Wood Company earned revenues of 20,000 and incurred expenses of 6000 the companies honor with Drew 3500 What is the balance of the income summary account after closing net income or loss to the owner capital account
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- Accounting for Assets: Receivables Johnson company's financial year ended on December 31, 201o. All the transactions related to the company's uncollectible accounts are can be found below: Wrote of $44o account of Miller Company as uncollectible January 15 Re-establish the account of Louisa April 2nd Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible July 31 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible August 15 September 26 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible Estimated uncollectible accounts October 16 expense for the year to be 1.5% of net credit sales of $521,000 December 31 The accounts receivable account had a…Below are the Profit and Loss Statement and Balance Sheet for Keane Pte Ltd after 1 year of operations. Check and prepare the corrected classified Profit and Loss Statement. Profit and Loss Statement as at 31 December 2021 $ $ $ Course Fees Revenue 25,700 Unearned Revenue 4,000 Sales Revenue 105,500 135,200 Less: Cost of Goods Sold 43,000 Gross Profit 92,200 Less: Operating Expense Selling Expense Salaries Expense (refer to Note 1) 55,000 Accrued Expense 1,000 56,000 General and Administrative Expense Salesmen Commission 15,500 Interest Expense 2,750 Roadshow Expense 19,000 Depreciation – Office Equipment 10,000 47,250 Financial Expense Prepaid Expense 13,100 Telephone…Air Company reported the following data for the current year:Income from continuing operations 700,000Net income 500,000Selling and administrative expenses 2,250,000Income before income tax 1,000,000 What amount should be reported as income or loss from discontinued operations?
- sanjuReturn on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $661,910Interest expense 116,810Average total assets 6,280,000Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %A company reports the following income statement and balance sheet information for the current year: Net income $128,290 Interest expense 11,157 Average total assets 1,811,000 Determine the return on total assets. Round the percentage to one decimal place.fill in the blank 1 %
- Please help me with correct answer thankuBelow are the Profit and Loss Statement and Balance Sheet for Keane Pte Ltd after 1 year of operations. Check and prepare the corrected classified Balance Sheet. Profit and Loss Statement as at 31 December 2021 $ $ $ Course Fees Revenue 25,700 Unearned Revenue 4,000 Sales Revenue 105,500 135,200 Less: Cost of Goods Sold 43,000 Gross Profit 92,200 Less: Operating Expense Selling Expense Salaries Expense (refer to Note 1) 55,000 Accrued Expense 1,000 56,000 General and Administrative Expense Salesmen Commission 15,500 Interest Expense 2,750 Roadshow Expense 19,000 Depreciation – Office Equipment 10,000 47,250 Financial Expense Prepaid Expense 13,100 Telephone Expense…What is the solution to the question I uploaded
- Please HelpWell Company paid Being Company for merchandise with a $4,500, 90-day, 10% note dated December 11. What is the financial statement effect to Being Company at the end of the accounting period on December 31? Select one: a. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash InterestReceivable Retained Earnings InterestIncome A) +25 +25 +25 b. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense B) +25 -25 c. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense C) -25 -25 -25 d. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY…Accounting for Assets: Receivables Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales…
