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3 years ago

Journalize transactions and follow through accounting cycle to preparation of financial statements.

Business

1 answer:

MrRa [10]3 years ago

8 0

Answer:

Salaries expense DR. $1220

Cash Cr. $1220

Cash Dr. $1860

Account receivable Cr. $1860

Cash Dr. $3810

Account receivable Cr. $3810

Purchases Dr. $3900

Cash Cr. $3900

Explanation:

Accounts payable Dr. 2600

Cash Cr. $2600

Rent expense Dr. $450

Cash Cr. $450

Account receivable Dr. $980

Services Cr. 980

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Pretax accounting income for the year ended December 31, 2021, was $53 million for Truffles Company. Truffles' taxable income wa

Anuta_ua [19.1K]

Answer:

$17,820,000

Explanation:

The amount of tax due to government authorities for the current period is referred to as current portion of income tax expense. It is calculated by product of current or enacted tax rate and taxable income for the period

Taxable income for 2021 = $66million

Enacted or current tax rate for 2021 = 27%

Current portion of income tax expense for 2021 = Taxable income x current tax rate = $66 million x 27% = $17,820,000million

Hence Current portion of income tax expense = $18 million

4 0

3 years ago

True or False<br><br> To raise money, a partnership can sell stock.

nataly862011 [7]

Answer:

The answer is false. Partnerships can not sell stocks. They even can not issue shares to finance Thier requirements.

Only the public listed corporations can trade stocks and sell them to the open public in a registered stock exchange.

Explanation:

3 0

3 years ago

The smartphone market has been dominated by Apple, but recently the Droid has been able to leverage Google's information service

BigorU [14]

Answer:

Smartphone Market

Apple, Google, and Blackberry:

This analysis is consistent with the industrial organization model:

a) True

Explanation:

Industrial organization is the application of the economic theory of price, the structure of markets, and the strategic moves by firms to industrial analysis. According to investopedia.com, "Industrial organization is a field of economics dealing with the strategic behavior of firms, regulatory policy, antitrust policy and market competition."

The industrial organization model is a way of explaining the forces outside an organization that exert influences on a firm's strategic actions. It is based on the assumptions that decision-makers act rationally, have mobile resources that they control, and that pressures and constraints are imposed by the external environment.

4 0

3 years ago

Nguyen Inc. applies overhead to products based on direct labor hours using normal costing. During 2016, total overhead costs wer

jek_recluse [69]

Answer:

overhead rate: 17.5

Explanation:

The difference between applied an actual overhead is calculated as follows:

actual hours x overhead rate - actual cost = over or underapplied overhead

underapplied means actual were higher than applied

while, overapplied means the actual cost were lower.

Based on this information we can set up the foermula as follows:

overhead rate x 32,000 -540,000 = 20,000

now we solve for the rate:

rate = (20,000 + 540,000) / 32,000 = 17.5

3 0

3 years ago

Madison Park Co-op, a whole foods grocery and gift shop, has provided the following data to be used in its service department co

REY [17]

Answer:

Total cost Groceries department 4,103,238

Total cost Gif department 366,763

Explanation:

$\left[\begin{array}{ccccc}&Administration&Janitorial&Grocerys&Gifs\\$employee hours&&350&2690&160\\$square feet&&&9200&800\\Direct \: Cost&190000&70000&3860000&350000\\$Allocate A&-190000&20781.25&159718.75&9500\\$Subtotal&&90781.25&4019718.75&359500\\$Allocate J&&-90781.25&83518.75&7262.5\\$Total&&&4103237.5&366762.5\\\end{array}\right]$

Adminstration cost will be distributed among Janitorial, Groceries and Gifs

we add up the employee hours:

350 + 2690 +160 = 3200

Then, we cross multuply:

190,000 x 350/3200 = 20781.25

190,000 x 2690/3200 = 159718.75

190,000 x 160/3200 = 9500

we add them to their cost and then do the same for Janitorial.

9200+ 800 = 10,000

90781.25 x 9200/10000 = 83518.75

90781.25 x 800/10000 = 7262.5

giving the total cost of the operating departments.

7 0

3 years ago