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umka2103 [35]
3 years ago
13

Luis consulting started the year with total assets of $60,000 and total liabilities of $17,000. during the year, the business re

corded $48,000 in consulting revenues and $36,000 in expenses. luis made an additional investment of $8,000 and withdrew cash of $9,000 during the year. ownerâs equity changed by what amount from the beginning of the year to the end of the year? $11,000. $3,000. $12,000. $45,000.
Business
1 answer:
BARSIC [14]3 years ago
6 0
Owner's equity at the beginning of the year is
Assets-liabilities
60,000−17,000=43,000

Owner's equity at the end of the year is
Beginning balance+revenues-expenses+additional investment-withdrawal amount
43,000+48,000−36,000
+8,000−9,000
=54,000

Owner's equity changed by
ending balance-beginning balance
54,000−43,000=11,000. ..answer
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On March 1, Lincoln sold merchandise on account to Amelia Company for $27,300, terms 1/10, net 45. On March 6, Amelia returns me
xenn [34]

Answer:

Explanation:

The journal entries are shown below:

Accounts receivable A/c Dr $27,300

              To Sales A/c $27,300

(Being goods are sold on credit)

Sales return and allowance A/c Dr $3,000

              To Accounts receivable $3,000

(Being sales return is recorded)

Cash A/c Dr                   $24,057

Sales Discount A/c Dr $243

     To  Accounts receivable    $24,300

(Being cash received recorded)

The computation of the account receivable  

= Credit sales - returned goods

= $27,300 - $3,000

= $24,300

And, the discount would be

= Accounts receivable × percentage given

= $24,300 × 1%

= $243

The remaining amount would be credited to the cash account.

8 0
3 years ago
Which of the following types of pronouncements are intended to establish the objectives and concepts that the FASB will use in d
mezya [45]

Answer:

The correct answer is option A) Statement of Concepts

Explanation:

The Financial Accounting and Standard Board (FASB) pronouncements intended to establish the objectives and concepts that the FASB will use in developing standards of financial accounting and reporting is Statement of Concepts.

Statement of Concepts is intended to serve the general interest of the public by setting the objectives, characteristics, specific qualities, and other parameters that guide selection of economic concepts that will be recognized and reflected in financial statements for financial reporting.

Statement of concepts guide the FASB in developing well researched and informed accounting principles that reflects the contents and inherent limitations that will be used in developing standards of financial accounting and reporting.

7 0
3 years ago
Tancredi Corporation has two manufacturing departments--Machining and Customizing. The company used the following data at the be
olganol [36]

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Fixed overhead= 33,500

Total variable overhead= (1.8*5,000) + (3*5,000)= 24,000

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (33,500 + 24,000) / 10,000

Predetermined manufacturing overhead rate= $5.75

<u>Now, we can determine the total cost for each Job:</u>

<u>Job E:</u>

Direct material= $12,800

Direct labor= $17,600

Allocated overhead= (3,400 + 2,000)*5.75= $31,050

Total cost= $61,450

<u>Job J:</u>

Direct material= $7,000

Direct labor= $1,600

Allocated overhead= (1,600 + 3,000)*5.75= $26,450

Total cost= $35,050

6 0
3 years ago
Which of the following statements regarding leadership is true?
Oliga [24]

Answer:

5) Nonsanctioned leadership is as important as formal influence.

7 0
2 years ago
Read 2 more answers
Johnson has his property listed with ABC Realty. On November 1, a fire causes considerable damage to the property. On November 1
Rudik [331]

Answer:

On November 1, the listing was terminated

Explanation:

According to the given n situation, the listing was terminated on November 1 because due to fire, it causes considerable damage to the property. As the property is damaged, so automatically the listing was canceled and terminated.  

The date of rescinds the listing, the expiration date, and, the date at which the broker is incompetence is not relevant.  

3 0
2 years ago
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