Answer:
e. $104,000.
Explanation:
The computation of the ending capital balance is shown below:
As we know that
Ending capital balance = Opening capital balance + net income - withdrawn amount
where,
Opening capital balance = $64,000
Net income is
= Revenues - expenses
= $100,000 - $48,000
= $52,000
And, the withdrawn amount is $12,000
So, the ending capital balance i s
= $64,000 + $52,000 - $12,000
= $104,000
Calculate, from the following information accumulated by Bob Verna, the adjusted cash balance at the end of July.
Bank statement ending cash balance $6,000
General ledger cash balance ending 8,500
Bank monthly service charge 90
Deposits in transit 5,000
Outstanding cheques 3,000
NSF cheque returned with bank statement 410
Answer: See explanation
Explanation:
The year-end adjusting entry to record the cost side of sales returns and allowances will be:
Dr Inventory Return estimated $3200
Cr Cost of goods sold $3200
(To record expected coat of returns)
Note that the above calculation was done as:
= $64,000 × 5%
= $64,000 × 0.05
= $3200
The area that consumes the majority of a family’s income is Housing.
This is according to the Bureau of Labor Statistics' info for 2017.
