Answer:
A. Stockholders equity at the end is $493,000.
B. Closing total assets is $865,000.
C. Closing liability is $410,000.
Explanation:
A. Closing total assets:
= Opening assets + increase in assets
= $845,000 + $177,000
= $1,022,000
Closing liability:
= Opening liability - Decrease in liability
= $600,000 - $71,000
= $529,000
Closing equity:
= Closing assets - Closing liability
= $1,022,000 - $529,000
= $493,000
B. Opening equity:
= Opening assets - Opening liability
= $845,000 - $600,000
= $245,000
Closing assets:
= Opening assets + increase in liability - Decrease in equity
= $845,000 + $92,000 - $72,000
= $865,000
C. Closing liability:
= Opening liability - decrease in assets - increase in equity
= $600,000 - $90,000 - $100,000
= $410,000
Answer:
Having an extensibility platform allows companies to build and run solutions that address needs beyond the standard product but also allows them to bring innovation trends to those same solutions without risking their ongoing operations.
Explanation:
Answer and Explanation:
The computation of the sales tax payable is shown below:
= Total sales × sales tax rate ÷ (100 + sales tax rate)
= $11,880 × 8% ÷ (100 + 8%)
= $880
Now the journal entry is
Cash $11,880
To Sales Revenue $11,000
To Sales Tax Payable $880
(Being the sales tax payable and sales is recorded)
For recording this we debited the cash as it increased the assets and credited the sales revenue and sales tax payable as it also increased the revenue and liabilities
Answer:
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