Calculation of amount of stockholders' equity at the end of the year;
We can calculate the amount of stockholders' equity at the end of the year with the help of following formula:
Stockholders' equity at the end of the year = Total Assets at the end of the year – Total Liabilities at the end of the year
At the beginning of the year, Morales Company had total assets of $845,000 and total assets increased $150,000 during the year. Hence Total Assets at the end of the year shall be (845000+150000) = $995,000
At the beginning of the year, Morales Company had total liabilities of $532,000 and total liabilities decreased $75,000 during the year. Hence Total Liabilities at the end of the year shall be (532000-75000) = $457,000
Now we can calculate:
Stockholders' equity at the end of the year = Total Assets at the end of the year – Total Liabilities at the end of the year
= 995000-457000 = $538,000
Hence, Stockholders' equity at the end of the year is <u>$538,000</u>
Answer:
The answer is
<u>Free Rental given = r = 38
</u>
<u>Box of popcorn given = b = 29 </u>
<u></u>
Explanation:
Let
,
Free Rental given = r
Box of popcorn given = b
Given that,
Cost of Free Rental = $1
Cost of Box of popcorn = $2
Total Cost of incentive = $96
Total incentives given = 67
Free Rental given+Box of popcorn given = Total incentives given
r+b=67
r=67-b...........(1)
(Free Rental given) x (Cost of Free Rental) + (Box of popcorn given) x (Cost of Box of popcorn) = Total Cost of incentive
(r x 1) + (b x 2) = 96
r + 2b = 96............(2)
Put the value of r in (2) from (1)
r+2b=86............(2)
67-b+2b = 96
67+b = 96
b = 96-67
b = 29
Put the value of b in (1)
r = 67-b...........(1)
r = 67-29
r = 38
Free Rental given = r = 38
Box of popcorn given = b = 29
Answer and Explanation:
The journal entries are shown below:
On July 1
Account receivable A/c Dr $17,300
To Sales $17,300
(Being the goods are sold on credit)
On July 8
Sales return and allowance A/c Dr $4,000
To Accounts receivable $4,000
(Being sales return is recorded)
On July 11
Cash ($17,300 - $4,000) × 98% $13,034
Sales discount ($17,300 - $4,000) × 2% $266
To Account receivable ($17,300 - $4,000) $13,300
(Being the cash received is recorded)
Only these three entries are recorded
The Atlantic ocean was crosses during The Middle Passage. :3
Answer:
The correct answer is letter "A": is an internal document that helps summarize data for the preparation of financial statements.
Explanation:
In Accounting, worksheets are reports created at the end of a period to include all accounts' balances, adjustments, and adjustments' balances in financial orders. This is a summary of all the transactions of the accounting period that enables companies to prepare their Financial Statements. The worksheet represents the draft of the <em>Trial Balance</em>.
