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Mamont248 [21]
3 years ago
12

Required information Skip to question [The following information applies to the questions displayed below.] The December 31, 202

1, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 10,400 Accounts Receivable 134,000 Prepaid Rent 4,400 Supplies 22,000 Equipment 240,000 Accumulated Depreciation $ 119,000 Accounts Payable 10,400 Salaries Payable 9,400 Interest Payable 3,400 Notes Payable (due in two years) 24,000 Common Stock 140,000 Retained Earnings 44,000 Service Revenue 340,000 Salaries Expense 240,000 Rent Expense 12,000 Depreciation Expense 24,000 Interest Expense 3,400 Totals $ 690,200 $ 690,200 Required: 1. Prepare an income statement for the year ended December 31, 2021.
Business
1 answer:
Furkat [3]3 years ago
8 0

Answer and Explanation:

The preparation of the income statement is presented below:

Service Revenue 340,000

Less:

Salaries Expense 240,000

Rent Expense 12,000

Depreciation Expense 24,000

Interest Expense 3,400

Net income $60,600

Hence, we simply deduct the expenses from the service revenue so that we get the net income

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QRT Co. received $1,560 advance from Zync Inc. as rent for the use of a building owned by QRT Co. How does this transaction affe
Serhud [2]

Answer:

a.Cash is increased, and unearned rent is increased.

Explanation:

Since in the question, it is mentioned that QRT Co. received $1,560 advance from Zync Inc. for the building use.  

We know that the cash is received which increases the cash balance but the service is not provided so it would become a liability and recorded as unearned rent.  

The unearned rent is increased which show under the current liability side of the balance sheet

Hence, both cash and unearned rent is increased

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3 years ago
A customer of Razor Sharpeners alleges that Razor's new razor sharpener had a defect that resulted in serious injury to the cust
Setler [38]

Answer:

Razor should accrue a liability in the amount of $0.

Explanation:

If the likelihood are likely and the quantity can be calculated with satisfactory precision, a contingent liability is to be accumulated. The amount cannot be calculated with reasonable precision in the given situation so no liability is to be acknowledged. Therefore Razor should accrue a liability in the amount of $0.

5 0
3 years ago
Suppose that Dr. Reilly owns a medical clinic and he enters into a contract to buy 500 tablets of Gensol from Pharzime. The Gens
Ivan

Answer: See explanation

Explanation:

Based on the information given, it can be infered that the goods are nonconforming due to the perfect tender rule.

According to the perfect tender rule, a buyer can reject goods that are deliveres to him or her tender of the goods from the seller isn't perfect. Since the Gensol that he orders are 200 milligrams each while the one delivered are 100 milligrams each, then they aren't perfect.

Therefore, the clinic can reject the shipment, or keep some and reject others if it wants to.

7 0
3 years ago
Wall Street financial services firms and banks rewarded employees for developing "innovative" new financial investment vehicles
Nataly [62]

Answer:

Incentive plans

Explanation:

Incentive plans are strategies in which representatives of an association are kept persuaded for the work that they do, and are given motivators on coming to or achieving certain association objectives. The motivator plans can be for lower level workers, center administration and senior administration.  

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After completing his competitor analysis, Justin realized his company was the only one with all-natural ingredients in their piz
kolbaska11 [484]

Answer:

Justin has uncovered the Opportunity aspect of the SWOT analysis  

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The SWOT analysis stands for strength, Weakness, Opportunity and Threat.

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An organisation that is able  to spot and exploit opportunities will have the ability to compete favorably in the market and make a huge difference in its operations.

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