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erastova [34]
2 years ago
6

Match each balance sheet item to its correct category.

Business
1 answer:
vodomira [7]2 years ago
4 0

Answer:

See below

Explanation:

Assets, Liabilities, and  Equity form the basis for preparing the balance sheet. They make the accounting equation of Assets= Liabilities + Equity.

<u>Assets </u>are the valuables a business owns. They can be in the form of cash, money in the banks, financial instruments, properties, machines, or motor vehicles.

<u>Assets will be</u>

  • Cash
  • computers,
  • furniture

<u>Liabilities </u>are what the business owes to third parties and supplies. Liabilities are usually in the monetary form, such as loans, rent, and accounts payable.

<u>Liabilities</u>

  • Rent,
  • Loan
  • wages payable,

<u>Equity</u> is the owner's contribution to the business. They include capital and retained earnings.

Equity

  • retained owners
  • personal investment earnings,

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Answer:

Debt Ratio = Total Debt Total/ Assets

Equity Multiplier = Assets/Equity

<h2>Lots of Debt</h2>

Debt Ratio

= 32.5/34.25

= 0.95

Equity Multiplier

= 34.25/2

= 17.13

<h2>Lots of Equity </h2>

Debt Ratio

= 2/34.25

= 0.06

Equity Multiplier

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= 1.06

6 0
3 years ago
A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una
wlad13 [49]

Answer:

$3,355

Explanation:

Accounts receivables = $ 352,000

Debit Allowance for uncollectible accounts = 630

Net Sales = $797,000

The company estimates that 0.5% of net credit sales are uncollectible

Estimates of uncollectible receivables

= 0.5% × $797,000

=$3985

This is the total amount to be recognized at the end of the year as Bad Debts Expense. Since a debit of $630 has been recognized already, additional debit required

= 3985 - 630

= $3,355

The amount to be debited to Bad Debts Expense when the year-end adjusting entry is prepared is $3,355.

5 0
3 years ago
Russ and Linda are married and file a joint tax return claiming their three children, ages 4, 7, and 18, as dependents. Their ad
hoa [83]

Answer:

$3,700

Explanation:

Given that

Adjusted gross income for the year 2019 = $415,300

Children ages = 4, 7, and 18 as dependents

Based on the given information, Russ and Linda's total child and other dependent credit for the year 2019 is

= (Maximum amount per qualifying child + non-refundable tax credit) - (deductible amount × age)

= ($2,000 × 2 + $500) - ($50 × 16)

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5 0
3 years ago
LNS Corporation generated a minimum tax credit of $100,000 in 2017. LNS has a regular tax liability of $80,000 in 2018. How much
erik [133]

Answer:

$10,000

Explanation:

Calculation for How much of the 2017 minimum tax credit is refundable to LNS in 2018

Refundable minimum tax credit=($100,000-$80,000)*50%

Refundable minimum tax credit=$20,000*50%

Refundable minimum tax credit=$10,000

Note that the 50% represent the refund of the minimum tax credit that is still remaining

Therefore How much of the 2017 minimum tax credit is refundable to LNS in 2018 will be $10,000

5 0
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learn more about downgrade attack here

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#SPJ4

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1 year ago
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