QUESTION 1 Speedy Company has net income of $36,955, and assets at the beginning of the year of $218,000. Assets at the
Posted: Wed Jul 06, 2022 6:09 am
- Question 1 Speedy Company Has Net Income Of 36 955 And Assets At The Beginning Of The Year Of 218 000 Assets At The 1 (18.18 KiB) Viewed 11 times
- Question 1 Speedy Company Has Net Income Of 36 955 And Assets At The Beginning Of The Year Of 218 000 Assets At The 2 (26.72 KiB) Viewed 11 times
- Question 1 Speedy Company Has Net Income Of 36 955 And Assets At The Beginning Of The Year Of 218 000 Assets At The 3 (30.53 KiB) Viewed 11 times
A company purchased $21,000 of supplies on credit. The journal entry to record this transaction consists of a: Debit Supplies for $21,000; credit Accounts Payable for $21,000. Debit Supplies for $21,000; credit Cash for $21,000. Debit Cash for $21,000; credit Supplies for $21,000. Debit Accounts Payable for $21,000; credit Supplies for $21,000. Debit Supplies for $21,000; credit Prepaid Expense for $21,000.
At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $195,000; Total Liabilities of $15,000; and Common stock of $60,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000. Also, dividends during the year totaled $48,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be: $174,000. $78,000. $123,000. $120,000. $171,000.