The following account appears on which financial statement: Inventory 1. Balance Sheet 2. Income Statement please explain in detail no copy paste no AI no plagiarism
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The following account appears on which financial statement: Inventory
1.
2. Income Statement
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- Match the following items with correct accounting treatment (A through C):A summarized statement of transactions relating to a particular person, item expense or income. a. invoice O b. voucher chart of accounts Cd. accountsCurrent Attempt in Progress Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Interest receivable at 1/1/20 was $1,410. During 2020 cash received from debtors for interest on outstanding notes receivable amounted to $4,820. The 2020 income statement showed interest revenue in the amount of $8,950. You are to 1. provide the missing adjusting entry that must have been made, assuming reversing entries are not made. Unearned rent at 1/1/20 was $5,290 and at 12/31/20 was $8,400. The records indicate cash receipts from rental sources during 2020 amounted to $52,500, all of which was credited to the Unearned Rent Revenue account. You are to prepare…
- Using the worksheet to prepare financial statements Answer the following questions: Requirements What type of normal balance does the Retained Earnings account have—debit or credit? Which type of income statement account has the same type of balance as the Retained Earnings account? Which type of income statement account has the opposite type of balance as the Retained Earnings account? What do we call the difference between total debits and total credits on the income statement section of the worksheet?"Identifying general and subsidiary ledgers C2For each account, indicate whether it appears in the general ledger or the subsidiary ledger.a. Accounts Receivable—Martinb. Interest Expensec. Prepaid Rentd. Accounts Payable—Juliee. Notes Payablef. Store SuppliesSeveral accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory REQUIRED: List the accounts above that would normally have a credit balance
- Account for accountspayable and analyzeaccounts payableturnoverWhen using the Spreadsheet (work sheet) method to analyze noncash accounts, it is best to start with Group of answer choices cash net income retained earnings revenueTransactions that affect inventories on hand have an effect on both the balance sheet and the income statement Select one: True False
- Listed below are selected events transactions relating to Kingbird, Inc. for the current year ending December 31. Kingbird manufactures laptop computers for sale in its own stores and for sale by other retailers. On December 1, Kingbird accepted an order from a new customer, Coronado Computers. Coronado has a questionable credit history, so Kingbird requires a $12,000 deposit from Coronado in order to begin production on its order. 1. During December, cash sales at Kingbird's retail locations totaled $5,029,000, which includes the 7% sales tax Kingbird must remit to the state by the fifteenth day of the following month. 2. During the year, Kingbird was sued by a competitor for a patent violation. The competitor is claiming that Kingbird's liability is $3,000,000. Kingbird's attorneys have advised it that it is probable that the court will find for the company's competitor. The attorneys estimate that the liability under the suit could be as little as $120,000 or as much as $600,000.…Select the best answer for the question 6. An example of a contra-revenue account found on the Income Statement is the O A. Sales Returns and Allowances. OB. Purchase Returns and Allowances. OC. Transportation-in ⒸD. Uncollectible Accounts Expense. Mark for review (Will be highlighted Next QuestionesPlease prepare the general format of the balance sheet (without numbers). Please make sure you list out the major categories and the common accounts under each category. Bonus (ISOS 42038 banl pribli