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3 years ago

Account Title Debit Credit

Business

1 answer:

Ludmilka [50]3 years ago

3 0

Answer:

Explanation:

In the classified balance sheet, we summarize the asset and liabilities into various types

Like assets are divided into fixed assets, current assets, and intangible assets.

Likewise, liabilities are also divided into current liabilities, long term liabilities

In every balance sheet, the accounting equation is used that means

Total assets = Total liabilities + Shareholder equity

Before preparing we have to compute the net income and the ending retained earning balance which is shown below:

Net income = Trucking fees earned - truck Depreciation expense - Salaries expense - Office supplies expense - trucks Repairs expense

= $124,000 - $26,574 - $52,528 - $20,000 - $9,632

= $15,266

And, the ending retained earning balance = Beginning balance of retained earnings + net income - dividend paid

= $128,194 + $15,266 - $22,000

= $121,460

The preparation of the classified balance sheet for Wilson Trucking company on December 31, 2013 is presented in the spreadsheet. Kindly find the attachment below:

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Henry is a landlord renting an apartment to Steven, a student at a nearby university. The two enter into a one-year lease arra

Sindrei [870]

Answer:

Mitigate his damages

Explanation:

By law, mitigation involves making effort to reduce losses. Now, an individual claiming damages or losses due to break in contract or a wrongful act by another individual has a duty under the law to mitigate those damages. That is to say, the plantiff is under a duty under the law to reduce the loss by taking advantage of any opportunity arising that may help.redice the losses or damages. However, in this case, the plantiff, who's the landlord Henry did not mitigate the loss by not attempting to or renting the accommodation out for the remaining six month. Thus, the damages would likely be reduced because he failed to mitigate his damages as he should have done as required under the law.

3 0

3 years ago

The lower the concentration ratio the

Papessa [141]

More competitive the industry.

7 0

3 years ago

f-1. Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic. Instead, on January 1, 2020, S

Margarita [4]

Answer:

Journal 1

Debit : Other Income $34,000

Credit : Equipment $34,000

Journal 2

Debit : Accumulated depreciation $6,800

Credit : depreciation $6,800

Explanation:

Step 1 : Eliminate the Income resulting from sale and the additional value of equipment sitting in the buyer books

Income = Selling Price - Carrying Amount

where,

Carrying Amount = Cost - Accumulated depreciation

= $84,000

therefore,

Income = $118,000 - $84,000 = $34,000

Journal;

Debit : Other Income $34,000

Credit : Equipment $34,000

Step 2 : Eliminate the unrealized profit as a result of additional asset value

unrealized profit = income ÷ remaining useful life

= $34,000 ÷ 5

= $6,800

Journal;

Debit : Accumulated depreciation $6,800

Credit : depreciation $6,800

7 0

3 years ago

Which of the following events would be likely to increaseincrease the supply of money?

geniusboy [140]

Answer:

D. The Fed decreases the discount rate relative to the federal funds rate.

Explanation:

The discount rate is the interest rate charged by the Central bank when commercial banks borrows funds from it.

When the discount rate is lowered, excess reserves increase and money supply increases.

The reserve requirement is the amount of deposits of commercial banks that should be kept as reserves. The higher the reserve requirement, the lower the money supply.

If banks hold more excess reserves, money supply falls.

An open market sale decreases money supply while an open market purchase increase money supply.

I hope my answer helps you.

8 0

3 years ago

Fusaro Corporation uses a predetermined overhead rate base on machine-hours that it recalculates at the beginning of each year.

WARRIOR [948]

Answer:

The amount of manufacturing overhead that would have been applied to all jobs during the period is $1,289,340.00

Explanation:

For computing the manufacturing overhead, first, we have to compute the predetermined overhead rate which is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)

= $684,000 ÷ 20,000 hours

= $34.20

Now the applied overhead would be equal to

= Actual direct labor-hours × predetermined overhead rate

= 37,700 hours × $34.20

= $1,289,340.00

4 0

3 years ago