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3 years ago

PLEASE PLEASE PLEASE HELP MEEEE!!!!

Business

2 answers:

frozen [14]3 years ago

7 0

You have create a blog of visions of the past and future

aleksley [76]3 years ago

6 0

Past and future you have to write on

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Gardiner, Inc. reported a retained earnings balance of $190,000 at December 31, 2024. In June 2025, Gardiner discovered that mer

Drupady [299]

Answer: $246,000

Explanation:

Merchandise costing $20,000 had been omitted from the Ending Inventory.

Ending inventory is deducted from Cost of Goods sold which means that the Cost of Goods sold was overstated by $20,000.

Cost of Goods sold are subtracted from sales to find Gross Income so if it was overstated then Income was understated by $20,000.

Accrued Revenue is to be added to Income so if it was omitted then income was understated by $50,000.

Income in total was therefore understated by = 20,000 + 50,000

= $70,000

The correcting entry is net of tax so;

= 70,000 * ( 1 - 20%)

= $56,000

Retained earnings will therefore be;

= 190,000 + 56,000

= $246,000

6 0

3 years ago

Any establishment formed to carry on commercial enterprises is a

alexandr1967 [171]

Answer:

business

Explanation:

A business organization is any organization established to carry on a commercial enterprise. Their main and ultimate goal, and reason for their existence is to make a profit. The larger the profit a business makes, the better. Businesses are classified into:

Sole proprietorships
Partnerships
Corporations

3 0

3 years ago

Read 2 more answers

Wild company purchased an asset. Wild used the Modified Accelerated Cost Recovery System (MACRS) to depreciate the asset for tax

Lady_Fox [76]

Answer:

The correct answer is A.

All other things being equal, in the early years of the asset's life, the amount of income shown on the tax return will be higher than the amount of income shown on the income state.

Here's why

Explanation:

In the United States, the Modified Accelerated Cost Recovery System (MACRS) is a depreciation system used for tax purposes.

It allows the capitalized cost of an asset to be recovered over a specified period via annual deductions. The MACRS system puts fixed assets into classes that have set depreciation periods.

This depreciation system allows an asset to be depreciated faster in the first years of an asset's life and slows depreciation later on. This is beneficial to businesses from a tax perspective.

This is logical, the less the value of an assets, the less the property tax applicable to it and so the company increases it's bottom line in tax savings whiles maximizing the useful life of the asset.

Cheers!

4 0

3 years ago

The following information is available for Splish Brothers Corp. for the year ended December 31, 2022.Other revenues and gains 2

Korvikt [17]

Answer:

Splish Brothers Corp.

Multiple-step income statement for the year ended December 31, 2022.

Sales Revenue 759,000

Less sales returns and allowances (10,600)

Net Sales 748,400

Less Costs of Good Sold (291,000)

Gross Profit 457,400

Less Operating Expenses

Operating expenses 220,000

Sales discount 4,800 (224,800)

Operating Profit 232,600

Less Non - Operating Expenses

Other revenues and gains (23,600)

Other expenses and losses 4,000 19,600

Net Profit before tax 252,200

Income tax expense (63,050)

Net Profit after tax 189,150

Explanation:

Multiple-step income statement shows separately the income generated from Primary activities and that generated from Secondary activities as above.

3 0

3 years ago

Presented below is information from Headland Computers Incorporated.

oksian1 [2.3K]

Answer:

July 1

Dr Accounts receivable $22,600

Cr Cash $22,600

Dr Sales returns and allowances $1,334

Cr Allowances for Sales returns and allowances $1,334

July 10

Dr Cash $21,922

Dr Sales Discount $678

Cr Accounts Receivable $22,600

July 17

Dr Accounts receivable $256,100

Cr Sales revenue $256,100

July 30

Dr Cash $256,100

Cr Accounts receivable $256,100

Explanation:

Preparation of the necessary journal entries for Headland computers.

July 1

Dr Accounts receivable $22,600

Cr Cash $22,600

Dr Sales returns and allowances $1,334

Cr Allowances for Sales returns and allowances $1,334

July 10

Dr Cash $21,922

($22,600-$678)

Dr Sales Discount $678

(3%*$22,600)

Cr Accounts Receivable $22,600

July 17

Dr Accounts receivable $256,100

Cr Sales revenue $256,100

July 30

Dr Cash $256,100

Cr Accounts receivable $256,100

7 0

3 years ago