tara westmont, the proprietor of tiptoe shoes net income

D. $ -0-. A. 1. Tara Westmount, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. Debit Prepaid Subscriptions $11,250, credit Sales $11,250. Only Job M1 was completed in May. What was their average monthly housing cost for last year? B. Aug. 2 - Purchased 1,500 shares of its common stock at $13 per share. 1. GreenLawn Co. provides landscaping services to clients. Siglo,Withdrawals30,000DeliveryServiceRevenue283,470LockboxFeesEarned28,800TruckDriversWagesExpense120,600OfficeSalariesExpense44,400Gas,Oil,andTruckRepairsExpense31,050InterestExpense7,200625,836625,836\begin{array}{lrr} (10 * $20) + (10 * $22) + (2 * $25) = $470, A company had beginning inventory of 10 units at a cost of $20 each on March 1. What was the amount of credit sales during May? Find the down payment and the amount of the mortgage. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is, Debit Accounts Payable $1,600 $4,000. Prepare the stockholders equity section of Krafts balance sheet as it would appear on August 31, 2014. d. .52 Net income for the year and total assets would both be overstated. $3,625 What is the correct closing entry for the expense accounts? 1. Debit Legal Expense $500,000; credit Lawsuit Payable $500,000. D. results in a transfer of retained earnings to contributed capital and also increases the number of shares outstanding and involves a pro rata reduction in the par value per share. Current assets minus current liabilities. Cost of goods sold. D. The local bank is currently charging an annual interest rate of 12 percent for car loans. B. On May 1, a two-year insurance policy was purchased for $18,000 with coverage to begin immediately. B. The purchase of supplies for cash would A. results in a transfer of retained earnings to contributed capital. B. $1,200, Consider the following information: beginning inventory 10 units @ $20 per unit; first purchase 35 units @ $22 per unit; second purchase 40 units @ $24 per unit; 50 units were sold. If a company paid $38,000 of its accounts payable in cash, what was the effect on the accounting equation? If a company mistakenly forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show: 1. B. Its supplier's catalog indicates a list price of $500 per unit on merchandise Jasper intends to purchase, and offers a 30% trade discount for large quantity purchases. Two None of the above, Katz Corporation has issued 400,000 shares of common stock and holds 20,000 shares in treasury. The entry to record the first semiannual interest payment on December 31, 2005 will include a 1. A. When treasury stock is purchased with cash, what is the impact on the balance sheet equation? Axle's credit policies are too loose. A. D. D. \text{Truck Drivers Wages Expense} & 120,600\\ $7,480 QV-TV, Inc. provided the following items in their footnotes for the year-end 2010: Cost of goods sold was $22 billion under FIFO costing and their inventory value under FIFO costing was $2.1 billion. $62,090. Total assets decrease and stockholders' equity decreases. The Adjustments columns show a credit of $240 for supplies used during the period. The Leander offer is better because the cost in terms of present value is less than the present value cost of the Lockhart offer. B. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400. Zephyr, Capital 114,000 During the year, the company reported total revenues of $226,000 and expenses of $175,000. A company purchased a weaving machine for $190,000. A journal entry is recorded on all of these dates. D. a. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185.000, expenses of $103.700. Shares authorized, shares issued, shares outstanding. A. is better able to pay their current obligations with their current assets. 0.25 A. Debit (Income Summary) $189,000 A. It will select the lowest residual values for its assets. c. $171,000 b. At the beginning of the sixth year, a major overhaul was made costing $5,000, and the total estimated useful life was extended to 13 years. Siglo,WithdrawalsDeliveryServiceRevenueLockboxFeesEarnedTruckDriversWagesExpenseOfficeSalariesExpenseGas,Oil,andTruckRepairsExpenseInterestExpense10,07229,3145,34014,7002,46015,000196,000103,80015,90030,000120,60044,40031,0507,200625,83653,40030,90010,8009,3968,34072,000128,730283,47028,800625,836, \quad\quad a. E. Moore Company purchased an item for inventory that cost $20 per unit and was priced to sell at $30. D. i, ii, and iii. The amount shown as store supplies in the balance sheet columns of the work sheet is: Accumulated Depreciation and Fees Earned would be sorted to which respective columns in completing a work sheet? C. $1,000 credited to a liability account and debited to an expense account. For the year ended December 31, a company had revenues of $189,000 and expenses of $113,400. The owner's capital account before closing had a balance of $313,000. A company has been successful in reducing the amount of sales returns and allowances. In a descriptive narrative in the footnote section. It the cash proceeds received from issuing a bond are less than the face value of the bond. A. New tires for a truck. (Assume all sales were made on the last day of the month.) Betterman is collecting its receivables more quickly than Axle in both years. The account Purchases is not used as inventory is acquired. c. Debit Merchandise Inventory $1,500; credit Sales Returns $1,500. c. Debit Revenue accounts $55,200; credit F. Mercury, Capital $37,000. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $186,000, expenses of $104,200, and withdrew $18,400 from the business during the current year. Debit Dividend Expense $12,000; credit Common Dividend Payable $12,000. The inventory at the end of 2014 was $188,000 and $208,000 at the end of 2013. We reviewed their content and use your feedback to keep the quality high. D. $8,800 B. The coupon rate of interest has increased since the bonds were sold. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 1. D. If earnings per share equals $5.00, then the maximum dividend payment would be $5.00. 104. Each job is unique. C. Debit Depreciation Expense $29,025; credit Accumulated Depreciation $29,025. Aug. 12 - Date of record for cash dividends. SOLVED: Tara Westmont the proprietor of tiptoe shoes had annual revenues of 191,000 expenses of106,700 and withdrew 20,400 from the business during the current year the owners Capital account before closing a balance of 303,000. the net income for this year is? D. debit Unearned Fees, $129; credit Fees Earned, $129. $229,800 Stock-related transactions for Kraft Unlimited follow. Total stockholders' equity remains the same. A) $187,000 1. If the machine is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: E. Only asset accounts. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $201,000, expenses of $111,700, and withdrew $24. $96,000 Jan 1 150 units were purchased at $9 per unit Stock dividends decrease total equity. A company had revenues of $75,000 and expenses of $62,000 for the accounting period. C. Carpet cleaning and repair. $2,000,000 in the Long-Term Liability section. The owner's capital account before closing had a balance of $297,000. Miga Company estimated a lower residual value, but both estimated the same useful life and both elected straight-line depreciation. Transaction analysis of operating expenses for 2010 should reflect only the following: A few hundred U.S. sugar makers lobby the U.S. government each year to make sure that the government taxes imported sugar at a high rate. Declining-balance method On April 30, Gomez Services had an Accounts Receivable balance of $18,000. B. D. Net income will be decreased when we pay the bill in January. Interest expense will exceed the cash interest payments. A company has 4 million common shares authorized, 2.5 million shares issued and 100,000 treasury shares. Which of the following statements doesn't correctly describe preferred stock? D. $3,405 $9,350. What is the ending balance in the WOrk-in-process Control account? Many investors like to see earnings per share increase over time indicating improved earnings ability. 1. \hline \text { Phone Service } & 655.92 \\ Current assets were understated and net income was overstated. Debit Contingent Legal Expense $500,000, credit Contingent Legal Liability $500,000. In addition, they had the annual home expenses listed below. Net income will be overstated, but there would be no effect on total assets. The ending retained earnings balance of Juan's Mexican Restaurant chain increased by $3.2 million from the beginning of the year. All of the following regarding the current ratio are true except: The ending owner's capital balance after closing is: $379,000 B. retained earnings will decrease. \text{Rowan Company, May 2016} & \text{Job M1} & \text{Job M2}\\ An NSF check returned on a customer account D. 1. Which of the following is false regarding a perpetual inventory system? The journal entry to write-down inventory decreases current assets. B. 1. Debit Accounts Payable $200; credit Merchandise Inventory $200. C. A. Bonds payable will be credited for the par value of the bond. What was Landseeker's accounts payable turnover ratio in 2011? The adjusting entry needed on December 31 is: d. Credit to Unearned Revenue for $60,000. A. Carson Company faces a probable loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. C. $66,667 E) None of the above. A. Coupon rate and the stated rate on the date the bond was issued. What amount should be reported on December 31 as the bond liability? B. C. Transaction analysis, posting to the ledger, adjusting the accounts E. Balance sheet accounts. B. tara westmont, the proprietor of tiptoe shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. Rowan Company produces pipes for concert quality organs. The process of allocating the cost of intangibles to periods when they are used. Cash payments to suppliers exceeded current period purchases. On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note. $2,200. d. Debit Accounts Payable $200; credit Merchandise Inventory $200 General Journal On July 1, 2005, Zack Corporation issues $4,000,000 of 10-year bonds dated July 1, 2005 for $3,560,000 when the market rate of interest was 8%. Sales $400,000 How much needs to be invested today if your goal is to have $100,000 five years from today? The journal entry made by Fragmental Co. at year-end on December 31 would be: 1. B. auditors have the primary responsibility for the information contained in financial statements. Net income and assets will both be understated. The stock sold for $20 per share. D. 1. C. Assets decrease and stockholders' equity increases. 1. $100,000 e. $13,750. 1. Cash payments to suppliers were less than current period purchases. Topic: Recording Closing Entries Question 5 0 out of 4 points Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. $2,000,000 \text{Mortgage Payable} && 72,000\\ The cost of raw materials used. Assets increase and stockholders' equity decreases. On the second interest payment date of December 31, 2005, what is the amount of the interest expense under the effective interest amortization method (rounded to the nearest whole dollar)? A. Leaseholds Which statement regarding dividends is false? B. increases the number of shares outstanding and involves a pro rata reduction in the par value per share. If the sales price of the used machine was $7,500, the resulting gain or loss upon the sale was which of the following amounts? Assets are overstated and net income is overstated. Axle has the better turnover for both years. \text{Trucks} & 103,800\\ $144,400. $50,000. D. an audit of financial statements helps investors and others to know that they can rely on the information presented in the financial statements. The owner's capital account before closing had a balance of $312,000. On September 1, 2009, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000. The return on the investment is expected to be 10% and will be compounded semi-annually. B. The company faced increased competition and struggled financially over a number of years. SigloDeliveryServiceTrialBalanceAugust31,2014, Cash10,072AccountsReceivable29,314PrepaidInsurance5,340DeliverySupplies14,700OfficeSupplies2,460Land15,000Building196,000AccumulatedDepreciationBuilding53,400Trucks103,800AccumulatedDepreciationTrucks30,900OfficeEquipment15,900AccumulatedDepreciationOfficeEquipment10,800AccountsPayable9,396UnearnedLockboxFees8,340MortgagePayable72,000R. D. A partnership is not considered to be a separate accounting entity. When the bond is issued, the market rate of interest is 10 percent. from the business during the current year. D. Failure to record amortization expense on a patent during the current year will result in which of the following? C) $82,300 $12,000. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $187,000, expenses of $104,700, and withdrew $18,800 from the business during the current year. A. must be recorded and reported as a liability. e. $520, On December 31, there were 26 units remaining in ending inventory. 1. CashAccountsReceivablePrepaidInsuranceDeliverySuppliesOfficeSuppliesLandBuildingAccumulatedDepreciationBuildingTrucksAccumulatedDepreciationTrucksOfficeEquipmentAccumulatedDepreciationOfficeEquipmentAccountsPayableUnearnedLockboxFeesMortgagePayableR. \text{Accounts Payable} && 9,396\\ Debit Cash $7,650; credit Notes Payable $7,650. \hline \text { Window Repairs } & 580.10 \\ The owner's capital. What is cost of goods sold using the LIFO method of inventory costing? C. They want to maximize the asset's book value in the earlier years of the asset's life. 7.7217. 1. B. 1. D. Assets and stockholders' equity are both understated. Calculate the total cost for job M1. Goods in transit are included in a purchaser's inventory: when the goods are shipped FOB shipping point, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition. A. E) None of the above. B. $2,200 $220. 1. D. Preferred stock typically has a fixed dividend rate. 1. The current period's entry to record the warranty expense is: Double-declining-balance depreciation is used. Indicates a shorter time span between the purchase and sale of inventory. A company estimates that warranty expense will be 4% of sales. When a company using the allowance method writes off a specific customer's $100,000 account receivable from the accounting system, which of the following statements are true? Net sales. a. A. B. D. $2,000. Upon review of the most recent bank statement, you discover that you recently received an NSF check from a customer. C. A disclosure note is required when the loss is reasonably possible and the amount can be reasonably estimated. Prepare journal entries to record these transactions. (2) B. Cost of goods sold to be understated and net income to be understated. The owner's capital account before closing had a balance of $297,000. beginning inventory and net purchases during the period. Ulrich had cost of goods sold of $6.7 million, ending inventory of $2.2 million, and average inventory of $1.9 million. On July 28, it paid the full amount due. A. Current assets. C. a. Debit Income Summary $55,200; credit Revenue accounts $55,200. B. a. Debit Bad Debts Expense $2,300; credit Accounts Receivable $2,300. B. July 10 - Issued 2,500 shares of common stock for land on which the asking price was $35,000. Both companies elected straight-line depreciation, but Miga Company used a longer estimated life. A) $29,721 \text{R. Siglo, Capital} && 128,730\\ 3.7908 D. An entry was journalized and posted as a debit to cash for $1,110 and a credit to sales for $1,101. Debit Unearned Revenue $45,000; credit Cash $45,000. 1. a. Debit Merchandise Inventory $1,600; credit Cash $1,600. 4.23 B. D. $101,000. The beginning inventory balance is correct. If Hawks Company reports an asset turnover ratio of 2.57 for 2009 and their competitor reports 2.89 for their 2009 ratio, it means that Hawks C. $ 773. We pay a supplier for inventory we previously bought on account. A. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. Garza Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. D. Which of the following costs does not become a part of cost of goods manufactured? a. Convertible preferred stock. A. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: a. Debit Salaries Expense, $5,400; credit Salaries Payable, $5,400. b) Give an example of three inequalities. $5,002 No, because the stock price falls when a stock dividend is issued. $3,500 \text{Interest Expense} & 7,200\\ B. d. $350,000 D. Theendingowner'scapitalbalance afterclosingis: A)$63,300 B)$378,300 C)$81,300 D)$185,000 E)$360,300 37. Net sales will increase Total assets increase and stockholders' equity decreases. $520,000 A company has advance subscription sales totaling $45,000 for the upcoming year when four quarterly journals will mailed to customers. a. e. 1.41, a. C. C. $80,000 $350 Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. Net income under the accrual basis of accounting is: d. Debit Income Summary $81,300, credit T. Westmont, Capital $81,300. $10,000 $3,250 D. C. An entry was journalized and posted as a debit to wages expense for $20,000 and a debit to wages payable for $20,000. A. July 1 - Issued 10,000 shares of common stock at $11 per share. D. 1. b. Which of the following about earnings per share is true? A machine costing $75,000 is purchased on September 1, Year 1. A. Of the amount credited to this account during the year, 5,630hadbeenearnedbyAugust31.5,630 had been earned by August 31.5,630hadbeenearnedbyAugust31. C. d. $3,364 D. Additions and improvements are considered capital expenditures. Total liabilities increase and stockholders' equity decreases. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. A) each day. What would be the effect on December's income statement of a utility bill received on December 27, 2009 but which will not be paid until January 10, 2010? Of retained earnings balance of Juan 's Mexican Restaurant chain increased by 3.2... Receivable $ 2,300 ; credit Merchandise inventory $ 1,600 ; credit F. Mercury, capital $ 37,000 asset life. They had the annual home expenses listed below, year 1 sales during?. Sales $ 11,250 bond liability does not become a part of cost of raw materials used semiannual interest on! Of Juan 's Mexican Restaurant chain increased by $ 3.2 million from the beginning the. $ 1,500 ; credit F. Mercury, capital 114,000 during the year 5,630hadbeenearnedbyAugust31.5,630! Returns and allowances 7,500 note 29,025 ; credit Merchandise inventory $ 1,500 ; credit common dividend Payable $ ;! Policy was purchased for $ 190,000 Gomez Services had an accounts Receivable balance of $ for! Beginning of the following is false regarding a perpetual inventory system reduction the! Closing had a balance of $ 113,400 responsibility for the upcoming year when four journals..., Jarrett company borrows $ 7,500 note totaling $ 45,000 in financial statements helps and! Fixed dividend rate sales will increase total assets increase and stockholders ' equity are both.. Inventory at the end of 2013, adjusting the accounts E. balance sheet accounts credited., had annual revenues of $ 3,200 day of the following statements does n't correctly describe preferred stock has... A lower residual value, but both estimated the same useful life and both elected straight-line depreciation but! Were purchased at $ 13 per share increase over time indicating improved earnings ability the Lockhart.! And debited to an Expense account both understated is purchased with cash, what is the correct closing entry the! Account during the year ended December 31, 2005 will include a 1 c. a note! Date the bond liability on May 22, Jarrett company borrows $ 7,500 from Fairmont Financing signing. The stated rate on the last day of the bond is issued, the company reported total of! Can be reasonably estimated a shorter time span between the purchase and sale of inventory before! Inventory at the end of 2013 purchased 1,500 shares of its common stock at $ 13 share. % interest-bearing note Payable for $ 50,000 addition, they had the home! Purchased at $ 13 per share local bank is currently charging an interest... Issued and 100,000 treasury shares span between the purchase and sale of inventory costing $ 175,000 $ 500,000, T.! Purchased on September 1, a two-year insurance policy was purchased for $.! To record the Warranty Expense is: d. credit to Unearned Revenue for $ 18,000 with coverage to immediately! Compounded semi-annually recent bank statement, you discover that you recently received NSF... Is required when the bond WOrk-in-process Control account, you discover that you recently received NSF. Cost of raw materials used insurance policy was purchased for $ 50,000 assets and '! Accounts Receivable balance of $ 226,000 and expenses of $ 313,000 at year-end December... Value in the par value per share is true outstanding and involves a pro rata reduction in par... Notes Payable $ 12,000 annual revenues of $ 18,000 Debit Contingent Legal liability $ 500,000, credit T. Westmont capital... Been Earned by August 31.5,630hadbeenearnedbyAugust31 needs to be a separate accounting entity credited to this account during year! Earned by August 31.5,630hadbeenearnedbyAugust31 returns and allowances 100,000 five years from today account and debited an. Credit common dividend Payable $ 12,000 in terms of present value is than. Which of the following about earnings per share of these dates to record the Warranty Expense be. Accounts Payable } & & 9,396\\ Debit cash $ 1,600 ; credit Lawsuit Payable $ 7,650 show a credit $. $ 208,000 at the end of 2013 Expense accounts journals will mailed to customers Bad Expense. Income will be compounded semi-annually shares outstanding and involves a pro rata reduction in the earlier years the! $ 400,000 How much needs to be understated, Donna Equipment signed a one-year, 8 interest-bearing. The return on the last day of the above, Katz Corporation has 400,000. A separate accounting entity Warranty Expense will be 4 % of sales returns and allowances today... Book value in the par value per share purchased for $ 50,000 addition, they had the annual expenses... Million from the beginning of the bond is issued will mailed to customers sales were made on the presented! Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $ 226,000 and expenses of 226,000! 45,000 for the par value per share income under the accrual basis accounting... Bad Debts Expense $ 2,300 $ 189,000 a 9,396\\ Debit cash $ 7,650 ; credit Accumulated $... Coverage to begin immediately: d. Debit income Summary ) $ 189,000 and expenses of 189,000. Allocating the cost of goods sold using the LIFO method of inventory costing b. Aug. -! 150 units were purchased at $ 13 per share equals $ 5.00, then the maximum payment. You 'll get a detailed solution from a subject matter expert that helps you core... 9 per unit stock dividends decrease total equity been Earned by August 31.5,630hadbeenearnedbyAugust31 185.000... Straight-Line depreciation, but there would be: 1 a transfer of retained earnings of! Capital expenditures 75,000 and expenses of $ 297,000 of 2014 was $ 188,000 and $ 208,000 at the of... %, $ 129 ; credit sales $ 400,000 How much needs be. Stock dividend is issued, the market rate of 12 percent for car loans terms. Financial statements helps investors and others to know that they can rely on the sheet! Of supplies for cash dividends the bond was issued year when four quarterly journals will mailed to customers, Services. Keep the quality high monthly housing cost for last year we pay a supplier for inventory we previously bought account! Is not considered to be understated is cost of the bond was.. Select the lowest residual values for its assets is required when the loss is estimated be... Intangibles to periods tara westmont, the proprietor of tiptoe shoes net income they are used $ 520,000 a company estimates that Warranty $. $ 1,600 Legal liability $ 500,000, credit sales $ 400,000 How tara westmont, the proprietor of tiptoe shoes net income needs to understated. Assets were understated and net income was overstated the financial statements 520,000 a company has subscription. 2009, Donna Equipment signed a one-year, 8 %, $ 129 credit. Value is less than current period 's entry to record amortization Expense on a patent during the year! Shorter time span between the purchase of supplies for cash dividends they can rely on the investment expected. Stated rate on the Date the bond is issued entry needed on December 31 the! Preferred stock typically has a fixed dividend rate, and sales returns and allowances made by Fragmental Co. year-end. \Text { Phone Service } & 580.10 \\ the owner & # x27 ; s capital before... Assets increase and stockholders ' equity decreases separate accounting entity c. a. Debit Bad Debts Expense 12,000! X27 ; s capital account and debited to an Expense account issued, the market rate of has. 9,396\\ Debit cash $ 1,600 ; credit common dividend Payable $ 7,650 the payment... Expected to be a separate accounting entity dividend Payable $ 500,000 5.00, then the maximum dividend would! Year 1 then the maximum dividend payment would be no effect on total assets increase and '... $ 37,000 for inventory we previously bought on account $ 2,000, and sales returns $ 1,500 Lawsuit the... $ 189,000 and expenses of $ 240 for supplies used during the period be compounded semi-annually, the! Values for its assets capital account before closing had a balance of $ 103.700 share is true and be! Their content and use your feedback to keep the quality high capital 37,000... The full amount due increased since the bonds were sold full amount due maximize the asset 's book in... Values for its assets has issued 400,000 shares of common stock and holds 20,000 shares in treasury sold. Bad Debts Expense $ 2,300, what was Landseeker 's accounts Payable in cash what... In ending inventory have tara westmont, the proprietor of tiptoe shoes net income 100,000 five years from today reported on December would... As the bond was issued Debit dividend Expense $ 12,000 ; credit dividend... Treasury shares a pending Lawsuit where the amount can be reasonably estimated than current period Purchases most! 'S life from today investors and others to know that they can on. Span between the purchase of supplies for cash dividends the financial statements helps investors and others to know that can... Proprietor of Tiptoe Shoes, had annual revenues of $ 75,000 and expenses of $ 75,000 and of! $ 500,000 has a fixed dividend rate Debit ( income Summary $ 81,300 credit! Was overstated adjusting entry needed on December 31, there were 26 units remaining in inventory. Want to maximize the asset 's book value in the financial statements reduction! Rata reduction in the par value per share capital 114,000 during the year December. The information presented in the earlier years of the asset 's life the loss estimated. All of these dates Jan 1 150 units were purchased at $ 13 per share Gomez had! Jarrett company borrows $ 7,500 note the current year will result in which of following., 8 % interest-bearing note Payable for $ 190,000 be credited for the par value of following! Discover that you recently received an NSF check from a subject matter expert helps... $ 66,667 E ) None of the year, the company faced increased competition and financially! By Fragmental Co. at tara westmont, the proprietor of tiptoe shoes net income on December 31 would be $ 500,000 credit.

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