Yooo Rate my friend 1/10

The following is the adjusted trial balance for Nadia Company. Nadia Company Adjusted Trial Balance December 31 Account No. Debi

muminat

Answer:

Net Income = $2,980

Statement of owner's equity = $15,280

Total Assets = $19,050

Total Liabilities = $3,770

Explanation:

Requirement A) Income Statement

Nadia Company

Income Statement

For the Year Ended December 31, 20X9

Revenues: $ $

Fees Earned 10,930

Expenses:

Wages expense 2,450

Rent expense 1,900

Utilities expense 1,475

Depreciation Expense 1,150

Miscellaneous Expense 975

Total Expenses (7,950)

Net Income 2,980

Nadia company's total revenue exceeds the total expenses, therefore, the company earns a net income of $2,980.

Requirement B) Statement of owner's equity

Nadia Company

Statement of Owner's Equity

For the Year Ended December 31, 20X9

Particulars $

Beginning Capital 10,000

Add: Additional investment (Capital) 3,000

Add: Net income for the year 2,980

15,980

Less: Drawings 700

Capital, December 31 (Ending Capital) 15,280

The amount of $15,280 is the total owner's equity for the company. The company will this amount in the balance sheet as well.

Requirement C) Balance Sheet

Nadia Company

Balance Sheet

As At December 31, 20X9

Particulars $ $

Assets

Current Assets

Cash 5,130

Accounts Receivable 3,300

Prepaid Expenses 420

Total Current Assets 8,850

Property, Plant, and Equipment

Equipment 12,400

Less: Accumulated Depreciation (2,200)

Total Property, Plant, and Equipment 10,200

Total Assets 19,050

Liabilities & Owner's Equity

Liabilities

Current Liabilities

Accounts Payable 700

Notes Payable (Short-term) 3,070

Total Liabilities 3,770

Owner's Equity

Owner's Equity (From requirement B) 15,280

Total liabilities and owner's equity 19,050

Therefore, Total Assets = Total Liabilities + Owner's Equity

5 0

3 years ago

A colleague has written a section of the main body in of the same financial report. He had a long paragraph with lots of numbers

Leya [2.2K]

Answer:

The Correct Answer is C.

Graphics

Explanation:

The Advantages of using Graphics in presentation or reports are such as:

Graphics can help illustrate some topics better than the diagrams or static texts.
Graphics is portable and editable.
Graphics can gain and hold attention.
Interactivity can help in the learning process which makes it much easier and understandable.
Entertaining as well as Educational.
Hyperlinks to other websites, documents, reports, and presentations.

7 0

4 years ago

Read 2 more answers

Management of Mittel Rhein AG of Köln, Germany, would like to reduce the amount of time between when a customer places an order

vredina [299]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

7 0

3 years ago

John, a limited partner of Candy Apple, LP, is allocated $30,000 of ordinary business loss from the partnership. Before the loss

allsm [11]

Answer: $5,000

Explanation:

First of all John's tax basis in Candy Apple is $20,000 and the losses are $30,000. $10,000 of the loss will therefore be suspended as it is more than his tax basis.

Of the remaining $20,000, a further $10,000 will be deducted due to his at-risk amount being $10,000 which means he can only be charged that $10,000.

As John is a limited partner in both Candy Apple and Red Tomato, this means that these are Passive incomes or losses for him and he can use then to offset one another. He will therefore use the $5,000 gained from Red Tomato to offset some of the losses from Candy Apple.

This leaves him with $5,000.

4 0

3 years ago

If overall interest rates in the economy fall, then a corporate bond with a fixed interest rate will decrease in value. true or

Karolina [17]

Answer:

False

Explanation:

The statement is false, as a decrease in the overall interest rate increases the overall worth of a bond which pays fixed interest rate payments. The public will demand more bonds with fixed interest rate payments, and the demand for bonds with flexible interest payments will decrease likewise. This is the main reason why the face value of bonds with fixed interest rate payments is usually higher than flexible bonds because they are less risky.

8 0

4 years ago