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ddd [48]
3 years ago
13

Oriole’s Electronic Repair Shop started the year with total assets of $300000 and total liabilities of $208000. During the year,

the business recorded $523000 in electronic repair revenues, $319000 in expenses, and Oriole withdrew $49300. Oriole's Owner’s Capital balance changed by what amount from the beginning of the year to the end of the year?
Business
1 answer:
AVprozaik [17]3 years ago
7 0

Answer:

$154,700

Explanation:

The computation of the change in amount is shown below

But before that first find out the ending capital balance which is

= (Total assets - total liabilities) + (revenues - expenses) - drawings

= ($300,000 - $208,000) + ($523,000 - $319,000) - $49,300

= $92,000 + $204,000 - $49,300

= $92,000 + $154,700

= $246,700

Now the change in capital balance is

= Closing balance - opening balance

= $246,700 - $92,000

= $154,700

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a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only
weqwewe [10]

Answer:

Trial Balance :    Debit 15558  = 15558 Credit

Explanation:

b.) Noncollectable amount = $5300 * 35% = 1855

 Entry: Dr bad debts expense  1855

                  Cr Allowance for bad debts     1855

        (To record bad debts expense).

5300-1855= 3445 * 3% = $103 will not be collected.

Entry:          Dr  Bad debts expense  103

                            Cr  Allowance for bad debts   103

        ( To record bad debts expense)      

d.) Entry:

           Dr Income tax expense 13600

                    Cr Income tax payable   13600

    (To record accrued income tax expense).

Ledgers  :

Bad debt expense = 1855+103 = 1958

Allowance for bad debts = 1855+103 = 1958

Income tax expense = 13600

income tax payable = 13600.

Trial balance:

                               

_Dr__________________________________________________Cr____

        Bad debt expense     1958     -----     1958 Allowance for bad debts

         Income tax expense 13600   -----  13600  Allowance for bad debts

Total =  15558                                              -------      Total = 15558

5 0
3 years ago
Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Com
Maslowich

Answer:

$327,400

Explanation:

Preparation of the stockholders' equity section of the balance sheet at the end of the year.

TANDY, INCORPORATED Balance Sheet (Partial) At December

TANDY, INCORPORATED

Balance Sheet (Partial)

At December 31, this year

Stockholders' equity:

Contributed capital:

Common stock $149,100

(21,300*$7)

Additional paid-in capital, common stock $106,500

[21,300 x (12-7)]

Common stock - Contributed capital $255,600

($149,100+$106,500)

Preferred stock $11,400

(1,900*$6)

Additional paid-in capital, Preferred stock $19,000

[1,900 x (16-6)]

Preferred stock - Contributed capital $30,400

($11,400+$19,000)

Total Contributed Capital $286,000

($255,600+$30,400)

Retained earnings $41,400

Total Stockholders' equity $327,400

($286,000+$41,400)

Therefore the stockholders' equity section of the balance sheet at the end of the year will be $327,400

5 0
3 years ago
If both an asset group and goodwill in one of a company's reporting units have to be tested for impairment, which of the followi
irga5000 [103]

Answer: A. The other asset group should be tested for an impairment loss before goodwill is tested.

Explanation:

According to the IFRS standards, it is important and necessary to revalue your assets according to their net realizable value, i.e, assets should be reported after deducting accumulated depreciation or amortization in the case of goodwill. In the case of inventory, NRV should be calculated by estimating impairments.

The other asset groups are tested to check for impairment loss and later the goodwill is tested.  

3 0
3 years ago
The combined American Marketing Association's 2004/2007 definitions of marketing used in the textbook defines marketing as______
Scilla [17]

Answer:

Option B is correct. According to the Combined American Marketing Assiciation 2004, marketing is the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.

Explanation:

This defination clearly denies the illegal activities or unethical trading by adding the phrase that it will benefit society at large not to a single entity.

6 0
3 years ago
All of the following describe a budget appropriately EXCEPT: A. It is the best tool to help you get more for your money. B. It i
Liono4ka [1.6K]

Answer:

Ithink B

Explanation:

but I'm not sure

5 0
3 years ago
Read 2 more answers
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