Answer:
The sum of the debits will exceed the sum of the credits by $340. (None of the options given).
Explanation:
The right posting on the payment of $210 for the purchase office supplies would be;
Debit office supplies account $210
Credit Cash account $210
However since the debit to office supplies was $550 which is 340 (i.e $550 - $210) more than what the amount to have been posted is, it means that the sum of the debits will exceed the sum of the credits by $340.
A. It is decreased by 50,000 (I'm 50% sure)
6% of 50,000 is 3,000
Answer:
Explanation:
The preparation of the income statement is presented below using the generally accepted accounting Principles (GAAP) :
Sales $176,000
Less: Cost of goods sold ($97,200) ($54,000 + $43,200)
Gross margin $78,800
Less: Selling and administrative cost ($31,000) ($17,200 + $13,800)
Net income $47,800
Hence, we considered all the given information
Continually reassess your plan. As part of the investment process and financial planning process, Holly should monitor and reassess her savings and investing plan annually to determine if her goals have changed and if she is meeting her goals through the plan's performance.
