Answer:
<em>The transactions have been journalized in the explanation.</em>
Explanation:
Jornalization of a transaction is the listing of credit and debit transaction of a company in the order of the time that they were carried out. The journal of the transactions of Pharoah Company is contained in the attached pdf.
Answer:
If a firm has a debt ratio of 54%, then the firm's debt to equity ratio is 117%
Explanation:
The Debt Ratio is obtained dividing Liabilities / Assets. Then, a result of 54% means that 54% of the asset is composed by liabilities.
<u>Liabilities</u><u> 54 </u>
Assets 100
Debt Ratio= 54%
By the general accounting formula we know that
Assets= Liabilities+Equity. Then,
Assets(100)=Liabilities(54)+Equity(46)
If the Debt to equity ratio is calculated by the division of liabilities/Equity- Then:
<u>Liabilities 54</u>
Equity 46
Debt to Equity Ratio = 117%
This means that for 1 dollar on the Equity the company has 1 dollar plus 17% or 17 cents on the Liabilities.
Answer:
The total debit in the trial balance gives $72400,same as the total credits
The trial balance is prepared just before the preparation of financial statements such statement of profit or loss ,statement of financial position(balance sheet) as well as cash flow statement.
Find attached spreadsheet containing the trial balance prepared.
Explanation:
The trial validates the arithmetical accuracy of postings done in the ledger accounts.
To prepare the trial balance,balances extracted from the ledgers are required.The rule is that assets,expenses and drawings are debited to trial balance why income,capital and liabilities are credited
Answer:
a.
Debit Credit
Salary expense $5,300
($26,500/5)
Salary payable $5,300
b. Debit Credit
Salary expense $21,200
($26,500/5*4)
Salary payable $21,200
Explanation:
a. The journal entry that should be made in the books of the Garcia Realty Co. if the accounting period ends on the monday is given below:
Debit Credit
Salary expense $5,300
($26,500/5)
Salary payable $5,300
b. The journal entry that should be made in the books of the Garcia Realty Co. if the accounting period ends on the thursday is given below:
Debit Credit
Salary expense $21,200
($26,500/5*4)
Salary payable $21,200
Unlimited liability and separate taxation of the business are advantages of a sole proprietorship.
The statement is False.
<h3>What is taxation ?</h3>
In practically every nation on the planet, governments impose taxes as mandatory levies on people or organizations. Although it can be used for other things as well, taxes are typically utilized to finance government spending.
Taxes are imposed on tangible property, including real estate and business dealings like stock sales or home purchases. Taxes exist in a variety of forms, including income, corporation, capital gains, property, inheritance, and sales taxes.
A fundamental method for nations to produce public revenues that enable them to support investments in human capital, infrastructure, and the provision of services for residents and enterprises is through the collection of taxes and levies.
To learn more about taxation from the given link:
brainly.com/question/1980107
#SPJ4
