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Penn Foster 06155600: Financial Accounting Study Guide (25 Questions)

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Question;1.;A company has;Liabilities of $23,500 and Stockholders? Equity of $56,500. How much does the;company have in Assets?2.;Beginning Retained;Earnings are $65,000, sales are $29,500, expenses are $33,000, and dividends;paid are $3,500. How much is the net income or loss for the company?="margin-top:0in,margin-right:0in,margin-bottom:0in,margin-left:.5in,>="margin-top:0in,margin-right:0in,margin-bottom:0in,margin-left:.5in,>3.;Theaccount?Salaries Expense? began with a zero;balance and then had the following changes: increase of $450, decrease of $175;increase of $600, and an increase of $350. What is the final balance of the;?Salaries Expense? account, and is it a debit orcredit?4.;A $375 purchase of;supplies on account was recorded by debiting Supplies for $375 and crediting;Cash for $375. What is the journal entry needed to correct thiserror?="margin-top:0in,margin-right:0in,margin-bottom:0in,margin-left:.5in,>="margin-top:0in,margin-right:0in,margin-bottom:0in,margin-left:.5in,>="margin-top:0in,margin-right:0in,margin-bottom:0in,margin-left:.5in,>="margin-top:0in,margin-right:0in,margin-bottom:0in,margin-left:.5in,>5.="margin-top:0in,margin-right:0in,margin-bottom:0in,margin-left:.5in,>="margin-top:0in,margin-right:0in,margin-bottom:0in,margin-left:.5in,> Allied, Inc. bought a;two-yearinsurance;policyon August 1 for;$3,600. What is the adjusting journal entry on December 31?-------25.River City, Inc. reported the following for;2014;What are the earnings per share for River City, Inc. (to the nearest cent)?

 

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