User Account

All Pages

What is the adjusted profit

Assignment Help Accounting Basics
Reference no: EM132633219

Question - Ellis Ltd accumulates the following adjustment data at 31 December. Assume profit before the adjustments listed above was $16,500. What is the adjusted profit?

1. Revenue of $800 collected in advance has now been earned.

2. Salaries of $600 are unpaid.

3. Prepaid rent totalling $450 has expired.

4. Supplies of $550 have been used.

5. Revenue earned but not yet invoiced totals $750.

6. Electricity expenses of $200 are unpaid.

7. Interest of $250 has accrued on a note payable.

Reference no: EM132633219

Questions Cloud

Essential for crafting good research reports : Identify two elements that you believe are essential for crafting good research reports.
Determine the Cost of goods sold : For the financial year ending 30 June 2019 year, the following data were taken from the accounting records. Determine the Cost of goods sold
Compute the sales volume required for company to earn : HASF Corporation has fixed costs of 1,000,000, Compute the $ sales volume required for company to earn an operating income of 300,000
Congressional ethics-it may not work in politics : Congressional Ethics. Identify one (1) member of Congress who has been charged with ethics violations.
What is the adjusted profit : Revenue of $800 collected in advance has now been earned. Assume profit before the adjustments listed above was $16,500. What is the adjusted profit
Compute the product margins under the activity-based costing : Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a minus sign)
Prepare profit statements using marginal costing : Prepare profit statements using marginal costing. Why the adjustment is necessary for under and over absorption of overheads in the absorption costing model.
Calculate the closing balance of retained earnings : Retained Earnings, 1 January 2019 $90,000 and Dividends Paid during 2019 14,000. Calculate the closing balance of Retained earnings
Find out variable cost per units for hasf glassworks : Find out variable cost per units and total fixed cost. HASF Glassworks makes glass flanges for scientific use Material cost Rs.10 per flange.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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