Answer:
The Balance of stockholder's equity at December 31 Year 3 is $180000.
Explanation:
The basic accounting equation states that Assets are always equal to the sum of Liabilties and Equity.
Thus, the equation can be written as:
Assets = Liabilities + Equity
The libilities at the start of the year were,
330000 = Liabilities + 146000
Liabilities = 330000 - 146000 = $184000
If Liabilities at the end were 16000 less than at start, Closing balance of Liabilities will be 184000 - 16000 = $168000
The Closing balance of assets will be 330000 + 18000 = $ 348000
The closing balance of Stockholder's equity at Dec 31 Year 3 is:
348000 = 168000 + Equity
Equity = 348000 - 168000 = $180000
Answer:
$38,000
Explanation:
Based on the information given we were told that the City General Fund balance sheet for the month of December 31, 2019 shows that inventory had the amount of $28,000 while prepaid rent has the amount of $10,000 which means that the amount of money that city will report as NOSPENDABLE fund balance in their general fund on December 31,2019 will be $38,000 calculated as ($28,000+$10,000).
Answer:
$1,600
Explanation:
It is important to note that the company uses accrual basis accounting. The Service Revenue account should be credited for $1,600
Answer:
Cash flow from operating activities $141.8
Explanation:
Cash received from customers during the reporting period
A.Sales $ 545.0+ 22.0 Decrease in accounts receivable = $567
B.
Cash paid to suppliers of the goods
Cost of goods sold 218.0 +Increase in inventory 93.0 +Decrease in accounts payable 56.0 =$367
C.
Cash paid to employees
Salaries expense $ 65.0 -Increase in salaries payable 37.0 = $28
D.
Cash paid for insurance
Insurance expense 42.0 -Decrease in prepaid insurance 17.0 =$25
E.
Cash paid for income tax
Income tax expenses 91.0 -Increase in income tax payable 85.8 =$5.2
(2)
Cash received from customers during the reporting period $567
Cash paid to suppliers of the goods ($367)
Cash paid to employees($28)
Cash paid for insurance ($25)
Cash paid for income tax ($5.2)
Cash flow from operating activities $141.8
Answer:
Option A is correct: $51750
Explanation:
Since static budget variance for materials is favourable;hence actual cost is less than the budgeted cost.
hence actual cost=(52000-250)
=$51750.