adjusted total expenses?
Q: Define Expenses
A: Expenses are the cost that is incurred by the firm or the company to run the business. Basically,…
Q: Calculate the adjusted net income
A: Adjusted net income of the business shows all incomes and all expenses of the business and at the…
Q: Under the matching principle, when are expenses recorded?
A: Accrual accounting: The method of accounting which recognizes revenues before they are received, and…
Q: What are accrued expenses and when are they recorded?
A: Expenses refer to the outflow of cash in exchange for goods and asset purchased or services received…
Q: What is an accrued expense? Provide an example.
A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…
Q: Explain the difference between accrued and prepaid expenses with illustrative examples.
A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…
Q: calssify the following expenses between selling expenses and general and administrative expenses.…
A: Indirect expenses can be classified into three part: (1) Factory expenses (2) Office and…
Q: Accrued expenses are :
A: Accrued expenses are expenses that are incurred for the particular period but has not been paid yet.…
Q: What are prepaid expenses
A: Prepaid Expense: Prepaid expense refers to the expense made for the service prior to the consumption…
Q: accrued interest expense o
A: It is pertinent to note that under accrual concept of accounting transactions are recorded and when…
Q: WHAT IS THE TOTAL GENERAL AND ADMINISTRAVE EXPENSES?
A: The administration expenses are related to funciton of business but not directly or indirectly…
Q: e accrued interest income
A: Interest on note = Amount of note * Interest rate * Number of months elapsed/Number of months in a…
Q: What is accrued expenses
A: Accrued expenses means the expense which has been due but not paid.
Q: What are operating expenses?
A: Expenses refers to the money outflow or the assets outflow to another company or to individual…
Q: Calculate Net interest Income Non-interest income Non-interest expenses
A: Given a statement of the balance of a bank and we need to find out the interest income noninterest…
Q: how to compare between prepaid expenses and unearned revenue?
A: The adjustment for deferred items are made at the end of the year.
Q: What is accured expenses with example
A: Definition: Expenses: Expenses are costs incurred for the operations of a business. The costs…
Q: prepaid expense meaning
A: Under Accrual concept of accounting incomes and expenses are recognized as and when they occur.…
Q: Explain accrued expenses in detail .
A: In the above question we have asked to explain accrued expenses which is as below.
Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?
A: The business adjust the profits of the business for the current year considering deferred and…
Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Rent…
A: Revenues are the amount received from the sale of goods and services. Expenses are the cost…
Q: Does every adjusting entry affect net income for a period? Explain.
A: Net income: Net income is the excess amount of revenue which is arises after deducting all the…
Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Owner…
A: Owner’s equity: The claims of owners on a company’s resources, after the liabilities are paid off,…
Q: What adjusting entries would you pass in respect of income received in advance, outstanding…
A: Adjusting Entries:- Adjusting Entries referred as those entries, that are occurred at the end of…
Q: How do I find retained earnings And cash? For adjusted trial balance?
A: Retained earnings in the business means accumulated earnings of the business for the owners.
Q: Why is Profit and Loss Adjustment Account prepared? Explain.
A: There are following two reasons of why Profit and loss adjustment account is prepared;- 1. To…
Q: how to calculate administrative expenses
A: Selling and administrative expenses are expenses related to after production process. It includes…
Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Insurance…
A: Financial Accounting: It refers to the process of recording the financial transactions of the…
Q: What is salaries payable an equity, revenue, expense account, liability or expense?
A: Balance Sheet - Balance Sheet is combination of assets, liabilities and equity. It is prepared at…
Q: How do accrued but unpaid expenses affect the balance sheet?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: expenses. unearned revenues. accrued revenues.
A: The correct answer is c. accrued revenues ex. Fees for services that an attorney or doctor has…
Q: Which Accounting Principles says personal expenses should be debited to Drawings Account. a.…
A: Lets understand all the accounting principal given in the option. As per the accounting entity…
Q: Define prepaid expenses and provide at least two examples
A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…
Q: what is assets? what is non-current assets? what is current assets? what is equity? what is…
A: Since you have asked multiple questions, we will solve the first seveb questions for you. If you…
Q: What impact does an increase in expenses have on net income
A: In accounting we say that: Net income = Total revenue - total expenses
Q: What is Prepaid Expense? Provide example
A: Prepaid expenses are considered as an asset which is resulted from an advance payment for expenses…
Q: What is the major distinction (a) between revenues and gains and (b) between expenses and losses?
A: The major distinction between revenues and gains (or expenses and losses) depends on the typical…
Q: Differentiate using an example company’s primary revenue and secondary revenue, company’s primary…
A: Revenue refers to the funds generated by an entity through its direct or indirect business…
Q: Define Prepaid expenses.
A:
Q: amount should the account payable be adjusted
A: Purchases at net amount = Purchases - Purchase discount - Purchase returns.
Q: Net Income and Retained Earning:
A: Borio company had an asset with an $8 book value and its market value is $7. It is decided to…
Q: how to calculate operating expenses
A: Operating expenses refer to those expenses which brought about during standard business tasks. These…
Q: When to recognize expenses?
A: Under the accrual basis of accounting, revenue is considered to have been earned when goods are sold…
Q: What is the formula used to get the answers in interest expense and net income?
A: The interest expense is the amount a borrower has to pay against the amount borrowed. It is…
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- Please no written by hand solutions Prepare journal entries to record the following transactions. You are required to show all calculations: 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance. Entry General Ledger Debit Credit.Q1:The following balances appeared in the books of a company Machines 8000 Dollars Provision for depreciation of machines 700 Dollars Required: 1- To record the annual depreciation of machines, noting that the machines are depreciated annually at a rate of 5%, a decreasing premium. 2- The effect of this on the balance sheetThe cost of a machine is OMR 90000 and has a useful life of 10 years, the company uses the Straight Line method to calculate expenses. Pass the Journal Entry Select one: a. None of them b. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Depreciation Expense Accumulated depreciation 9000 9000 c. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Depreciation Expense Accumulated depreciation 90000 90000 d. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Depreciation Expense Accumulated depreciation 15000 15000 Clear my choice
- QUIZ 2: 1. On January 1, 20x1 Buckle Co. purchased a machine that had a list price of P46,320. Buckle Co. paid cash of P18,000 and executed a one-year non-interest-bearing note for the balance. The going rate of interest was 18%. The machine has a 6-year life and no residual value. Depreciation expense on the SYD basis at the end of 20x1 is: The next four items are based on the following information: Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows: Асcum. Depreciation 64,000 36,000 33,600 Acquisition date Residual value 20,000 10,000 14,000 Asset Cost 100,000 55,000 70,000 20X6 20X5 20X5 Dirt takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. 2. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X8 for asset A?_ 3. Dirt…On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? P 30,400 P 34,000 P 34,000 P 32,400Q10: Gulf Mushroom Products Company purchased a machine for OMR 10,000 for which depreciation will be measured as per diminishing balance method (WDV). Depreciation is calculated at 8% per annum for first 3 years and after that due to change in the accounting standards the rate of depreciation is changed to 10% per annum for next 2 years.a) What will be the book value of the machine after 5 years b) The accounts department informed you that book value of the machine after 5 years will be OMR 4,000. Do you agree with the value specified by accounting department? c) Is depreciation good or bad for the business? Discuss with reasons
- Accounting A. Tax payer incurred expenses of SAR 10,000 to alter and improve equipment with a cost base of SAR 100,000. Are these expenses deductible under article 18 of the law? B. Tax payer recorded the following journal entry Dr. Bad debt expense 10,000 Cr. Provision for doubtful receivable 10,000 Required: Is that provision deductible under article (14) of the law C. 1n 2020 Dr. Accounts receivable (Ibrahim) 100,000 Cr. Sales 100,000 In 2021 Dr. Bad debt expense 20,000 Cr. Accounts receivable Ibrahim) Required: Is that bad debt expense deductible under article (14) of the law?19 On January 1, Yisar 1, a company places a machine in service at a cost of $175,000 with an estimated useful life of 7 years. The accountant incortedly expenses this machine in Year 1 but discovers the terror in Year 3 The company uses straight-line depreciation on this assel, and the books are closed for Year 3 Which entry should be recorded on January 1, Year 4, to correct for this material error? O Debit Equipment for $175,000; Debit Depreciation Expense for $25,000; Credit Retained Earnings for $175,000; Credit Accumulated Depreciation for $25,000 O Debit Equipment for $175,000; Credit Retained Earnings for $100,000; Credit Accumulated Depreciation for $75,000 O Debit Equipment for $175,000; Credit Retained Earnings for $150,000; Credit Accumulated Depreciation for $25,000 O Debit Equipment for $175,000; Debit Depreciation Expense for $25,000; Credit Retained Earnings for $125,000; Credit Accumulated Depreciation for $75,000Exercise 5-10 (Algorithmic) (LO. 10) Jebali Company reports gross income of $664,000 and other property-related expenses of $431,600 and uses a depletion rate of 20%. Calculate Jebali's depletion allowance for the current year. $fill in the blank 1
- 1 Initial cost of Ice Cream machine jas RO 5,000, salvage value is RO 1,000 and it has 6 years of lie. a. What is the yearly depreciation allowance for the first year under sum of years digits method?Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,0004 - Our company has purchased a machine for 600.000 TL excluding 18% VAT. He paid 47.200 TL, including 18% VAT, for the assembly of the machine in question. Which of the following accounts is correct to use in the relevant accounting record ? a) 253 Plant Machinery and Equipment Hs. 600.000 TL (Borrower) B) 191 VAT Deductible 115.200 TL (Creditor) NS) 391 Calculated VAT Hs. 72.000 TL (Borrower) D) 253 Plant Machinery and Equipment Hs. 640.000 TL (Borrower) TO) 253 Plant Machinery and Equipment Hs. 755,200 TL (Borrower)