Answer:
The Supplies account would be <em>debited </em>on the <em>left </em>side of the T-account and the Cash account would be <em>credited</em> on the <em>right </em>side of the T-account.
Explanation:
Supplies
DEBIT CREDIT
(LEFT) (RIGHT)
300
We debit supplies as it represnet an asset , something the company owns. Thus it will increase from the debit
Cash
DEBIT CREDIT
(LEFT) (RIGHT)
300
We credit cash is it is assets which is being decreased. We use the cash to acquire the supplies. We no longer have those 300 dollars we use to purchase the supplies.
Answer:
(A) $10,000
Explanation:
The beginning of the partnership basis for tax purposes consists of all the money paid to the partnership which is $10, 000. The comission fee $1,000, the up-front costs which are $500 for legal expenditures, and $500 for organization costs are all included in the $10000 price and are integral part of the beginning basis. There are no up front deductions for these costs.
Adjustments to the beginning basis will occur after the partnership's first year of operations. At that point, a K-1 is issued, showing that partner's share of partnership income and loss; and any cash distributions made by the partnership or additional cash contributions made to the partnership. All of these items are netted against the beginning basis to arrive at the year-end adjusted basis. So the customer's beginning tax basis is $10,000.
Answer:
<u>Assets</u>
1. Cash 2,100
2. Accounts receivable 2,600
7. Inventory $2,300
5. Buildings 3,800
9. Equipment 2,000
Total: 12,800
<u>Liabilities</u>
11. Accounts payable 3,400
8. Income taxes payable 70
4. Notes payable 310
6. Mortgage payable 1,340
Total: 5,120
<u>Equity</u>
3. Common stock 2,830
10. Retained earnings 4,850
Total 7,680
Liabilities + Equity = 12,800
Explanation:
Assets= represent all the property and rights owned by the company that will be used to produce a positive cashflow in the business activity.
Liabilites= this represents the obligation against third parties wheter they are to do or to pay something
Equity = represents the stockholders rights. They are composed by their contribution and the retained earnigns which represent the accumulated income and losses of the business.
Make a cost-of-sales estimate. COGS. Determine how much money you make from selling the products. To calculate gross profit, deduct the cost of items from revenue.
Divide the result by revenue now. To calculate gross profit as a percentage, multiply it by 100. Gross profit is a metric reflecting how effectively a business uses labour and revenue to produce items or provide services to customers. You can better comprehend revenue-generating costs by looking at gross profit. The profit equation can be written as Profit = Revenue - Cost in its most basic form. Costs comprise both variable costs and fixed costs.
To learn more about gross profit, click here.
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Answer:
The net financing cash flows is $5000 as shown below.
Explanation:
The net financing cash flows is calculated below:
Receipt from bank for long-term borrowing $6000
Payment of dividends <u> ($1000)</u>
Net financing cash flows $5000
Receipt of $10000 relates to operating cash flows as it is cash receipt in the ordinary course of business
Payment to suppliers of $5000 is an operating cash flow as well as suppliers are paid for supplying the items that the business deals in, same applies to payment to workers of $2000.
Lastly, the payment for machinery of $8000 relates to investing activities of the business as it an expenditure incurred to generate more returns.