Answer:
The answer is $30000
Explanation:
$ $
Sales 195000
<u>Less cost of sales</u>
Opening stock 12000
<u>Add</u> purchases <u> 97000</u>
109000
<u>Less </u>closing stock <u>6000</u>
<u>103000</u>
Gross profit 92000
<u>Less</u> operating expenses <u>62000</u>
Operating income <u>30000</u>
The operating income is<u> $30000</u>
Answer:
Pretty sure it's to <u>shift the cells up</u>
Explanation:
Answer:
D.
Explanation:
To accrue means to grow or to accumulate over time. In accrual accounting, if the revenue recognition criteria are met in the current period, revenue will need to be accrued in the current accounting period even if cash will not been received until a later accounting period.
Accrued revenues is a type of account that require adjustment, to register the unrecorded revenues that have been earned and for which cash has not yet to be received.
The accrual journal entry to record the sale involves a debit to the accounts receivable account and a credit to sales revenue. If the sale is for cash, debit cash instead. The revenue earned will be reported as part of sales revenue in the income statement for the current accounting period.
It is the same for accrued revenue and for revenue on account.
Answer:
Present value = $6404.20
Explanation:
Data provided in the question :
Amount of the Centennial lottery prize won = $1.4 million = $1,400,000
Time after which the amount will be received, n = 70 years
Discount rate, r = 8%
Now,
the present values is given as:
on substituting the respective values, we get
or
Present value = $6404.20
Answer and Explanation:
The Journal entry is shown below:-
Bad debts expense Dr, $2,000
To Accounts receivable-Hopkins $2,000
(Being write off is recorded)
Here we debited the bad debt expenses as it increased the expenses and we credited the accounts receivable as it reduced the assets so that the proper posting could be done