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mario62 [17]
3 years ago
15

From the following list of selected items taken from the records of Rosewood Appliance Service as of a specific date, identify t

hose that would appear on the balance sheet: 1. Accounts Payable 2. Accounts Receivable 3. Andrew King, Capital 4. Cash 5. Fees Earned 6. Land 7. Rent Expense 8. Supplies 9. Wages Expense 10. Wages Payable
Business
1 answer:
elena55 [62]3 years ago
4 0

Answer:

Explanation:

We summarize the assets and liabilities in the classified balance sheet into various types Like assets are divided into fixed assets, current assets, and intangible assets.

Liabilities are likewise divided into current liabilities, long-term liabilities The accounting equation is used in any balance sheet which means

Total assets = Total liabilities + shareholder equity

So, the accounts which are appeared on the balance sheet are shown below:

1. Accounts Payable = Current liabilities

2. Accounts Receivable = Current assets

3. Andrew King, Capital = Stockholder equity

4. Cash = Current assets

5. Land = Fixed assets

6. Supplies = Current assets

7. Wages Payable  = Current liabilities

All other are related to the income statement. Therefore, ignored it

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Financial statements are inexorably moving to a model where all assets and liabilities will be measured on the basis of fair val
amm1812

Answer:

Part a

historical cost = this is when we carry assets and liabilities at cost less accumulated depreciation or amortization.

fair value = this is when we carry assets and liabilities at amount that they could be exchanged for at arms length between market participants

Part b

<u>Historical Cost </u>

Merits : Value are easy to obtain since they are generated internally

Demerits : Is not very accurate.

<u>Fair Value</u>

Merits : Accurate method as it reflects market situation

Demerit : Costly as data and information is obtained externally

Part c

Assets : Investment Property and Financial assets measured through Profit and Loss

Liabilities : Bonds

Part d

Income is shown more accurately and eliminates biases form estimates.

Explanation:

Historical Method carries assets and liabilities at cost less accumulated depreciation or amortization while Fair Value Model carries assets and liabilities at amount that they could be exchanged for at arms length between market participants

6 0
3 years ago
When the allowance method of accounting for uncollectible accounts is used, then
Brums [2.3K]

Answer:

Bad debt expense is recorded in the same year as the credit sale.

Explanation:

Allowance method is generally refer to one of the ways for reporting the uncollectible or bad debt expense which results from a company selling the goods on credit.

This method is used for the process or procedure of uncollectible accounts receivable that records the estimate of the bad debt expense in the same accounting year to which is belongs as the sale. This method is used for adjust the accounts receivable appears on the balance sheet of the company.

4 0
3 years ago
Calistoga Produce estimates bad debt expense at 0.50% of credit sales. The company reported accounts receivable and allowance fo
zysi [14]

Answer:

(D) $ 1,450

Explanation:

The ending balance in allowance for uncollectible accounts is calculated by the following equation.

Opening Balance + Allowance for the year - Receivables written off = Ending Balance

$ 1,610 + $ 1,590 (0.5 % of sales on credit, $ 318,000 *0.5%) - $ 1,750 ( Receivables written off) = Adjusted allowance for uncollectible accounts <u>$ 1,450</u>

The amounts collected are not relevant in  calculating the ending balalnce

4 0
3 years ago
The ledger of Mai Company includes the following accounts with normal balances: D. Mai, Capital $9,000; D. Mai, Withdrawals $800
oksian1 [2.3K]

Answer: See explanation

Explanation:

The necessary closing entries from the available information at December 31 will be calculated thus:

1. Dec 31

Dr Services Revenue $13000

Cr Income Summary $13000

2. Dec 31

Dr Income Summary $10000

Cr Wages expense $8400

Cr Rent expense $1600

3. Dec 31

Dr Income Summary = $13000 - $10000 = $3000

Cr D. Mai, Capital $3000

4. Dec 31

Dr D. Mai, Capital $800

Cr D. Mai, Withdrawals $800

8 0
3 years ago
McGinnis Construction is a cash-basis company with a fiscal year-end of June 30. McGinnis’ employees earn a normal weekly wage o
viva [34]

Answer:

As a result of operations, there will be an understatement of McGinnis’ net income for the most recent fiscal year of 30900

Explanation:

Services             40900

Weekly wage     10000

FY end on June  30900

The cash basis is a method of recording accounting transactions for revenue and expenses only when the corresponding cash is received or payments are made. Thus, you record revenue only when a customer pays for a billed product or service, and you record a payable only when it is paid by the company

5 0
3 years ago
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