Compared to businesses, workers will pay an equal share of the tax.Tax is the official financial levy that the government imposes on the income of its constituents.
. It aids in the funding of the government’s social welfare initiatives.It is unlawful to fail to pay it.In this instance, the mayor wants to collect half the taxes from businesses and half from workers in order to pay for a new water park in the city. Only once the demand and supply of labor are both elastic enough to divide the tax burden evenly will mayor be able to do so.Therefore, in compared to businesses, workers will pay an equal share of the tax.
The productivity of employees has an impact on the wage a company is ready to offer.• The level of consumer demand for the products and/or services the business produces.• The quantity of fringe benefits that the business must provide by law.• How much payroll taxes the company is required to pay.It should be emphasized that businesses will be willing to pay more for their employees when productivity increases and consumer demand for a good rises.
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if a noncorporate shareholder receives a distribution from the proceeds of a sale in a partial liquidation of a corporation, the gain or loss recognized from the tax treatment of an exchange is determined by:
The tax basis of the shares that would have been transferred to the corporation had the transaction been a stock redemption.
What is corporation?
A corporation is just a group of people or a business that has been given legal status as a single entity by the state and is used for specific legal purposes: 10 Early corporations were created through a charter. The majority of jurisdictions now permit the registration of new corporations. Although there are many different types of corporations, they are typically categorised by the law of the country in which they were established based on either the ability to issue stock or the purpose for which they were established. A corporation can be either an aggregate or a sole corporation, based on the number of owners.
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office depot knows that maintenance and repair services offered by the manufacturer are important to buyers of copy machines. if the copier does not function correctly, the office depot customer wants to be sure that it can be fixed or replaced at no extra charge and in a timely, convenient manner. in this case, the product can best be classified as .
The product can be classified as a combination of the product and the service.
The combination of a product and a service can be defined as a product-service hybrid. The combination of product and service also known as service product, also can be defined as a business offers a service and a product or a good together as its practice. The combination of product and service is also called service-good mix, and it can refer to many different types of businesses in all different industries.
There are 4 types of service-good mix, such as:
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when cheaper forms of musical production were pushing self-playing instruments into oblivion, conlon nancarrow started writing his player piano studies for mainly what reason? group of answer choices performance halls could not afford to hire the two pianists necessary to play his pieces. nancarrow grew tired of marketing his work to audiences. the unreliability of performers to execute the music given to them.
When cheaper forms of musical production were pushing self-playing instruments into oblivion, Conlon Nancarrow started writing his player piano studies for mainly the unreliability of performers to execute the music given to them.
Being a song producer is difficult for a number of reasons. The first one is that it takes a long term to get to a degree in which your song is actually really worth freeing. There are intricacies worried in song manufacturing that no longer most effective take a while to apprehend in principle, but require deliberate practice.
Music production may be self-taught, however, will take quite a little willpower, difficult paintings, and time to attain. You may want to study your digital Audio notebook (DAW), music structure, song principle, and lots of other things.
Track producers must recognize plenty approximately plenty. They accumulate ideas for projects, pick out songs to report, make improvements or changes to track preparations, train artists and musicians, manipulate recording sessions, engineer and grasp a number of the very last manufacturing, and extra.
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required: 1. compute the lower of cost or market for the inventory applied separately to each item. 2. if the market amount is less than the recorded cost of the inventory, then record the lcm adjustment to the merchandise inventory account.
The lcm adjustment to the merchandise inventory account.
Items Per Unit Total LCM Applied to
Units Cost Market Cost Market Individual Items
Car audio equipment
Speakers 343 98 106 33,614 36,358 33,614
Stereos 258 119 108 30,702 27,864 27,864
Amplifiers 324 94 103 30,456 33,372 30,456
Subwoofers 202 60 49 12,120 9,898 9,898
Security Equipment:
Alarms 478 158 133 75,524 63,574 63,574
Lock 289 101 92 29,189 26,588 26,588
Cameras 210 318 330 66,780 69,300 66,780
Binocular Equipment:
Tripods 183 78 92 14,274 16,836 14,274
Stabilizers 168 105 113 17,640 18,984 17,640
Cost Market Individual Items
TOTAL 3,10,299 3,02,774 2,90,688
Journal Entry to record the Adjustment for Inventory
Account Tittles and Explanations Debit ($) Credit ($) Cost of Goods Sold A/c 19,611
To Inventory A/c 19,611
[Entry to Write down the inventory
value to the market value] [$310,299 – 290,688]
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The complete question is ''A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit ItemUnitsCostMarket Car audio equipment Speakers343$98 $106 Stereos258 119 108 Amplifiers324 94 103 Subwoofers202 60 49 Security equipment Alarms478 158 133 Locks289 101 92 Cameras210 318 330 Binocular equipment Tripods183 78 92 Stabilizers168 105 113 Required: 1. Calculate the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
robert contests a charge on his credit card bill, but the credit card company states that this will take considerable time to investigate. how long does the credit card company have to make a decision?
The credit card company have to take almost 90 days to make a decision.
Are credit card bills monthly?After when we make purchases with your credit card, you will get a credit card bill every month. It is important to know that you would not be required to pay your full balance each month, although it is in your interest to do so.
What happens if I don't pay my credit card for 5 years?If you again not pay the bill, your issuer may close your account, though you will be responsible for the bill. If you do not pay your credit card bill for a enough time, your issuer could definitely sue you for repayment or sell your debt to a collections agency
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(n) compares the cost of purchasing a given market basket in a given year, where that cost is normalized so that it is equal to 100 in the selected base year. please choose the correct answer from the following choices, and then select the submit answer button. answer choices
A(n) GDP deflator compares the cost of purchasing a given market basket in a given year to the cost of purchasing the market basket in the base year. The correct answer is option(b).
Inflation is calculated using the GDP deflator, sometimes referred to as the implicit price deflator. The GDP deflator is predicated on the idea that, because both lower output prices and higher input prices diminish corporate profits, the deflator will shrink as a result.
A market basket tracks the performance of a particular market or segment by combining a variety of products and services. The Consumer Price Index (CPI), a well-liked market basket, provides an estimate for inflation based on the typical change in price paid for a certain basket of products and services over time.
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The complete question is:
A(n) _____ compares the cost of purchasing a given market basket in a given year to the cost of purchasing the market basket in the base year.
a price index
b GDP deflator
c chained dollar
d inventory
decision-making problems that could occur when using absorption costing include inappropriate decisions, and decisions made to products that are, in fact, profitable. multiple choice question. reporting; add strategy; produce pricing; drop production; focus upon
Decision-making problems that could occur when using absorption costing include inappropriate produce pricing decisions, and decisions made to drop production products that are, in fact, profitable.
The significance of Decision-making lies in the manner it helps you in choosing among diverse alternatives. Earlier than making a decision, there may be a want to accumulate all available facts and weigh its pros and cons. It is vital to attention to steps that could assist in taking the proper choices.
Powerful choice-making is described here because of the technique through which options are selected after which controlled thru implementation to reap business objectives. 'powerful decisions end result from a systematic process, with definitely defined factors, that is handled in a wonderful collection of steps' [Drucker, 1967].
A very good choice-maker chooses actions that provide exceptional outcomes for themselves and others. They enter into the choice-making manner with open thoughts and no longer allow their very own biases to sway them. They make choices rationally, after gaining knowledge of alternatives and understanding the results.
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in marketing today, packaging carries the added responsibility of multiple choice promotion and sales. minimizing product liability. gaining access to international markets. keeping product costs down.
In marketing today, the packaging carries the added responsibility of promotion and sales.
What does promotion mean in marketing?
Promotions means to the entire set of activities, which communicates the product, brand or service to the user. The concept is to make people aware, attract and induce to purchase the product, in preference over others.
What is the importance of promotion in marketing?The main target of promotion is to ensure that customers are aware of the occurrence and positioning of products. Promotion is used to persuade customers that this product is better than competing products and to reminding customers about why they need to buy the product.
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How should resumes and cover letters be written to help you obtain a job that meets your career goals?.
The reason you left your former employment should be written in your resume and cover letter. Your achievements and how your talents fit the requirements of the position should also be stated for career growth.
What serves as a cover letter's primary objective?
A one-page business letter known as a cover letter is submitted with your resume when you apply for a job. Your cover letter should serve as a persuasive essay that explains to the employer why you are a strong candidate for the position. Your hobbies should be listed on your resume and cover letter because they support your career goals.
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Karan manages a law firm that deals with the mergers and acquisitions of various businesses. to maintain the confidentiality of such deals, karan has initiated a monitoring process to review the emails and social network activity of the employees in his office. which best practice should karan adopt while enforcing this monitoring protocol
The best practice that Karan should adopt while enforcing protocol is : disclose to the employees that their emails will be monitored
Option D is correct .
To cover the social network conditioning of the workers of a company is walking the line of ethics so there's a way to determine what must be the stylish practice keeping in line with the working culture of the company.
The people working there must be informed that their exertion will be covered so they've an understanding that it'll be done.
After this one must perform checks either arbitrarily or on the base of who seems further secure and who less.
Why social networking is important?It allows people to partake information. Social networks also help grease the spread of information. This can be information about original or public news, products or services, certain businesses, laws and government conduct or simply information about musketeers and family members
What's a monitoring protocol?
Monitoring protocols validate what, why, and how the network is covering certain vital signs. They correspond of a protocol narrative and associated set of standard operating procedures( bribes)
Question is incomplete , the missing options are given below :
Which best practice should Karan adopt while enforcing this monitoring protocol?
A. enlist an external agency to keep an eye on personal visits of emp
B. split the employees into groups based on their trustworthiness
C. perform arbitrary checks on select employees from the office
D. disclose to the employees that their emails will be monitored
E. hire a person to spy on the employees in the office
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natural"" herbal products and dietary supplements promoting weight loss select be considered safe or effective just because they are available in the market.
Natural" herbal products and dietary supplements cannot do weight loss are considered safe or effective just because they are available in the market.
Just because they are sold on the market, natural herbal items and dietary supplements for weight loss should not be assumed to be safe or effective. Herbal, botanical, or phytomedicines are terms used to describe items manufactured from plants or botanicals that are used to treat illnesses or preserve health. Herbal supplements are manufactured from plants and are intended only for internal consumption.
Food supplements are marketed in "dose" form and contain concentrated amounts of nutrients (such as minerals and vitamins) or other compounds with a nutritional or physiological effect (e.g. pills, tablets, capsules, liquids in measured doses
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alexandra's boutique has the following transactions related to its top-selling gucci purse for the month of october. alexandra's boutique uses a periodic inventory system. date transactions units unit cost total cost october 1 beginning inventory 6 $750 $4,500 october 4 sale 4 october 10 purchase 5 760 3,800 october 13 sale 3 october 20 purchase 4 770 3,080 october 28 sale 7 october 30 purchase 6 780 4,680 $16,060
Using the specific identification method the ending inventory is $5,430, while the cost of goods sold is $10,630.
What is the specific identification method?The specific identification method is an inventory costing technique that tracks the particular inventory sold and differentiates them from the ending inventory.
This method assigns the cost of goods sold based on their specific unit costs and does the same for the ending inventory.
How is the cost of goods sold determined?The cost of goods sold is the difference between the total cost of goods available for sale and the cost of the ending inventory, especially under the periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 beginning inventory 6 $750 $4,500
October 4 sale -4
October 10 purchase 5 760 3,800
October 13 sale -3
October 20 purchase 4 770 3,080
October 28 sale -7
October 30 purchase 6 780 4,680
Total 21 -14 $16,060
Ending Inventory 7 units (21 - 14)
Beginning inventory 1 x $750 = $750
October 30 purchase 6 x $780 = $4,680
Total ending inventory = $5,430
Cost of goods sold = Cost of goods available for sale - Cost of Ending Inventory
= $10,630 ($16,060 - $5,430)
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Question Completion:Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method.
The October 4 sale consists of 4 purses from the beginning inventory.
The October 13 sale consists of one purse from the beginning Inventory and two purses from the October 10 purchase.
The October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
which term refers to the process of initiating a project, making a plan, executing and completing tasks, and closing a project?
Project life cycle refers to the process of initiating a project, making a plan, executing and completing tasks, and closing a project.
The project management lifecycle is divided into four stages: planning, execution, and closure. The project life cycle is simply a fancy way to describe the lifespan of a project. It explains the high-level process of project delivery and the stages you take to get things done. That's how projects happen; how project phases guide a team from brief to delivery. Every project has a beginning and an end; it is founded, matures, and then "eventually die" at the end of the project life cycle.
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the first step in decision making is to blank . multiple choice question. identify relevant costs and benefits perform a differential analysis define the alternatives
The first step in decision-making is to define the alternatives.
The process of choosing a course of action involves identifying a decision, acquiring data, and weighing potential answers.
By collecting pertinent information and identifying options, a step-by-step decision-making process can assist you in making more careful, considered decisions. By using this strategy, you have a better chance of selecting the option that will satisfy you the most.
You will probably find a number of potential courses of action or alternatives as you gather information. Additionally, you have the decision-making option of coming up with new options using your creativity and additional knowledge. List every conceivable and preferable alternative in this step. You might wish to go through the procedure again to make another selection if the one you made did not satisfy the stated need.
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A line worker in a factory is required to produce 50 units to be paid $10. In the context of the schedules of reinforcement, this scenario most likely exemplifies a.
The initial response is rewarded only after a predetermined period of time has passed in fixed-interval schedules.This schedule results in rapid responses near the end of the interval but slower responses right after the reinforcer is given.
What is the term fixed-interval reward about ?A fixed-ratio program can involve giving a youngster a candy after reading between three and ten pages of a book.They receive a treat after reading five pages, three pages, seven pages, eight pages, etc. Let's combine these four terms right away.A fixed interval reinforcement schedule rewards behavior after a predetermined interval.As an illustration, June has significant surgery in a hospital.She is anticipated to feel pain as she recovers and will require prescription medicines for pain control. High and consistent rates of the desired behavior are maintained via variable ratio schedules, and the behavior is exceedingly hard to eradicate. Schedule with Fixed Intervals (FI).A desirable behavior is reinforced after an interval of time has passed according to interval schedules. Given the circumstances mentioned in the query, this situation most likely serves as an example of a "fixed-interval schedule.An employee or action is only rewarded after a certain amount of time on a fixed-interval plan.Samuel must generate 50 units in this instance in order to receive $10, hence the specified period or action is after the creation of 50 units.As a result, it can be said that in this instance a fixed-interval schedule is a type of salary payment arrangement for employees.To learn more about fixed-interval refer
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assume fixed costs total $280,000 per month, the variable cost per unit is $80, and each unit sells for $150. what is the contribution margin ratio (rounded)?
The contribution margin ratio when fixed costs total $280,000 per month, the variable cost per unit is $80, and each unit sells for $150 is 47%.
What is contribution margin ratio?The difference between a company's sales and variable costs, represented as a percentage, is the contribution margin ratio. The total income that can be used to cover fixed costs and turn a profit is represented by an entity's total margin.
A business's contribution margin ratio is calculated by dividing its total revenue by its variable costs. The marginal gain from manufacturing one extra unit is indicated by the contribution margin ratio.
Contribution margin ratio is calculated by
Contribution margin per unit / Sales price per unit.
that is ($150 - $80) / $150 = 47%
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which provide a standard format for displaying project schedule information by listing project activities and their corresponding start and finish dates in a calendar format?
Gnatt chart provides a standard format for displaying project schedule information by listing project activities and their corresponding start and finishes dates in a calendar format.
What is information?Information is the act or time when data is gathered and is either filtered through another person's eyes or is taken directly by the individual. It is information or news that can be employed for a variety of purposes.
The statistics pertaining to the project as well as other related processes is presented in the shape of a bar chart. The calendar presentation is the result of both the Gnatt chart's bar-plotting process.
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imagine that you are on the taco bell marketing team, and as taco bell prepares itself for developing the next iteration of their doritos loco tacos product line, your team needs to identify the process used for past product launches to manage risks and increase the likelihood of success. consider each stage from new-product strategy through commercialization
The practice of launching new goods or services available in the market is known as commercialization. The wider act of commercialization includes tasks necessary for the new product's commercial success.
A well designed three-tiered product roll-out and marketing strategy that includes the following key elements is necessary for commercialization.
Additionally, a strategy will help you prevent things like overrating and misjudging your target market, launching a product that is poorly constructed and priced, spending assets you don't possess on higher emission costs, and exposing your company to hazards and dangers from unexpected competition.
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theodore invests a total of $18,500 in two accounts. the first account earned a rate of return of 14% (after a year). however, the second account suffered a 7% loss in the same time period. at the end of one year, the total amount of money gained was $490.00. how much was invested into each account?
$5500 was invested and gained 13%, while $5000 lost 9% was invested into each account.
Funding is the dedication of money to buy an asset to reap a growth in price over a period of time. Funding calls for a sacrifice of a few gift assets, which includes time, cash, or effort. In finance, the motive of investing is to generate a go back from the invested asset. The go-back may additionally consist of an advantage (earnings) or a loss realized from the sale of a property or funding, unrealized capital appreciation (or depreciation), investment income including dividends, interest, or condo profits, or a mixture of capital gain and income. The return can also include foreign money profits or losses due to adjustments inside the overseas foreign exchange quotes. Traders generally assume higher returns from riskier investments. While low-hazard funding is made, the go-back is likewise typically low.
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harry holds 1,000 pounds of perishable fruit in storage for fresh foods corporation under a contract with fresh foods. fresh foods refuses to pay for the fruit being held in storage and, therefore, the fruit is at risk of spoiling. after fresh foods refuses to pay for the fruit, harry sells the fruit to green grocery stores, inc. this sale by harry to green grocery represents
Fruit that is being stored by Fresh Foods is not being paid for, putting it at risk of rotting. Harry's sale to Green Grocery represents a reduction in the harm.
Rotting is possible for users of the Android mobile operating system to get root access, which gives them privileged control over a number of Android subsystems. The fact that Android is built on a modified version of the Linux kernel means that rooted an Android device provides you access to administrative (superuser) capabilities just like you would on Linux or any other Unix-like operating system, like FreeBSD or macOS.
Many times, the purpose of rooting is to get around restrictions that some carriers and hardware manufacturers place on certain devices. Thus, rooting grants the ability (or authority) to modify or replace system applications and settings, run specialized software (or "apps") that require administrator-level permissions, or carry out other functions that are otherwise inaccessible to a regular Android user.
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Quon decides to sell his antique roadster, so he places an ad on craigslist. He lists the roadster as a 1957 mercedes benz 300sl roadster, describes it as in good working condition, and states that no reasonable price will be refused. Fern responds to the ad and offers to pay $25,000 to quon for the car, which quon agrees to. In this scenario, who is the offeror?.
Despite that Quon placed an ad on craigslist about his decision to sell his antique roadster, Fem is seen as the offeror because he responds to the ad and offers to pay $25,000 to Quon for the car.
What is an Offer?In law, an offer is defined as an expression of willingness to contract on certain terms which is made with an intention that it shall become binding as soon as it is accepted by the person to whom it is addressed known as the offeree.
In essence, the offer means the statement of the terms on which the offeror is willing to be bound and it is a present contractual intent to be bound by a contract with definite and certain terms communicated to the offeree.
In conclusion, an expression of offer may take different forms and which form is acceptable varies by jurisdiction. Some may be presented in a letter, newspaper advertisement, fax, email verbally conduct etc as long as these medium communicates the basis on which the offeror is prepared to contract.
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Solve for w
37=w/5+14
Answer: W = 115
Explanation:
soledad and winston are partners who share income in the ratio of 1:3 and have capital balances of $45,500 and $76,500 at the time they decide to terminate the partnership. after all noncash assets are sold and all liabilities are paid, there is a cash balance of $68,800. what amount of loss on realization should be allocated to winston? a.$53,200 b.$13,300 c.$39,900 d.$26,600
Option (c) is the best choice. The amount of the loss on the realization that should be distributed to Winston is $39,900.
What is the treatment for loss of realization?An entity may deduct a realized loss from taxable income on its tax return. If a business would ordinarily be required to pay taxes on realized earnings or capital gains, it may elect to realize losses on as many assets as possible.
The term "income sharing ratio" refers to the ratio determined when creating the partnership agreement that specifies how the partners will split the company's profits and losses. If no written agreement is present, net revenue is distributed evenly.
The query that is presented,
Cash Balance= $68,800
Total Capital (45,500 + 76,500)= $1,22,000
Loss allocated to Winston= $53,200 X[tex]\frac{3}{4}[/tex] = $39,900
Loss ($1,22,000 - $68,800)= $53,200
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you have created a customer journey that does the following: sends an email regarding a country/region-specific promotional offer. creates a phone call activity and sends a text message to the contact. which set of actions should you take to activate your customer journey?
You should follow these instructions to add a segment tile, an email tile, a trigger tile, a scheduler tile, and an SMS text tile in order to activate your customer journey.
The status of the journey displays the draught reason when you first create a new customer journey and while you are working on it. The tour is dormant and won't try to send any messages or carry out any other processing while it's still in draught mode.
You light it up when everything is set up and you're ready to leave. As soon as the set start date occurs, the trip will begin processing all contacts in its target segment because this updates the status reason for the trip to be alive.
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a firm has redesigned its production process so that it now takes 10 hours for a unit to be made. using the old process, it took 15 hours to make a unit.
It now takes a company 10 hours to produce a single item after redesigning its production method. A unit was made in 15 hours using the previous method. $7500 less work is now being done.
Musical Company features music and lyrics by Stephen Sondheim with a story by George Furth. A record-breaking 14 Tony Awards were nominated for and six were given to the original 1970 staging. Company was written in a non-chronological, linear fashion. In order to create something for consumption, the process of production entails mixing a variety of immaterial (plans, knowledge) and material inputs (output). The act of producing a good or service that has value and improves people's utility is known as production. Production refers to the act of manufacturing, gathering, or creating something, as well as the volume of something that was manufactured or gathered.
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When the allowance method of accounting for uncollectible accounts is used, bad debt expense is recorded.
When using the allowance method of accounting for uncollectible accounts, bad debt expenditure is recorded during the same accounting period as the credit sale.
The allowance method of uncollectable accounts determines bad debt as a percentage of sales. For instance, January's sales were 400,000. At the accounting end of the accounting period, it is anticipated that 5% of the sales will be uncollectable. There will be made a provision for bad debt of 400,000 X 5% = 2,000. The accounting period in which this provision is made includes allowance method the credit sales.
Again, an additional provision is made for the sale in the following month. As a result, each time, an allowance for uncollectible accounts is given in accounting line with its credit sale during that time.
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a trust has been established to fund scholarships in perpetuity. the next annual distribution will be $1,200 and future payments will increase by 3 percent per year. what is the value of this trust at a discount rate of 7.4 percent? a) $17,189.19 b) $19,960.00 c) $27,272.73 d) $24,609.11 e) $30,388.18
If the annual distribution is $1200 with a growth rate of 3% per year then the value of this trust at a discount rate of 7.4% is c) $27,272.73
The value of the trust at a discount rate of 7.4 percent can be considered to be the present value which can be calculated using the formula;
PV= Cf ÷ (i - g)
Where Cf represents annual distribution which is equal to $1200
i represents the interest rate = 7.4% = 0.074
g represents the growth rate = 3% = 0.03
Now substituting these values in the equation;
PV = 1200 ÷ (0.074 - 0.03)
PV = 1200 ÷ 0.044
PV = 27,272.73
Hence, the value of the trust at a discount rate of 7.4 percent is calculated to be $27,272.73
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What career information can be found in the Occupational Outlook Handbook? Check all that apply.
storm windows company understated their ending inventory during their first year of operations by $2,000. what is the effect of this error at the end of the year? select all answers which apply. multiple select question. $2,000 understatement of cost of goods sold. $2,000 understatement of net income. $2,000 overstatement of cost of goods sold. $2,000 overstatement of net income.
The effect of this error at the end of the year is an Understatement of net income of $2000 and an Overstatement of costs of goods sold of $2000.
Without the other spouse's knowledge, an understatement of income happens when one spouse fails to include or understates the amount of income they earned that needs to be disclosed on their income tax return.
The amount earned by an individual or business after costs, allowances, and taxes is referred to as net income. Net income in the company is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid. All expenses, including interest on outstanding debt, taxes, and any one-time charges, such as the sale of an asset or division, are subtracted to arrive at net income.
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choose the appropriate accounts to complete the company's balance sheet. make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. (amounts to be deducted should be entered in minus sign.)
The balances in those accounts are filled in using the adjusted trial balance for the relevant accounts to complete the balance sheet for the company.
A balance sheet is a financial statement that lists the assets, liabilities, and shareholder equity of a corporation at a certain point in time. Balance sheets serve as the foundation for calculating investor return rates and assessing a company's trial balance financial structure.
The balance sheet, or statement of financial position, is a summary of the assets and liabilities of a corporation as well as the amount of shareholder investment. To do fundamental analysis or determine financial ratios, balance sheets can be utilized alongside other trial balance significant financial accounts.
Date Account title Debit credit
Jan 31,2021
12 Service revenue [51100+88400] 139500
Interest revenue 100
Income summary 139600
[Being revenue account closed]
13 Income summary 87820
Salaries expense (33000+35100) 68100
Supplies expense 3350
Utilities expense 15300
Bad debt expense 1070
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The complete question is
The following information is available on January 31, 2018.
Depreciation on the equipment for the month of January is calculated using the straight-line method.
At the end of January, $4,900 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 3% will not be collected. The note receivable of $34,800 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts.
Accrued interest revenue on notes receivable for January.
Unpaid salaries at the end of January are $34,500.
Accrued income taxes at the end of January are $10,900
Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance.
TNT Fireworks
Multiple-Step Income Statement
For the year ended January 31, 2018
Gross profit $0
Total operating expenses 0
Operating income 0
0
$0