What is balance on income summary account prior to closing
Revenue total 10,200. Expense total 7,300. Withdrawls total 2,600. What is the balance on the Income summary account prior to closing Net Income or loss to the Capital account?
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On Decemeber 1, 2014, Parsons Sales sold machinery to a customer for 2,000. The customer could not pay at the time of sale, but agreed to pay 9 months later, and signed a 9-month note at 12% interest.
On June 30 of the current calendar year, Apricot Co. paid $7,500 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment.
What explains the difference in the net operating income determined under the absorption and variable costing methods?
Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is?
PPW Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,175. This other company paid the entire $9,400 cash on October 1, which PPW Co. recorded as unearned revenue.
The management of Idaho Corporation is considering the purchase of a new machine costing $430,000. The company's desired rate of return is 10%.
A company purchased a new truck at a cost of $37,900 on July 1. The truck is estimated to have a useful life of 5 years and a salvage value of $3,900.
The Allowance for uncollecible accounts currently has a debit balance of $200. The companys management estimate that 2.5% of net credit will be uncollectible.
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