On a company's balance sheet, accounts receivable is
naturally stated as "accounts receivable, net." Meaning, accounts
receivable minus the value of the allowance for
doubtful or uncollectible accounts is equals to net
realizable value. So for the problem, $28,000 - $3450 = $24,550 is the NRV.
Answer:
Please see answers below
Explanation:
1. Prepare an income statement for the year ended, December 31, 2021
Fightin' Blue Hems Corporation, Income statement for the year ended, December 31, 2021.
Details
$
Service revenue
500,000
Salaries expense
400,000)
Rent expense
20,000)
Depreciation expense
40,000)
Interest expense
5,000)
Earnings for the year
35,000
2. Prepare a statement of stockholder's equity for the year ended, 31, December, 2021
Fightin' Blue Hens Corporation statement of stockholder equity for the year ended , December 31, 2021.
Details
$
Common stock
300,000
Retained earnings
60,000
Earnings for the year
35,000
Stockholder equity
395,000
3. Prepare a classified balance sheet as at 31, December
Fightin' Blue Hens Corporation, classified balance sheet for the hear ends, December 31, 2021.
Details
$
Fixed assets
Equipment
400,000
Accumulated depreciation
135,000
Net fixed assets
265,000
Current assets
Cash
12,000
Accounts receivables
150,000
Prepaid rent
6,000
Supplies
30,000
Total current assets
198,000
Current liabilities
Accounts payable
($12,000)
Salaries payable
(11,000)
Interest payable
(5,000)
Working capital
170,000
Long term liabilities
Notes payable (due in two years)
(40,000)
Net total assets
395,000
Financed by;
Common stock
300,000
Retained earnings
60,000
Earnings for the year
35,000
Stockholder equity
395,000
Answer:
This statement is <u>FALSE.</u>
Explanation:
This statement is false. For demographics is defined as an area of human sciences whose central objective is the study of a human population, according to statistics, dimensions, structures and distributions. The demographic study is carried out through several factors, such as sex, age, race, and others.
Through demographic data it is possible for governments and institutions to get to know in depth and analyze characteristics of a given population for different purposes, such as market research and policy development.
The definition proposed by the question corresponds to economics and not demographics.
Business functions refers to the critical activities that are very essential for the survival of a business. A typical business is usually divided into many functions or departments.
A typical supermarket will have the following business functions or departmental units: marketing, sales, accounting, purchasing, computing, advertising, human resources, etc.<span />
Answer:
A gain of $16,100
Explanation:
When the amount received from the disposal of an asset is higher than the carrying value of the asset, the company makes a gain on disposal.
The carrying amount of an asset is the difference between the cost of the asset and the accumulated depreciation of the asset.
Carrying amount
= $22,000 - $6,600
= $15,400
Gain/(loss) on sale of asset
= $31,500 - $15,400
= $16,100
