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Naddik [55]
3 years ago
14

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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10. You have just deposited $1000 in an unusual bank account that pays interest biannually (once every 2 years). If the 2-year i
madam [21]

Answer:

FV= $1,259.71

Explanation:

Giving the following information:

Initial deposit (PV)= $1,000

Number of periods (n)= 3 biannual years

Interest rate (i)= 8% = 0.08

<u>To calculate the future value (FV), we need to use the following formula:</u>

FV= PV*(1+i)^n

FV= 1,000*(1.08^3)

FV= $1,259.71

6 0
3 years ago
Jade, a scientist working in the research department of corals cosmetics, is asked to not report the ill-effects of using a new
NARA [144]
Jade resides in the principle stage of cognitive moral development. This stage enables the conscience of the person kicks in and it involves the attitude of respect and trust. It is seen in the scenario above where Jade refuses to take on the permanent job because she does not want to ignore the report that she has found about the ill effects of the product that could bring harm to the people who will buy the products if it has been launched. She lets her conscience kick in and shows respect and trust to those people who could be affected because of this product.
6 0
3 years ago
Weiss Company purchased two identical inventory items. The first purchase cost $30 and the second cost $32. When the Company sol
zhuklara [117]

Answer:

a) FIFO

Explanation:

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LIFO means last in, first out. It is an inventory system where the last purchased inventory is the first to be sold.

Weighted average is when the weighted price of inventory is used as the cost of goods sold.

I hope my answer helps you.

3 0
3 years ago
Economic profit can be derived from calculating total revenues minus all of the firm's costs
Mice21 [21]

Answer:

Economic profit can be derived from calculating total revenues minus all of the firm's costs, Economic profit can be derived from calculating total revenues minus all of the firm's costs, including its opportunity costs. are two stark realities any business firm must recognize.

6 0
3 years ago
​Keith, an employee of​ Sunbeam, Inc., has gross salary for May of​ $15,000. The entire amount is under the OASDI limit of​ $118
Ivanshal [37]

Answer:

there are no options listed, but the journal entry to record Keith's salary should be:

May 31, wages expense

Dr Wages expense 15,000

Dr FICA taxes expense 1,147.50

Dr FUTA taxes expense 900

    Cr Federal income taxes withheld payable 3,000

    Cr FICA OASDI taxes withheld payable 930

    Cr FICA Medicare taxes withheld payable 217.50

    Cr FICA OASDI taxes payable 930

    Cr FICA Medicare taxes payable 217.50

    Cr Wages payable 10,852.50

I didn't include SUTA taxes or any other discount (e.g. health insurance, IRA contributions, union contributions, etc.) because sometimes they do not exist, but the previous ones always exist.

5 0
3 years ago
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