Steps to follow when doing production process

use the accounting equation to solve for the missing information. 2. did jacob's overhead doors report net income or net loss?

vichka [17]

Total assets 44900

Less: Liablities 14,550

Total Owner's equity 30,350

Less: Owner's capital 30,670

Add: Drawings 7,500

Less: Revenues 8,850

Expense 1,670

Assets =Liabilities +Owner's-Drawings+Revenues-Expense capital

44,900 = 14,550 + 30,670- 7,500 + 8,850 - 1,670
2. Jacob states a profit of $7,180

Net Income = Revenues – Expenses
= 8850–1670 = 7180

Equipment, real estate, raw materials, and inventories are examples of tangible assets. Intangible assets include things like royalties, patents, and other intellectual property.

The amount earned by an individual or corporation after costs, allowances, and taxes is referred to as net income. Net income in 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.

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7 0

8 months ago

An office building has $66,000 of net income and sold for $550,000. What was the rate of return? 12% 8.3% 10% 11.1%

spayn [35]

Answer:

8,3

Explanation:

its less then 10%

5 0

2 years ago

Read 2 more answers

Hitachi, Ltd., reports total revenues of ¥9,616,202 million for its current fiscal year, and its current fiscal year-end unadjus

BartSMP [9]

Answer:

a.

Debit Bad debts expense:¥28,464,808,000

Credit Allowance for doubtful account:¥28,464,808,000

b.

Debit Bad debts expense: ¥45,958,700,000

Credit Allowance for doubtful account: ¥45,958,700,000

Explanation:

a. The amount of bad debts expense assuming uncollectibles:

0.4%x¥9,616,202,000,000=¥38,464,808,000

Unadjusted trial balance reports a credit balance of ¥10,000 million for the allowance for doubtful accounts, Hitachi must recording the difference amount: ¥38,464,808,000-¥10,000,000,000=¥28,464,808,000

b.The amount of bad debts expense assuming uncollectibles:

2.0%x¥2,797,935,000,000=¥55,958,700,000

Unadjusted trial balance reports a credit balance of ¥10,000 million for the allowance for doubtful accounts, Hitachi must recording the difference amount: ¥55,958,700,000-¥10,000,000,000=¥45,958,700,000

6 0

2 years ago

An older person nearing retirement might typically find it better to invest in ________ since they generally seek less risk with

Helga [31]

The answer to this question is bonds. Bonds are an investment type where in investors’ gains a fixed-income over their investments. Bonds are less risky because the return of investment is in a fixed rate and this is less vulnerable to price swings in the stock market.

5 0

2 years ago

Which of the following represents the normal sequence in which the below budgets are prepared? a. Sales budget, budgeted balance

zloy xaker [14]

Answer:

c. Sales budget, budgeted income statement, budgeted balance sheet

Explanation:

First, we calculate the sales for the period. It would also calculatethe cash proceeds from sales, which will be useful for the balance sheet.

With that, we can plug sales revenue into the income statement and calcualte the net income.

And with the income statement, we can solve for retained earnings and build up the balance sheet. Among other data

Doing it in any other order, we are going to leave blanks and need to do the next one to fill them. In the proposed orde,r we do not need information from the subsequent budget to complete the previous one, which is good.

6 0

2 years ago

Steps to follow when doing production process​

Steps to follow when doing production process