All categories

2 years ago

Adjusting entries are recorded ___of an accounting period.

Business

1 answer:

ExtremeBDS [4]2 years ago

5 0

Answer:

at the end

Explanation:

Adjusting entries are made at the end of an accounting period after a trial balance is prepared to adjust the revenues and expenses for the period in which they occurred.

You might be interested in

The cost of the basket of goods in 2005 is $550 and the cost of the basket of goods in 2011 is $700. if 2005 is used as the base

Natalija [7]

$127.27

Price index is (new year/old year)*100

If 2005 is the base/old year, then:

$700/550 = 1.27273 * 100 = $127.27

Price index is used to show inflation from year to year by the change in price for the same goods in a base year to current year. Price index for the base year compared to the base year will always be 100, so anything above that shows inflation.

4 0

3 years ago

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory cost

Ilya [14]

Answer:

Sale, March 14 (1,380 units) cost of goods sold = $117,200
Sale, August 31 (1,550 units ) cost of goods = $96,100
Ending inventory = 1,800 units

Explanation:

a. Cost Of Goods Sold Using LIFO

1. Sale, March 14 (1,380 units)

- from May 1 purchase)

1,130 units at $90= 1130*90= $101,700

from January 30 purchase

250 units from 2,150 units at $62 = $15,500

Total= 15,500+101,700= $117,200

2. Sale, August 31 (1,550 units )

- from January 30 purchase

1,550 units from 1900 units leftover

1550 at $62 = 1550*62= $96,100

b. Ending inventory

350 units leftover from January 30 purchase + 1,450 units of Beginning inventory, January 1 = 1,800 units

5 0

4 years ago

Which of the following organisations is most likely to sell shares for sale to invited investors?

Vsevolod [243]

Answer:

C. Private limited company

Explanation:

Ownership in a private limited company is restricted, unlike in a public limited company. The shareholders of a private limited company are usually family members, close friends, or people with a shared interest.

A private limited company can raise capital by selling additional shares. Because becoming a shareholder in a private limited company is restricted, private companies raise capital by selling shares to existing shareholders or to invited investors.

5 0

3 years ago

the key to being a good follower is to think for oneself and to work well without close supervision. this is referred to as ___

swat32

The answer is, "this is referred to as self-management".

There are four essential Qualities of Effective Followers, which includes;
Self-management
Commitment
Competence and focus
Courage
Self management is considered as the key to being a good follower. Effective group members can see themselves as they are as capable as their leaders.

4 0

3 years ago

Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, a

maw [93]

Answer:

Income statement for year 1

Service revenue $180,000

Operating expenses:

Employees salaries $85,000
Utilities $32,500
Insurance expense $19,500 $137,000

Net income $43,000

Income statement for year 2

Service revenue $230,000

Operating expenses:

Employees salaries $95,000
Utilities $30,000
Insurance expense $19,500 $144,500

Net income $85,500

Year 1 accounts receivable balance = $180,000 - $155,000 = $25,000

Year 2 accounts receivable balance = $230,000 - $185,000 + $25,000 = $70,000

Cash flows from operating activities year 1:

Net income $43,000

Adjustments to net income:

Increase in accounts payable $5,000

Increase in accounts receivable ($25,000)

Increase in prepaid insurance ($39,000)

Net cash provided by operating activities ($16,000)

Cash flows from operating activities year 1:

Net income $85,500

Adjustments to net income:

Decrease in prepaid insurance $19,500

Increase in accounts receivable ($45,000)

Decrease in accounts payable ($5,000)

Net cash provided by operating activities $55,000

4 0

4 years ago