Answer:
(A) Accounts Payable - Liabilities
(D) Equipment - Assets
(E) Supplies - Assets
(F) Retained earning - Owner's Equity
(H) Cash - Assets
Explanation:
The major categories in a balance sheets are: Assets, Liabilities and Owner's Equity,
Assets are many things (as equipment, machinery, Receivables, etc) that belongs to the company, please see details in the answer.
Liabilities represent the obligations of the company with all kind of creditors.
And finally Owner's Equity it's the Capital that support part of the Assets along with the Liabilites.
Answer:
Waco Travel Agency
Journal entry
Date Account and explanation Debit Credit
Dec 31 Bad debt expense (800,000 * 1%) $8,000
Allowance for uncollectible accounts $8,000
(To record uncollectible account expense)
Waco Travel Agency
Balance Sheet
<u><em>Current assets</em></u>
Account receivable $93,000
Less: Allowance for uncollectible account <u>($8,870) </u>---- ($8,000 + $870)
<u>$84,130</u>
Answer:
No, they wouldn't.
Explanation:
Any extra compensation to former stockholders of an acquired company which is based on post-combination share price or post-combination profits cannot be recognized as adjustments in the price of business combinations.
The reason for this is that changes in the fair value of contingent consideration (in case something happens) after the company has been acquired, e.g. achieving certain profits or stock price, are not considered period adjustments, therefore they cannot be included in the cost of the business combination (acquisition).
Answer:
Dept Y = $7750
Dept Z = $6250
Explanation:
To allocate the cost the cost , the first step is to deduct the indirect expenses related to Y
The allocate the balance in the ratio of 50:50 to Y and Z
Total delivery expenses - $14,000
Dept Y = 1500 +( 12500*50%)
1500+6250 =7750
Dept Z = 6250
Answer:
Cost of goods sold is $ 11,500
Explanation:
cost of goods sold:
Opening stock: $3,500.00
Purchases: $12,000.00
Closing stock: $ 4,000.00
sales= Opening Stock+Purchases- Closing stock
=($3500+$12,000)-4000
$15,500-$4000= $11,500.00
Cost of goods sold= $11,500.00