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3 years ago

The accounts receivable credit column of the cash receipts journal is

1 answer:

5 0

The accounts receivable credit column of the cash receipts journal is "posted in summary at the end of the month and by individual amounts on a daily basis".

Option: D

Explanation:

In general ledger the sums in the debit and credit column are reported personally. The calendar of receivable accounts is lists of all clients 'accounts, account balances, and total amount due. Here the accounts receivable credit column are those in which the cash receipts journal column is the sums that are added separately to the receivable ledger accounts. Although debit column accounts payable are those in which cash payments journal column is the sums that are added separately to the accounts payable ledger.

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This is incorrect!!!!!!!

5 0

3 years ago

Read 2 more answers

Delicious Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $1,500 M

Afina-wow [57]

Question Completion:

If Delicious Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.

Answer:

Delicious Catering

Using the Accrual method, Delicious Catering would have recorded for the month a net income of $1,670.

Explanation:

Data and Calculations:

Prepaid Rent for 3 months = $1,500

Rent expense for the month = $500 ($1,500/3)

Utilities expense = $190

Service Revenue:

Cash for meals = $2,400

Credit 2,000

Total $4,400

Salary Expense = !,700

Depreciation expense = $340

Kitchen Equipment = $2,500

Income Statement for the month of May:

Service Revenue $4,400

Expenses:

Rent $500

Utilities expense 190

Salary expense 1,700

Depreciation expense 340

Total expenses $2,730

Net Income $1,670

8 0

3 years ago

Today is date 0. In 10 years, you plan to retire and buy a house in Norman, OK. In terms of a time line, you will retire at the

Marianna [84]

Answer:

$20,441.67

Explanation:

the present value of your house is $200,000, its future value = $200,000 x (1 + 5%)¹⁰ = $325,778.93

you can earn a 10% annual interest rate for 10 years, that means that we can use a future value of an annuity factor = 15.937

your annual investment = future value of the house / annuity factor = $325,778.93 / 15.937 = $20,441.67

6 0

3 years ago

Paulson Company began the year with retained earnings of $500,000. During the year, the company issued $720,000 of common stock,

Murljashka [212]

Answer:

Revenue for the period = $2,100,000

Explanation:

Provided information,

Opening balance of retained earnings = $500,000

Expenses recorded for the period = $2,000,000

Dividends paid during the period = $80,000

Closing balance of retained earnings = $520,000

Therefore increase in retained earnings = $520,000 - $500,000 = $20,000

Earnings for the period - Expenses for the period - Dividend for the period = $20,000

Now, putting values in above,

Earnings - $2,000,000 - $80,000 = $20,000

Earnings = $20,000 + $80,000 + $2,000,000 = $2,100,000

Revenue for the period = $2,100,000

6 0

3 years ago

TH Manufacturers expects to generate cash flows of $129,600 for the next two years. At the end of the two years the business wil

arsen [322]

Answer:

Vo = C1 + C2 + V2

1 + k (1 + K)2

Vo = $129,600 + $129,600 + $3,200,000

1 + 0.14 (1 + 0.14)2

Vo = $113,684.21 + $2,562,019.08

Vo = $2,675,703.29

The correct answer is C

Explanation:

The current value of the business equals cashflow in year 1 divided by 1 + K plus the aggregate of cashflow and sales value in year 2 divided by 1 + k raised to power 2.

7 0

3 years ago