1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
larisa86 [58]
3 years ago
7

At the end of the first month of operations, the Lamar Company's accountant prepared financial statements that showed the follow

ing amounts: Assets $90,000 Liabilities 30,000 Stockholders' Equity 60,000 Net Income 11,000 In preparing the statements, the accountant overlooked the following items: a. Depreciation for the month. $4,500 b. Service revenue earned but unbilled at month-end. $1,850 c. Employee wages earned but unpaid at month-end. 450 Determine the correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month. Assets Liabilities Stockholders' Equity Net Income Answer 87,350 Answer 30,450 Answer 86,900 Answer 7,900
Business
1 answer:
Sedaia [141]3 years ago
8 0

Answer:

Assets = $87,350

Liabilities = $30,450

Stockholders' Equity = $56,900

Net Income = $7,900

Explanation:

The correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month can be determined as follows:

Assets = Recorded asset value - Depreciation + Unbilled service revenue = $90,000 - $4,500 + $1,850 = $87,350

Liabilities = Recorded liabilities + Unpaid wages = 30,000 + 450 = $30,450

Stockholders' Equity = Recorded Stockholders' Equity - Depreciation + Unbilled service revenue - Unpaid wages = $60,000 - $4,500 + $1,850 - $450 = $56,900

Net Income = Recorded net income  - Depreciation + Unbilled service revenue - Unpaid wages = 11,000 - $4,500 + $1,850 - $450 = $7,900

Note that from the above calculations, we can obtain:

Liabilities + Stockholders' Equity = $30,450 + $56,900 = $87,350

This therefore confirms the accounting equation that:

Assets = Liabilities + Stockholders' Equity = $87,350

You might be interested in
A salesperson's compensation can be made up of some combination of salary, commission, and ________, which are payments made at
murzikaleks [220]

Answer:

"bonuses"

Explanation:

according to my research on the different type of payments that are given to employees, I can say that the answer is "bonuses", because it is the only type of physical payment that is missing from the question. Bonuses are paid to employees when reach a certain milestone or goal that is set by the employer or company, usually used as an employee motivator.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

4 0
3 years ago
Charlotte is declared mentally incompetent by a court and is unable to participate as a partner in Aflac Enterprises c partnersh
KatRina [158]
I think it’s C


-TwoTime-
6 0
3 years ago
On June 1, 2017, Larkspur sold 100 washer/dryer units without installation to Laplante Rentals for $69,000. Laplante is a newer
Gekata [30.6K]

Answer:

The journal entries to record the sale on June 1 are:

June 1, 2017, 100 units of washer/dryer to Laplante Rentals

Dr Cash 69,000

    Cr Sales revenue 69,000

Dr Cost of goods sold 40,000

    Cr Inventory 40,000

If the next question asks to record the return privilege and estimates, it should be recorded as both an asset (estimated returns inventory) and a liability (customer refunds payable).  

4 0
3 years ago
A stock has a beta of 1.08, the expected return on the market is 10.2 percent, and the risk-free rate is 4.85 percent.
Advocard [28]

Answer:

im sorry

Explanation:

8 0
3 years ago
What stream should I choose in 11th grade , tell me the benefits and jobs related to the stream .​
sdas [7]

Answer:

The commerce stream is a popular choice amongst students looking to build their career in the fields of accounting, banking, finance and related areas. With the right knack for numbers and data, you can build a highly lucrative and financially rewarding career in these fields.

7 0
2 years ago
Other questions:
  • The checkbook of Vance Company had a balance of $2,210.55. The bank statement showed a balance of $4,918.18. The bank collected
    5·1 answer
  • Whats the importance of an organized workstation
    15·2 answers
  • What phase of the business cycle would be marked by an increase in productivity while employment and profits also rise
    8·1 answer
  • Among the greatest failures of the process of collectivization in China was Group of answer choices trying to convert desert and
    5·1 answer
  • The more information an entrepreneur acquires during the process of _____, the higher the chance that his or her predictions wil
    10·1 answer
  • Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 110 $46 Mar.
    5·1 answer
  • The capable project manager understands what motivates team members and creates a competitive environment in which individuals c
    14·1 answer
  • Dowkkwvjwun2fsgzvzejqk82293o3o3oi​
    11·1 answer
  • Does having social responsibility make you viewed more or less favorable by consumers?
    10·1 answer
  • 3. (01.02 MC)
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!