Answer:
To ensure assets and liabilities are reported at appropriate amounts.
To ensure the related revenues and expenses are reported in the proper period.
Explanation:
Adjusting entries at the end of the period are basically made, to comply with the requirements of the accrual principal.
Under accrual principal the financial statements represent the true and fair view of the transactions and conditions of the company.
It basically records all the revenues and expenses at the time when they are incurred and not at the time when they are paid in cash, or cash is received.
As and when the transaction incurs, or to the period it relates it shall be disclosed.
Therefore, each balance sheet item is disclosed and reported at the appropriate amount. And the all the revenues and expenses related to the period are provided for.
Answer:
Explanation:
1. 28/11 Debit: Bank. $4,500
Credit: deferred Rev $4,500
Being advance pmt for services
2. 01/12 Debit: advert exp $900
Debit: Ad Prepaym. $1,800
Credit: Bank. $2,700
Being payment for advert
3. 31/12 Debit: Salary payable$8000
Credit: Salary Exp. $8000
Being Accrued salaries
4 31/08 Debit: Bank. $70,000
Credit: Loan A/c. $70,000
Being bank loan borrowed
5. 31/12 Debit: into on loan $2,100
Credit: Bank. $2,100
Being accrued interest on loan borrowed.
Sidewinder, Inc., has sales of $670,000, costs of $337,000, depreciation expense of $82,000, interest expense of $47,000, and a
Pani-rosa [81]
Answer:
Additions to Retained earnings $78,040
Explanation:
The additions to the retained earnings of Sidewinder, Inc can be calculated as follows
Sales $670,000
Costs ($337,000)
Depreciation expense ($82,000)
Interest expense ($47,000)
Profit before tax $204,000
[email protected]% ($48,960)
Profit after tax $155,040
Less:Dividends ($77,000)
Additions to Retained earnings $78,040
The state transferred ownership of property to Roger and Pauline, the transfer document that the state agency will use us a deed of assignment.
<h3>What is a deed of assignment?</h3>
It should be noted that the deed of assignment simply means an instrument that's used to illustrate that a transfer has taken place.
Any property transaction needs a deed of assignment because it serves as the primary record between the seller and the buyer proving that all negotiations, inquiries, and other required due diligence have been made, the purchase price has been paid, and all other prerequisites have been met.
In this case, the state transferred ownership of property to Roger and Pauline, the transfer document that the state agency will use us a deed of assignment.
Learn more about assignment on:
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Answer: Internal and non financial reporting
Explanation: Internal reporting refers to performance reporting by the workers of the organisation to the upper level management, who are responsible for decision making.
Non financial reporting refers to the reporting of information related to the social, environmental and cultural aspects of an organisation.
In the given case, Gimbly is making changes in the warehouse system so that top managers can have information about the business environment change.
Hence, we can conclude that It is an example of Internal and non financial reporting.
