Scrat [10]

Answer:

C. Ted & Fred

Explanation:

Ted and Fred are in a partnership form of business ownership. According to the law of partnership, partners should share profits and losses equality unless specified otherwise in a partnership deed. In this scenario, Ted and Fred will share the loss equally or in the manner stated in their partnership agreement.

Lawrence is an employee. He does not share in the profits and losses of the business. Lawrence provides labor services to the partnership for which he earns a constant salary.

8 0

3 years ago

In the United States today what gives money its value

VMariaS [17]

Answer:

It can give money value today but it reallys depends because if you are trying to say money give us value to help us pay for medicare then yes. In order for us to afford medicare. You need the Goverments support especally if you an need for support or you have someone is need.

Explanation:

4 0

3 years ago