Answer:
$360
Explanation:
We can compute net income to be
The ending balance of retained earnings = Beginning balance of retained earnings + net income - dividend paid.
Where,
Dividend = $482
Change in retained earnings = $122
Hence,
Net income = Dividend - Change in retained earnings
= $482 - $122
Net income = $360
Answer:
Accounts Debit($) Credit($)
Cash 10,750
Common Stock 10,750
<u>Being cash invested for common stock</u>
<u> in the business</u>
Office Supplies 312
Cash 312
<u>Being office supplies purchased with cash</u>
Office Equipment 5,945
Account Payable 5,945
<u>Being office equipment purchased on credit</u>
Cash 1,268
Fees Earned 1,268
<u>Being cash received on service rendered </u>
<u>to a customer</u>
Account Payable 5,945
Cash 5,945
<u>Being settlement of amount owned for </u>
<u>office equipment</u>
Account receivable 2,279
Fees Earned 2,279
<u>Being recognition of amount owned </u>
<u>by customer</u>
Rent Expense 525
Cash 525
<u>Being cash paid for rent</u>
Cash 957
Account Receivable 927
<u>Being cash collected for account receivable</u>
Dividend 900
Cash 900
<u>Being dividend paid with cash</u>
Explanation:
Journal entry entries are used to record accounting effect of business transactions. General journal has two sides that make up debit and credit.
Entries on the debit side are assets or expenses while entries on the credit sides are liabilities, equity and income.
Journal also has a narration for each accounting event to provide information about the entry.
<span>There are four methods in order for Martha to sell her product to prospective buyers:
</span>1. Know the principal attributes of a product.
<span>2. Find how the customers rate are choosing these with respect to these attributes.
</span><span>3. Find where the company's product is on these attributes in the customers mind
</span><span>4. Place the company in a different poition in the minds of the customers.</span>
Answer:
The dollar amount that should be credited to Allowance for Uncollectible Accounts at year end is $ 12,100
Explanation:
Providing allowance for doubtful debts
A provision is made for the debts which are likely to be uncollectable by a company.This amount is used to adjast the Trade Receivable balances to show a faithful representation of assets a beusiness has at end of year.
Calculations
<em>December 31, 2018 Arundel Company`s Allowance for Doubtful debts is calculated as follows</em>
Credit Sales × % of allowed provision
$805,000 × 2.0%
$16,100
<em>Adjastment to be done in Allowance for Doubtful Debts Account:</em>
<em>Hint : Open Allowance for Doubtful Debts T Account:</em>
<u>Credits :</u>
Opening Balances 4,000
Balancing Figure (Profit and Loss) 12,100
Totals 16,100
<u>Debit:</u>
Closing Balance 16,100
Totals 16,100
Answer:
Hasalot has a near absolute advantage in Diamontite.
Explanation:
in this scenario, the best which describes the situation that Hasalot has a near absolute advantage in Diamontite.
