Business, 19.10.2020 19:01 cheylee123456
The following information is available for two different types of businesses for the 2014 accounting period. Lewis CPAs is a service business that provides accounting services to small businesses. Casual Clothing is a merchandising business that sells sports clothing to college students.
Data for Lewis CPAs
1. Borrowed $80,000 from the bank to start the business.
2. Provided $60,000 of services to clients and collected $60,000 cash.
3. Paid salary expense of $40,000.
Data for Casual Clothing
1. Borrowed $80,000 from the bank to start the business.
2. Purchased $50,000 inventory for cash.
3. Inventory costing $32,000 was sold for $60,000 cash.
4. Paid $7,200 cash for operating expenses.
Required
a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.
b. Which of the two businesses would have product costs? Why?
c. Why does Lewis CPAs not compute gross margin on its income statement?
d. Compare the assets of both companies. What assets do they have in common? What assets are different? Why?
Answers: 3
Business, 21.06.2019 18:20
When someone buys a fourth television for his or her house, what is the result? a. there's a decrease in the marginal utility of the television. b. the increase in demand brings leads to higher prices for televisions. c. the production of televisions becomes more efficient. d. there's a rise in the opportunity cost of buying other goods.
Answers: 2
Business, 21.06.2019 21:00
Which of the following is not a personality trait? sincerity word processing punctuality laziness
Answers: 1
Business, 22.06.2019 12:00
Identify at least 3 body language messages that project a positive attitude
Answers: 2
Business, 22.06.2019 19:40
Banana computers has decided to procure processing chips required for its laptops from external suppliers instead of manufacturing them in their own facilities. how will this decision affect the firm? a. the firm will be protected against the principal-agent problem. b. the firm's administrative costs will be low because of necessary bureaucracy. c. the firm will have more flexibility in purchasing and comparing prices of goods and services. d. the firm will have high-powered incentives, such as hourly wages and salaries.
Answers: 3
The following information is available for two different types of businesses for the 2014 accounting...
History, 20.08.2019 21:40
Social Studies, 20.08.2019 21:40
Physics, 20.08.2019 21:40
Mathematics, 20.08.2019 21:40
Mathematics, 20.08.2019 21:40
Mathematics, 20.08.2019 21:40
Biology, 20.08.2019 21:40
Mathematics, 20.08.2019 21:40
Biology, 20.08.2019 21:40
Mathematics, 20.08.2019 21:40
Spanish, 20.08.2019 21:40
Mathematics, 20.08.2019 21:40
Chemistry, 20.08.2019 21:40
Social Studies, 20.08.2019 21:40