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3 years ago

A. Depreciation on the company's equipment for the year 2017 is computed to be $11,000.

Business

1 answer:

zvonat [6]3 years ago

5 0

Answer:

Adjustments, Journal Entries for the year ended

Explanation:

A] Depreciation ac dr 11000

to Machine ac 11000

(Depreciation debited to Profit & Loss Account, deducted from Machine value in asset side of Balance Sheet)

B] Prepaid Insurance ac dr 1590

to Insurance ac 1590

(Prepaid Insurance, subtracted from - 'Insurance' - at debit side of Profit & Loss account)

C] Trading account dr 330

to Opening Stock ac 330

Trading Account dr 2860

to Purchase ac 2860

Closing Stock ac dr 389

to Trading Account 389

D] Income ac dr 5000*

to Income Advance ac 5000*

(Income Advance, subtracted from 'Income' - at credit side of Profit & Loss account)

Prepaid Rent ac dr 1590**

to Rent ac 1590**

(Prepaid Rent, subtracted from 'Rent' - at debit side of Profit & Loss account)

E] Wages ac dr 7000

to Wages outstanding 7000

(Outstanding Wages, added to 'Wages' - at debit side of Trading account)

* 5000 = 1/3rd of 15000 , ** 1590 = 5700 - 4110

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Answer:

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Explanation:

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An increase in the share price of fim is a gain to the firm and its corporate owners. I.e sharedholders. This means that the value of their investment in the firm has appreciated.

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2 years ago

Temple Square Inc. reported that its retained earnings for 2005 were $490,000. In its 2006 financial statements, it reported $60

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Answer:

Dividend = $40,000

Explanation:

Given:

Temple Square Inc. reported that its retained earnings for 2005 were $490,000.

In its 2006 financial statements, it reported $60,000 of net income,

It ended 2006 with $510,000 of retained earnings. ( Ending retained earnings )

Question asked:

How much were paid as dividends to shareholders during 2006 ?

Solution:

Here given that Temple Square Inc. reported that its retained earnings for 2005 were $490,000, means this amount will carry forward and will be considered as Beginning retained earnings for 2006.

Now, we have to find, how much dividends were paid to shareholders during 2006.

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Ending retained earnings = Beginning retained earnings + Net income - Dividend

510,000 = 490,000 + 60,000 - Dividend

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Subtracting both sides by 550,000

- 40,000 = - Dividend

Adding both sides by minus ( - )

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3 years ago

What does Accenture help businesses implement to ensure their data is trustworthy and reliable? data citizenship and literacy pr

FinnZ [79.3K]

Answer:

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3 years ago

What percentage profit is made on a sale if the selling price is $225,000 and the purchase price is $190,000?

IgorLugansk [536]

The percentage profit = 18%

A profit is made on sale with selling price more than the purchasing price. The purchasing price is also known as the cost price.

Given the selling price = $225000

and the purchasing price = $190000

Since the selling price is more than the purchasing price, there is obviously a profit gained.

Now profit amount = Selling price - Purchasing price

= 225000-190000 = $35000

Profit percentage = (Profit / Purchasing price) x 100%

= (35000 / 190000) x 100%

= 18.42%

Learn more about profit at brainly.com/question/19104371

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1 year ago

Which of the following statements is incorrect? Group of answer choices Cost of goods available for sale will always be equal to

lorasvet [3.4K]

Answer:

Ending inventory is greater than beginning inventory when purchases are less than cost of goods sold.

Explanation:

Ending inventory is greater than beginning inventory when purchases are less than cost of goods sold is the wrong answer option

Ending inventory is the amount of inventory a company has in stock at the end of it's fiscal year. It is the beginning inventory plus net purchases minus cost of goods sold.

When the beginning inventory is greater than the ending inventory, then has been sold in the period than you bought.

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3 years ago