Answer:
Hhmmm? What are you asking?
Explanation:
Answer:
$439,610
Explanation:
Preparation for the current assets section of the balance sheet
Current assets
Cash $32,000
Accounts Receivable$111,900
Allowance for Doubtful Accounts($9,080)$102,820
($111,900-$9,080)
Inventory $295,000
Prepaid Insurance $9,790
Total current assets $439,610
($32,000+$102,820+$295,000+$9,790)
Therefore the current assets section of the balance sheet is $439,610
Answer:
Option A is the correct answer,no adjustment is needed.
Explanation:
When related companies sell to each other,the sales transaction is not sales in actual sense,as it is likened to the left hand of an individual exchanging cash with the right hand,in other words, the cash is still owned by the same person.
The same concept is applicable to subsidiaries and parent,the sales recorded from a group perspective is when they sold to external third parties.
When sales happen between related companies, a provision for unrealized profits has to be made to the tune of inventory purchased from related companies not yet sold externally,as the whole of the goods have been to third parties, no such provision or adjustment is required.
Answer:
$88,500
Explanation:
The computation of the amount of cash reported in the balance sheet is shown below:
= Check book balance + check not included - NSF check + coin & currency on hand
= $84,800 + $1,750 - $3,730 + $5,680
= $88,500
We simply applied the above formula so that the correct amount of cash could arrive that is to be reported in the balance sheet
