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3 years ago

The statement that reports net income or loss for a certain period in time is the

Business

1 answer:

Mars2501 [29]3 years ago

8 0

Answer:

The correct answer is: Income statement.

Explanation:

The Income Statement is a report that measures a company's financial performance over a specific accounting period. This statement is also known as the Profit and Loss Statement and Earnings Statement. The Income Statement shows a company's <em>revenues, expenses, net profit, </em>and <em>net loss</em> from both operating and non-operating activities.

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diamong [38]

Answer: please refer to the explanation section for journals and notes

Explanation:

1 April

DR Inventory 23000

CR Trade Payable 23000

inventory is purchased on Free on Board Shipping terms, risks and Ownership of inventory transfers to Kerber Co the moment Wilkes company ships the inventory. inventory must be recognised

6 April

DR Freight costs 900

CR Bank 900

DR Inventory 900

CR Freight costs 900

Kerber Co Paid Freight costs of $900. There are two events happening in this transaction being the payment of freight costs and the capitalisation of freight costs. Freight costs are capitalised (included in the value of inventory) as they are costs necessary to get the inventory in to the premises of the customer (Kerber Co).

7 April

DR Equipment 26000

CR Creditor/Liability 26000

Kerber Co purchase inventory on credit. equipment is debited because Equipment is an asset and liability is credited.

8 April

DR Trade Payable 3000

CR inventory 3000

Damaged inventory returned will decrease inventory balance and also decrease the amount owed to the creditor (Wilkes Company) . Trade Payable account is Debited and inventory account is credited to record the decrease in inventory and amount payable

15 April

DR Trade Payable 20000

CR Bank 20000

23000 - 3000 = 20 000

recording payment made to the Creditor for inventory purchased or settlement of the trade payable account

5 0

2 years ago

Concord Company purchased equipment for $25200 on December 1. It is estimated that annual depreciation on the equipment will be

Ray Of Light [21]

Answer:

Debit Depreciation Expense, $525;

Credit Accumulated Depreciation, $525.

Explanation:

Based on the information given in a situation where the financial statements are to be prepared on December 31, which means that the company should make the following adjusting entry:

Debit Depreciation Expense, $525

Credit Accumulated Depreciation, $525

Calculated as:

Debit depreciation expense $6,300/12

Debit depreciation expense=$525

7 0

3 years ago

During a concealment investigation, an investigator fails to recognize that an invoice had been forged. This represents a: a. no

Ivanshal [37]

Answer:

a. non-sampling risk.

Explanation:

A non-sampling risk includes all the audit risk other than the sample risk and is stated as the probability of getting to an incorrect conclusion in the site of having a correct sample. Examples include the inappropriate audit procedures.

7 0

3 years ago

The international agency that administers trade agreements, facilitates trade negotiations, and helps to resolve trade disputes,

Zepler [3.9K]

World Trade Organziation

3 0

2 years ago

Flounder Corporation owns machinery that cost $26,400 when purchased on July 1, 2017. Depreciation has been recorded at a rate o

Alecsey [184]

Answer:

A. Dr Depreciation Expense $2,123

Cr Accumulated Depreciation $2,123

B. Dr Cash $13,860

Dr Accumulated Depreciation$13,211

Cr Machiner$26,400

Cr Gain on Disposal of Machinery$671

Explanation:

Preparation of the journal entries to (a) update depreciation for 2021 and (b) record the sale.

A. Preparation of the journal entries to (a) update depreciation for 2021

Dr Depreciation Expense $2,123

Cr Accumulated Depreciation $2,123

(3185*8/12)

B. Preparation of the journal entries to record the sale

Dr Cash $13,860

Dr Accumulated Depreciation$13,211

($11,088+$2,123)

Cr Machiner$26,400

Cr Gain on Disposal of Machinery$671

[($13,860+$13,211)+$26,400]

7 0

2 years ago