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Question: DeBauge Realtors Incorporated is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporation's stock. The following summarized data (in thousands) are taken from the December 31, 2022, financial statements: For the Year Ended December 31, 2022: Commissions revenue $ 140 Cost of services provided 59 Advertising expense 29 Operating income $ 52 Interest expense 8 Income tax expense 16 Net income $ 28 At December 31, 2022: Assets Cash and short-term investments $ 30 Accounts receivable, net 42 Property, plant, and equipment, net 121 Total assets $ 193 Liabilities and Stockholders' Equity Accounts payable $ 91 Income taxes payable 7 Notes payable (long term) 48 Paid-in capital 20 Retained earnings 27 Total liabilities and stockholders' equity $ 193 At December 31, 2021, total assets were $200 and total stockholders' equity was $47. There were no changes in notes payable or paid-in capital during 2022. Required: What particular expense do you suppose accounts for the largest portion of the $59 cost of services provided? The cost of services provided amount includes all operating expenses (i.e., selling, general, and administrative expenses) except advertising expense. What do you suppose the primary reason was for DeBauge Realtors Incorporated to separate advertising from other operating expenses?
Hughey Co. as lessee records a finance lease of machinery on January 1, 2018. What are all of Hughey's journal entries for 2018
On November 1, 2013, Athom Corporation purchased 5,000 television sets for its merchandise inventory from Sockk, a South Korean firm, at a total quoted cost of 600,000,000 won (W). Prepare all the journal entries for Athom Corporation's General Journ..
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