Which of the following best describes a trial balance?

A company has decided to discontinue a component of its business and sells the component by the end of the year. The amount that

dimulka [17.4K]

Answer:

C. income from operations for the year and only a loss on the disposal of the component's assets.

Explanation:

Income from discontinued operations is a line item of a company below Income from Continuing Operations and before Net Income on an income statement. It represents the after-tax gain or loss on the sale of a component of the business. It also shows the after-tax effect of the operations of the discontinued component for the period.

The amount that the company would report as income from discontinued operations is (ignore tax effects) <u>income from operations for the year and only a loss on the disposal of the component's assets.</u>

4 0

3 years ago

Preparing T-accounts (ledger) and a trial balance LO P2 Following are the transactions of a new company called Pose-for-Pics.

Taya2010 [7]

Answer:

a) T-Accounts:

Date Description Debit Credit

Common Stock

Aug. 1 Cash $6,500

Photography Equipment 33,500

Aug. 31 Balance $40,000

Date Description Debit Credit

Cash Account

Aug. 1 Common Stock $6,500

Aug. 2 Prepaid Insurance $2,100

Aug. 5 Office Supplies $880

Aug. 20 Fees Earned $3,331

Aug. 31 Utilities $675

Aug. 31 Balance $6,176

Date Description Debit Credit

Photography Equipment

Aug. 1 Common Stock $33,500

Date Description Debit Credit

Prepaid Insurance Account

Aug. 2 Cash $2,100

Date Description Debit Credit

Office Supplies

Aug. 5 Cash $880

Date Description Debit Credit

Fees Revenue

Aug. 20 Cash $3,331

Date Description Debit Credit

Utilities Expense

Aug. 31 Cash $675

b) Trial Balance as of August 31:

Accounts Debit Credit

Cash $6,176

Photography Equip 33,500

Prepaid Insurance 2,100

Office Supplies 880

Utilities Expense 675

Common Stock $40,000

Fees Revenue 3,331

Total $43,331 $43,331

Explanation:

a) The Common Stock equals the cash and equipment contribution made by Madison Harris, the owner of Pose-for-Pics.

b) Pose-for-Pics' T-accounts are the general ledger accounts of the company. They record the individual accounts' transactions for the accounting period, usually a month, which are summarized by the preparation of the trial balance as of month-end.

3 0

3 years ago

the country of doomsville is currently in a recession. the government of doomsville, in an effort to maintain its tax revenues i

harina [27]

Answer:

This policy would likely make Doomsville's recession worse.

Explanation:

Hope this helps, Have a great morning/night! :D

6 0

3 years ago

List two components of visual aids that you have used recently. Describe how you used them.

gavmur [86]

Explanation:

PowerPoint:

Probably the most obvious type of visual support is Microsoft PowerPoint. Best used, it can really support you for your presentation; it could have the reverse effect, but it was poorly used.

The concepts are as follows:

Do

Use a sufficiently big font (at least 20pt).

Keep your background straightforward.

If appropriate, use graphics.

Make things visual.

Use endless bullet point list slides that are all the same

Don't

You can not read it so small.

Use a picky image from the background.

The screen is white or black.

Do not over-do it – it's annoying.

Use neverending bullet point list slides that all look the same

Paper handouts :

Handouts are extremely helpful. Use a presentation if your data is too comprehensive for a slide, if you really want your spectators to have their findings fully recorded. Take into account the merits of your presentations at the start, middle and end. Given too long and a diversion they could show. Given too late, too many needless references may have been made by the audience. Provided in the midst and the viewers will read and not listen predictably. One powerful way to prevent these troubles is to give the key steps during your presentation incomplete presentations. The lost details can be highlighted vocally and your viewer can then fill up the gaps.

7 0

3 years ago

Read 2 more answers

The DEF partnership reported net income of $130,000 for the year ended December 31, 20X8. According to the partnership agreement

gtnhenbr [62]

Answer:

The DEF Partnership

Allocation of Partnership Net Income for 2008:

D E F Total

Net income $130,000

Salaries $25,000 $20,000 $15,000 (60,000)

Bonus on net income 13,000 ----- ----- (13,000)

Remainder 34,200 17,100 5,700 (57,000)

Total allocation $72,200 $37,100 $20,700 $130,000

Explanation:

a) Data and Calculations:

Net income for the year ended December 31, 2008 = $130,000

Order of distribution of partnership profits and losses:

D E F

Salaries $25,000 $20,000 $15,000

Bonus on net income 10% ----- -----

Remainder 60% 30% 10%

Bonus on net income = $13,000 ($130,000 * 10%)

Remainder after salaries and bonus = $57,000 ($130,000 - $73,000)

D = $34,200 ($57,000 * 60%)

E = $17,100 ($57,000 * 30%)

F = $5,700 ($57,000 * 10%)

4 0

3 years ago