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il63 [147K]
3 years ago
10

The account balances and income statement of Winfrey Towing Service on June 30, 2018, follow:Equipment $18,250 Service Revinue $

10,800Office Supplies 1,400 Account Receivable 8,400Notes Payable 5,000 Accounts Payable 11,000Rent Expense 550 Retined Earnings, June 1, 2018, 3,900Cash 2,200 Salries Expense 1,900Dividends 4,000 Common Stock 6,000Required:a. Prepare the statement of retained earnings for Winfrey Towing Service for the month ending June 30, 2018.b. What does the statement of a retained earnings report?
Business
1 answer:
salantis [7]3 years ago
4 0

Answer:

See explanations below.

Explanation:

First , we need to calculate net income

Revenues :

Service revenue $10,800

Less : Expenses:

Salary expense $1,900

Rent expense $550

Total expense. ($2,450)

Net income. $8,350

a. Winfrey Towing Service

Statement of retained earnings

Month ended, June 30 2018

Retained earnings June 1, 2018 $3,900

Add net income for the month $8,350

$12,250

Less: Dividends ($4,000)

Retained earnings June 30, 2018 $8,250

b. Statement of retained earnings report is the change in retained earnings of a firm or business unit during a given period of time.

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Answer:True

Explanation:

The security assessment report is the documents written by independent assessors after they have finished performing security testing on the system. This report focuses on risk to the system and its networks, applications and facilities. With all these aforementioned points, it can be prepared specifically for IT project at request.

4 0
4 years ago
An aging of a company's accounts receivable indicates that $13900 are estimated to be uncollectible. If Allowance for Doubtful A
tino4ka555 [31]

Answer:the adjustment to record bad debts for the period will require a

Debit on   Bad debt expenses for $ 12,670 and a credit To Allowance for doubtful accounts for  $ 12,670

Explanation:

Account receivables for uncollectibles= $13,900

Allowance for Doubtful Accounts = credit balance of $1230

Adjusting entry for bad debts expense =Account receivables - credit balance of $1230

= $13,900- $1,230

=$12,670

Adjusting entry for the record of  bad debts expense  

Accounts titles                 Debit                       Credit

Bad debt expenses $ 12,670

To Allowance for doubtful accounts             $ 12,670

8 0
3 years ago
Cullen and MacNeil’s is a well-known store that sells writing material. The company faces strong competition from the electronic
statuscvo [17]

Answer: <em>Option (D). Marketing Myopia</em>

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From the given case/scenario, we can state that Cullen and MacNeil’s corporation tends to suffer from Marketing Myopia. Marketing Myopia tends to suggest that the businesses and organization will do much better at the end only if they tend to concentrate on meeting their customers and consumers needs instead of concentrating on just selling the products and services.

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Companies have the opportunity to use varying amounts of different sources of financing, including internal and external sources
Mrrafil [7]

Answer:

A) Company A is the one that is financially leveraged.

Where there is the presence of debt in the capital structure of a firm, that firm is said to be Financially leveraged.

B) A is true.

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On the other hand, however, but excessive debt can increase the risk of default and can lead to low returns or even bankruptcy.

Cheers!

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3 years ago
What are the implications of price wars for a company?
Elanso [62]

Implications led to more sales of the products, they are being sold for less money per product, which might potentially result in shorter-term profits.

<h3>What is the meaning of price wars ?</h3>

A price war is a conflict between rival businesses that lower the prices of their goods in an effort to strategically undercut one another and get a larger market share. A price war may be implemented as a longer-term strategy or as a short-term tactic to boost sales.

In a Price Conflict Five Techniques That Might Work:

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Learn more about the price war:

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