Business, 14.02.2020 01:17 20alyssityh224

Hall Company began the period with a $10,000 balance in Cash, a $25,000 balance in Accounts Receivable, and a $35,000 balance in Retained Earnings. During the period Hall provided $75,000 of consulting services on account, collected $70,000 of the accounts receivable, paid $21,000 cash for salary expense, and accrued $4,000 salary expense a the end of the period. Which of the following statements is incorrect?

a. The net income shown on the income statement is $100,000.

b. The ending Cash on the balance sheet is $118,000.

c. The ending Retained Earnings on the balance sheet is $100,000.

d. The ending Accounts Receivable balance is $60,000.

Answers: 1

Show answers

Answers

Answer from: ineemorehelp

c. The ending Retained Earnings on the balance sheet is $100,000.

Explanation:

Cash Account Receivable Retained Earning

Opening Balance $10,000 $25,000 $35,000

Services $75,000 $75,000

Collection $70,000 - $70,000

Salary payment - $21,000 - $21,000

Accrued Expense - $4,000

$59,000 $30,000 $85,000

Net Income = 75,000 - 21,000 - 4,000 = $50,000

All the option are incorrect according to given data.

* Data Provided in this question is inconsistent with the option given. Same question is attached with this answer and following answer is made according to that. Pleas find the attached file.

Solution Based on data of attached question:

Cash Account Receivable Retained Earning

Opening Balance $20,000 $50,000 $70,000

Services $150,000 $150,000

Collection $140,000 - $140,000

Salary payment - $42,000 - $42,000

Accrued Expense - $8,000

$118,000 $60,000 $170,000

Net Income = 150,000 - 42,000 - 8,000 = 100,000

Hall Company began the period with a $10,000 balance in Cash, a $25,000 balance in Accounts Receivab

Answer from: Quest

Its stage conventional

Answer from: Quest

answerpublish a notice of the proposed rulemaking proceeding in the federal register;

Another question on Business

Business, 22.06.2019 07:20

Richardson hired j.c. flood company, a plumbing contractor, to correct a stoppage in the sewer line of her house. the plumbing company's 'snake' device, used to clear the line leading to the main sewer, became caught in the underground line. to release it, the company excavated a portion of the sewer line in richardson's backyard. in the process, the company discovered numerous leaks in a rusty, defective water pipe that ran parallel with the sewer line. to meet public regulations, the water pipe, of a type no longer approved for such service, had to be replaced either then or later, when the yard would have to be excavated again. the plumbing company proceeded to repair the water pipe. though richardson inspected the company's work daily and did not express any objection to the extra work involved in replacing the water pipe, she refused to pay any part of the total bill after the company completed the entire operation. j.c. flood company then sued richardson for the costs of labor and material it had furnished. (c) for what, if anything, should richardson be liable? explain."

Answers: 1

Answer

Business, 22.06.2019 12:50

Afirm’s production function is represented by q(m,r) = 4m 3/4r1/3, where q denotes output, m raw materials, and r robots. the firm is currently using 6 units of raw materials and 12 robots. according to the mrts, in order to maintain its output level the firm would need to give up 2 robots if it adds 9 units of raw materials. (a) true (b) false

Answers: 3

Answer

Business, 22.06.2019 13:30

Presented below is information for annie company for the month of march 2018. cost of goods sold $245,000 rent expense $ 36,000 freight-out 7,000 sales discounts 8,000 insurance expense 5,000 sales returns and allowances 11,000 salaries and wages expense 63,000 sales revenue 410,000 instructions prepare the income statement.

Answers: 2

Answer

Business, 22.06.2019 22:00

Suppose that a paving company produces paved parking spaces (q) using a fixed quantity of land (t) and variable quantities of cement (c) and labor (l). the firm is currently paving 1,000 parking spaces. the firm's cost of cement is $3 comma 600.003,600.00 per acre covered (c) and its cost of labor is $35.0035.00/hour (w). for the quantities of c and l that the firm has chosen, mp subscript upper c baseline equals 60mpc=60 and mp subscript upper l baseline equals 7mpl=7. is this firm minimizing its cost of producing parking spaces?

Answers: 3

Answer

You know the right answer?

Hall Company began the period with a $10,000 balance in Cash, a $25,000 balance in Accounts Receivab...

Questions