Who is responsible for the setup of speakers for a banquet

Use the following information for exercises 15 to 18 LO P2 The following information applies to the questions displayed below] O

Mrrafil [7]

Answer:

Ernst Consulting

Balance Sheet

For the Month Ended October 31, 202x

Assets:

Cash $12,650

Accounts receivable $12,800

Office supplies $2,850

Office equipment $17,530

Land $45,940

Total assets $91,770

Liabilities and stockholders' equity:

Accounts payable $8,110

Common Stock $83,540

Retained earnings $120

Total liabilities and stockholders' equity $91,770

Explanation:

I ordered the accounts and included a couple that were missing:

Cash 12,650
Accounts receivable 12,800
Consulting revenue 12,800
office supplies 2,850
Land 45,940
office equipment 17,530
Accounts payable 8,110
Cash dividends 1,570
Common Stock 83,540
Rent expense 3,110
Salaries expense 6,490
Telephone expense 850
Miscellaneous expenses 660

First we need to determine net profit for the month:

Consulting revenue 12,800

Salaries expense -6,490

Rent expense -3,110

Telephone expense -850

Miscellaneous expenses -660

net profit = $1,690

retained earnings = net profit - dividends distributed = $1,690 - $1,570 = $120

7 0

3 years ago

Guns R Us overstated its ending inventory in the current year by $5,000. The company incorrectly reported $100,000 of net income

soldi70 [24.7K]

Answer:

B. Cost of goods sold will be too low by $5,000.

Explanation:

Overstatement in closing inventory has two effects. First in income statement, that the cost of goods sold is decreased by the same amount that is overstated. Second is overstatement of Inventory value in the asset section of balance sheet. According to the given scenario The effect of this event should be as cost of goods sold will be too low by $5,000.

4 0

4 years ago

Choose all that apply.

Dima020 [189]

1.tracking your spending 2.avoiding impulse purchases 3.using credit cards infrequently

4 0

3 years ago

Read 2 more answers

Several years ago Brant, Inc., sold $900,000 in bonds to the public. Annual cash interest of 9 percent ($81,000) was to be paid

gtnhenbr [62]

Answer:

The Journal entries are as follows:

(1) On December 31, 2016

Bonds payable A/c Dr. $154,040

Interest income A/c Dr. $14,070

Loss on retirement of debt A/c Dr. $49,000

To investment in bonds $198,870

To Interest expense $18,240

(To record consolidation entry)

(2) On December 31, 2018

Bonds payable A/c Dr. $158,884

Interest income A/c Dr. $13,761

Investment in Zack A/c Dr. $40,266

To investment in bonds $194,152

To Interest expense $18,759

(To record consolidation entry)

Workings:

Interest expense for December 31, 2016:

Book value = 20% of Bond liability (as per equity method)

= 0.2 × $760,000

= $152,000

Interest expense = 12% of Book value

= 0.12 × $152,000

= $18,240

Interest expense for December 31, 2016:

= 12% of Book value

= 0.12 × $156,325

= $18,759

7 0

3 years ago

Which type of financial statement should you look at if you want to see a company's profits and losses over a specific period of

Nikolay [14]

The answer is D I hope I am right

3 0

3 years ago