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3 years ago

The following accounts and balances were drawn from the records of Barker Company at December 31, Year 2:

Business

1 answer:

spayn [35]3 years ago

5 0

The Income Statement is $18,500

Construction of Baker income statement

Revenue

Service Revenue $65,200

Total Revenue $65,200

Expenses

Other operating expenses $41,000

Supplies Expense $1,100

Insurance expense $2,100

Rent Expense $2,500

Total Expenses $46,700

Net Income $18,500

($65,200-$46,700)

Inconclusion the Income Statement is $18,500

Learn more about Income statement here:

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Ruth, a cashier at a private bank, strongly believes that no matter how much effort she puts in or how many hours she works over

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Answer:

Ruth, a cashier at a private bank, strongly believes that no matter how much effort she puts in or how many hours she works overtime, she will not be offered a promotion in the next 10 years. In this scenario, Ruth's beliefs are in accordance with the expectancy theory.

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4 years ago

XYZ Zippers, Inc. wants to develop a new sales system that account executives can access over the Internet with a back-end custo

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Answer:

A programmer, a web designer, and a data analyst.

Explanation:

The programmer creates the sales system application. He will integrate key functionalities in the new software that will meet the companie's unique need.

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4 years ago

Cheryl was balancing the Trial Balance of the company. She found that the debit balance totaled $73,000 and the credit balance w

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I think it is both sides

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3 years ago

Read 2 more answers

1.Suppose a business experiences a sudden increase in its fixed costs. For example, suppose property taxes increase dramatically

jolli1 [7]

In this situation, the Average fixed cost wll be INCREASED.

AFC (average fixed cost) is calculated by adding up all total fixed cost within a certain period and divide it with the total years. If a business experienced an increased in any way to its fixed cost, the average will automatically increased.

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3 years ago

Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays $1,000 in advance o

KatRina [158]

Answer:

a. The Date on which Revenue was earned is April 2.

The Cash was received on March 3 and Revenue was earned on April 2 so no the earnings were not received on the same date the cash was received.

b. The date revenue was earned was February 28.

The Cash was received on the February 28 and the Services were given on the February 28. So yes the earnings occur the same date the cash was received.

Explanation:

To understand this let us create a Journal Entry for the transaction on March 3 first:

Debit: Cash $1,000

Credit: Services Payable $1,000

To record cash earned from the services payable.

At this time Momentu Occasions have earned the Cash but it cannot be recorded as revenue as the services are still a liability which are yet to be given.

Now lets record the Journal Entry from April 2:

Debit: Services Payable $1,000

Credit: Service Revenue $1,000

To record Revenue earned.

Now the Services Payable account will be canceled out and the revenue entry will be generated. Hence we can come to conclusion and drive our answers from it;

For Sophomore Class the Journal entry can be recorded as follows on the February 28:

Debit: Cash $4,100

Credit: Service Revenue $4,100

To record Service given at Cash.

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3 years ago