User Account

All Pages

Find owner capital method

Assignment Help Accounting Basics
Reference no: EM133247024

For Chan Computer Services, the quarter-end income statement shows the total expenses of $250,000 and service revenue of $400,000. Assume the additional investment during the period amounted to $8,000. Which one of the following is true when it comes to preparing its closing entries using the owner's capital method? Select one: a. DR Net Income: $150,000; CR Chan, Capital: $150,000 O b. DR Service Revenue: $400,000; CR Income Summary: $400,000 O c. DR Individual Expense Accounts for a total of $250,000; CR Chan, Capital: $250,000 O d. DR Service Revenue: $400,000; CR Chan, Capital: $400,000

Reference no: EM133247024

Questions Cloud

Analysis of common stocks : 1.How we can accurately predict the intrinsic value of a stock as it is based on personal interpretations and calculations. And what criteria are to be used whe
Structure between protected and real mode code : Consider both the differences in structure between protected and real mode code and the differences in how the task itself was accomplished.
Financial statement preparation : The Glass Factory, Inc. has just ended the 2002 production year. The balance sheet and income statement are presented below. Two of the four key financial state
Tax effect of said forgiveness for the corporation : As of December 31, 2021, XYZ Corporation has assets of $1,000,000, liabilities of $1,200,000, and a deficit of ($200,000). On that date, he was able to agree wi
Find owner capital method : For Chan Computer Services, the quarter-end income statement shows the total expenses of $250,000 and service revenue of $400,000. Assume the additional investm
What indicates good-moderate and low reliability : What are some ways that you can assess the reliability of instruments. What indicates good, moderate, and low reliability?
What is the adjusted basis of the building as of december : XYZ Corporation purchased a building in January 2021 for $200,000. During the summer of 2021, the building had its flooring replaced for $30,000, a new air cond
Compute weighted contribution margin for the new muffin : Mimi's is developing a Fiery Habanero muffin, which will NOT compete with anything Mimi's currently offers. Unit contribution margin for the new Fiery Habanero
Analysis of a library management system : Project of a systems analysis, with some design, of a Library Management System (LMS).

Reviews

Write a Review

Accounting Basics Questions & Answers

  August 2 2010 wendy purchased a new office building for 37

august 2 2010 wendy purchased a new office building for 3.7 million. on october 1 2010 she began to rend out office

  What contribution margin per software is

What Contribution margin per software is? Tally Corp. sells software during the recruiting seasons. During the current year, 14,000 software

  Should the company make the replacement

The company has just received an offer for a technologically advanced replacement machine that costs $ 80 000, Should the company make the replacement

  How much additional income each day would Kelly need

How much additional income each day would Kelly need to achieve to justify staying open for the additional two hours on Friday and Saturday

  What is the total manufacturing cost per clock

Colonial Company manufactures decorative wall clocks and uses activity-based costing. What is the total manufacturing cost per clock?

  Prepare the adjusting entry at year end for uncollectible

Net sales for the year are $800,000, uncollectible accounts expense is estimated at 3% of net sales, Prepare the adjusting entry at year end for uncollectible

  Find what amount should be recorded as rent expense

Liberty Co entered into an agreement to lease office space. What amount should be recorded as rent expense if any for the year ended December 31, 2019?

  Prepare the required adjusting journal entry at December

Manning, Co. collected 6-months' rent in advance from a tenant on November 1 of the current year. Prepare the required adjusting entry at December

  Calculate the asset turnover and return on assets

Suppose during 2017 that Federal Express reported the following information (in millions): net sales of $34,700 and net income of $94.

  Write a brief paper that summarizes and comments on article

Write a brief paper (3 - 5 paragraphs) that summarizes and comments on the article. (Your paper should provide the appropriate citation(s).

  Should firm operate the truck until end of its physical life

The Scampini Supplies Company recently purchased a new delivery truck. The new truck cost $22,500, and it is expected to generate net after-tax operating cash.

  What will be the resulting percentage change in earnings

Fixed costs $8,459 Interest expense 14,346 Based on the data above, what will be the resulting percentage change in earnings per share

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd