A company has $123,000 in Assets and $65,000 in Liabilities.How much does the company have in Stockholders’ Equity?

  1. Stockholders’ Equity = Assets – Liabilities. In this case, Stockholders’ Equity = $123,000 – $65,000 = $58,000
  2. Ending Retained Earnings = Beginning Retained Earnings + Net Income – Dividends Paid. Net Income = Sales – Expenses = $29,500 – $33,000 = -$3,500. Ending Retained Earnings = $65,000 + (-$3,500) – $3,500 = $58,500
  3. It is worth $200 to balance the account. This is called a debit.
  4. Add all debit balances to the trial balance in order calculate the total debits.
  5. Depreciation expense = (Cost of asset – Salvage value) / Useful life = ($36,000 – $4,000) / 10 = $3,200
  6. Net change in Retained Earnings = Revenues – Expenses – Dividends = $6,500 – $3,500 – $500 = $2,500
  7. The journal entry is required to record the return.

Debit: Accounts payable (Galaxy, Inc.), $500

Credit: Goods sold at a cost of $500

Refund Outwards 500

500 Credit: Accounts payable (Galaxy, Inc.

  1. Operating income = Net sales – Cost of goods sold – Operating expenses = $126,000 – $72,000 – $38,000 = $16,000
  2. The cost of 12 units purchased is required to figure the cost of goods. This will allow us to calculate cost of goods for the sale on June 7. We already know that there were 5 units in the starting inventory. Ten units had been purchased at $55 each while 9 units were bought for $58 each. We know that the cost total of goods sold is five.52 + 1055 + 9*58 = 260 + 550 + 522 = 1332. We will subtract the remaining cost for goods in end inventory to calculate the cost per unit. We don’t have any information about the ending inventory, so we cannot find the cost of goods sold.
  3. Cost of goods sold = Beginning inventory + Purchases – Ending inventory = $2,000 + X – $2,500 = $1,100
  4. Days-sales-in-inventory = (ending inventory / cost of goods sold) x 365
  5. Scheme 1: False refund scheme Scheme 2: Check fraud scheme
  6. Part of the Fraud Triangle that deals with committing fraud simply because you feel it is easy to do so is called the perceived opportunity.
  7. The journal entry for uncollectible accounts estimated is Debit: Allowance Doubtful Accounts $19410 Credit: Sales $19410
  8. We will use this formula to determine the bad debt expense. Credit Sales x Allowance Percentage = 142,000 x (6%/100) = $8.520

Journal entry for bad debt expenses will read: Debit: Debt Expense 8,520 Credit Allowance for Doubtful accounts $8,520

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