Answer and Explanation:
The accounting equation effects of each required adjustment is shown below:-
Transactions Assets
a. Prepaid rent - $1,280
b. Accumulated
depreciation - $1,180
c. NE
d. NE
Transactions = Liabilities + Stockholders' Equity
a. NE Rent expenses -$1,280
b. NE Depreciation expenses -$1,180
c. Accounts payable + $8,200 Utilities expenses -$8,200
d. Income tax payable + $310 Income tax expense -$310
Great capital or decorative shop or good advicer
Answer:
$1,223,500
Explanation:
The computation of cost of goods sold using LIFO method is shown below:-
Here, we are using LIFO method so we calculate from last number of units and cost per unit so we need to get 1,100
So, units from last 270 + 440 + 340 = 1,050
Now we need 50 units from purchase units so cost of goods sold
= 270 × $1,190 + 440 × $1140 + 340 × $1,040 + 50 × 940
= $321,300 + $501,600 + $353,600 + $47,000
= $1,223,500
Answer:
Dr Accounts payable 1850
Cr Merchandise inventory $37
Cr Cash $1813
Explanation:
Preparation of the journal entry to record the payment on July 12 Using the gross method,
JOURNAL ENTRY
Jul-12
Dr Accounts payable ($2300-450) 1850
Cr Merchandise inventory ($1850*2%) $37
Cr Cash $1813
($1850-$37)
(Being entry recorded for payment to supplier)
Answer: $152,210
Explanation:
The net income is the income that remains after the expenses has been deducted from the revenue.
Clean123 Inc.'s net income will be calculated as:
Service revenue = $193,750
Less: Salaries expense = $26,900
Less: rent expense = $14,640.
Net income = $152,210
Therefore, the net income is $152210
