Answer:
1. $490,000
2. $481,000
Explanation:
1. The computation of the total amount which is included in the balance sheet is shown below:
= Accounts receivable + Accounts receivable, long term + Land + Patents
= $215,000 + $118,000 + $63,000 + $94,000
= $490,000
In this the land and patents are recorded in the historical rates
2. The computation of the total amount which is included in the balance sheet is shown below:
= Accounts receivable + Accounts receivable, long term + Land + Patents
= $215,000 + $118,000 + $59,000 + $89,000
= $481,000
In this all items are recorded in the current rates
Think this is a keep most of your saving in your checking account
Based on the fact that Kim's flowers borrowed the money and used it to buy a new delivery vehicle, this business activity should be categorized as both a financing activity and an investing activity.
<h3>What should they classify this business activity as?</h3>
Because Kim's Flowers got the money as a loan, it would be recorded as an inflow for financial activities.
They then used it to purchase a delivery vehicle which is an investment and a capital asset so this will count as an investment activity.
Find out more on classifying business activities at brainly.com/question/14790406
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Answer:
D. Worksheet is a tool used in preparing adjusting entries and the financial statements, and the use of worksheet is optional
Explanation:
The correct option D because worksheet is used to adjust value and prepare the financial statements and it is not mandatory to use.
The post-closing trial balance might show that accounting equation is balanced but not every time. It only ensure the total of debits balances and total of credits balances are equal. All transaction might not correctly journalized.
The accounting cycle starts with analyzing the business transactions and ends with the preparation of a Financial Statements.
Property, Plant and Equipment are our physical, tangible and long term assets which include all land, office, building, Machinery, equipment and vehicles.