Homework answers / question archive / It is the year-end, but not the pay period end

It is the year-end, but not the pay period end

Accounting

Share With

It is the year-end, but not the pay period end. How will this affect the balance sheet?

a) Assets will be increased.

b) Liabilities will be increased.

c) Owner's equity will be increased.

d) This has no effect on the period end balance sheet.

Option 1

Low Cost Option

Download this past answer in few clicks

2.88 USD

PURCHASE SOLUTION

Already member? Sign In

Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 4.9 stars

Purchased 3 times

Completion Status 100%

View Answer

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.9)

Google (5.0)

Related Questions

Complex direct acquisition of assets for cash On 30 July 20X3 Skase Ltd acquired a parcel of assets for cash from Ackland and Associates Pty Ltd for 8000 cash
When his manager told Marcus that his sales territory was being reduced to two states from four Marcus thought he had done something wrong and was worried about his future at the company
You are the partner on the audit of OreCo Mining Group OMG
University of Houston ACCT 2332 101 MODULE 4 QUIZ CHAP 12 QUIZ 1leadership behavior provides guidance support and corrective feedback for daytoday activities
Financial statements of Spider Ltd and Lorikeet Ltd at 31 Dec 2013 Spider Ltd Lorikeet Ltd Sales revenue 316 000 220 000 Other revenue Debenture interest revenue 5 000 Management and consulting revenue 5 000 Dividend from lorikeet Ltd 12 000 Total revenues 338 000 220 000 Cost of sales 130 000 85 000 Manufacturing expenses 90 000 60 000 Depreciation on plant 15 000 15 000 Administrative 15 000 8 000 Interest expenses 11 000 5 000 Other expenses 14 000 12 000 Total expenses 275 000 185 000 Profit before tax 63 000 35 000 Income tax expense 25 000 17 000 Profit for the year 38 000 18 000 Other comprehensive income Gainloss on FA FV change 3 000 2 000 Total comprehensive income 41 000 20 000 Profit for the year 38 000 18 000 Retained earnings 1113 50 000 45 000 88 000 63 000 Dividend Appropriation 20 000 15 000 unpaid Spider 10 000 Lorikeet 5 000 Retained earnings 31122013 68 000 48 000 General reserve 47 000 10 000 FA FV change reserve 1113 10 000 8 000 Gain on FA FV change simultaneously as OCI 3 000 2 000 FA FV change reserve 311213 13 000 10 000 Share capital 300 000 100 000 Total Equity 428 000 168 000 Debentures 200 000 100 000 Current tax liability 25 000 17 000 Dividend payable 10 000 5 000 Deferred tax liability 7 000 Other liabilities 90 000 12 000 Total liabilities 325 000 141 000 Total liabilities and total equity 753 000 309 000 Financial assets 50 000 60 000 Debentures in Lorikeet Ltd 100 000 Shares in Lorikeet Ltd 131 600 Plant cost 120 000 102 000 Accumulated depreciation Plant 65 000 55 000 Other depreciable assets 76 000 55 000 Accumulated depreciation ndash Other depreciable assets 40 000 25 000 Inventory 90 000 85 000 Deferred tax assets 85 400 30 000 Land 201 000 57 000 Dividend receivable 4 000 Total Assets 753 000 309 000 Spider Ltd had acquired 80 shareholding in Lorikeet Ltd on 1 January 2011 for 131 600 when the equity of Lorikeet Ltd consisted of Share capital 100 000 shares 100 000 General reserve 3 000 Retained earnings 37 000 At the acquisition date all the identifiable assets and liabilities of Lorikeet Ltd were at fair value except for the following assets Carrying amount Fair value Plant cost 75 000 50 000 55 000 Land 30 000 38 000 The plant has an expected life of 10 years with benefits being received evenly over that period
Sylvia Galano a student at City Community College has a balance of 380 on her retail charge card
Fast as Lightning is an oil change service drivethrough that charges each customer 24
Costtoretail ratio under the cost method is calculated A
FoolsGold Trust has the following classes ofstock Data Table Preferred Stockmdash3 13 Par Value 9000 shares authorized 7500 shares issued and outstanding Common Stockmdash0
Mr

menu