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Ludmilka [50]
4 years ago
11

g The adjusted trial balance for Kingbird, Inc. is given below. Kingbird, Inc. Trial Balance August 31, 2020 Before Adjustment A

fter Adjustment Dr. Cr. Dr. Cr. Cash $10,400$10,400 Accounts Receivable 8,5009,700 Supplies 2,300600 Prepaid Insurance 4,0002,500 Equipment 14,30014,300 Accumulated Depreciation-Equipment $ 3,500$ 4,500 Accounts Payable 5,8005,800 Salaries and Wages Payable 01,400 Unearned Rent Revenue 1,600700 Common Stock 11,70011,700 Retained Earnings 3,600 3,600 Service Revenue 34,20035,400 Rent Revenue 10,90011,800 Salaries and Wages Expense 16,80018,200 Supplies Expense 01,700 Rent Expense 15,00015,000 Insurance Expense 01,500 Depreciation Expense 0 1,000 $71,300$71,300$74,900$74,900

Business
1 answer:
jeyben [28]4 years ago
5 0

Answer:

See explanation section

Explanation:

See the following image to get the answer:

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answer this question before making any changes to spending percentages. what was the budget deficit in 2012?
Anuta_ua [19.1K]
$1.101 trillion that was the budget deficit
5 0
3 years ago
Better Corp. (BC) began operations on January 1, Year 1. During Year 1, BC experienced the following accounting events: 1. Acqui
yuradex [85]

Answer:

Better Corp. (BC)

a. Accounting Equation

Assets                =       Liabilities       +               Equity

1. Cash $7,000                                                   Common stock $7,000

2. Cash $12,000        Bank loan payable $12,000

3. Cash $47,000                                                Service Revenue $47,000

4. Cash ($30,000)                                              Op. expenses ($30,000)

5. Cash ($8,000)                                                Cash dividend ($8,000)

6. Land $20,000 Cash ($20,000)

Assets $28,000   =  Liabilities $12,000  + Equity $16,000

b. December 31, Year 1 Balances:

Total assets = $28,000

Total liabilities = $12,000

Stockholders' equity = $16,000

Balance Sheet as of December 31, Year 1

Assets:

Cash                     $8,000

Land                  $20,000

Total assets      $28,000

Liabilities:

Bank loan         $12,000

Equity:

Common stock $7,000

R/Earnings          9,000

Total equity    $16,000

Liabilities and

 Equity          $28,000      

c. January 1, Year 2 Balances:

Total assets = $28,000

Total liabilities = $12,000

Total equity = $16,000

d. The Land will be shown on the December 31, Year balance sheet at $20,000.  The reason is that this is the acquisition cost and the land is not held for trading (no information provided).

Explanation:

a) Data and Analysis based on the Accounting Equation:

1. Cash $7,000 Common stock $7,000

2. Cash $12,000 Bank loan payable $12,000

3. Cash $47,000 Service Revenue $47,000

4. Cash ($30,000) Operating expenses ($30,000)

5. Cash ($8,000) Cash dividend ($8,000)

6. Land $20,000 Cash ($20,000)

4 0
3 years ago
Should the United States pass a balanced budget amendment? Explain your answer.
ZanzabumX [31]

Answer:

There is no balanced budget provision in the U.S. Constitution, so the federal government is not required to have a balanced budget and Congress usually does not pass one. Several proposed amendments to the U.S. Constitution would require a balanced budget, but none have been enacted.

3 0
3 years ago
Read 2 more answers
A credit limit is: A. A company's total debt B. The maximum that a creditor will allow a customer to owe at any point in time C.
yaroslaw [1]

Answer:

B. The maximum that a creditor will allow a customer to owe at any point in time

Explanation:

Credit limit also referred to as a credit line is the maximum amount of money a lender can extend to a client. Lenders often times set the credit limit based on the individual's credit history. This is to determine if the client is credit worry.

There are two categories of borrowers, which are; high-risk borrowers and low-risk borrowers.

6 0
3 years ago
Read 2 more answers
Management’s attitude toward aggressive financial reporting and its emphasis on meeting projected profit goals most likely will
horrorfan [7]

Answer:

the Management section is completely controlled by only one person who is also a shareholder.

Explanation:

Based on the information provided within the question this will significantly increase when the Management section is completely controlled by only one person who is also a shareholder. In any situation where one person hold's all the power, corruption (fraudulent financial reporting) increases since the individual is able to blend in and not raise suspicion since they are the only one that is completing a certain task.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
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