<u>Calculation of amount of stockholders' equity at the end of the year:</u>
At the beginning of the year, Morales Company had total assets of $816,000 and total assets increased $178,000 during the year, hence Total Assets at the end of the year shall be 816000+178000 = $994,000
At the beginning of the year, Morales Company had total liabilities of $526,000 and total liabilities decreased $82,000 during the year. Hence Total Liabilities at the end of the year shall be 526000-82000 = $444,000
Now we can calculate amount of stockholders' equity at the end of the year as follows:
Equity = Assets – Liabilities
= 994,000-444,000
= $550,000
Hence, the amount of stockholders' equity at the end of the year shall be <u>$550,000</u>
Answer:
D. Accounts ReceivableStanton, debit $20,000; Sales, credit $20,000, and Delivery Expense, debit $500; Cash, credit $500
Explanation:
The Sale transaction must be ;
Trade Receivable - Stanton Company $20,000 (debit)
Revenue $20,000 (credit)
<em>Recognise the Revenue and Asset - Stanton Company</em>
Shipping Cost $500 (debit)
Bank $500 (credit)
<em>Recognise the shipping cost and de-recognise the cash asset</em>
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Answer: Option A
Explanation: In simple words, a virtual organisation refers to a group of separate individuals or entities working for a common goal by coordinating their activities via any medium like E- mail or cell phones etc.
In the given case, all the four individuals are working for cutting clients cost and are operating through electronic mediums.
Hence from the above we can conclude that the correct option is A.
