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The balance of RE at the beginning of the year 2018 was $47.000. During the year 2018, the business paid $20,000 dividends and earned $80,000
The balance of RE at the beginning of the year 2018 was $47.000. During the year 2018, the business paid $20,000 dividends and earned $80,000 income before tax. If the tax rate is 20%, how much will the balance of RE be at the end of 20102 a $147,000 b. $97,000 Oc$91,000 Od $107,000 Using Cash-basis accounting, how do we analyze the following transaction? The business paid $4,000 to a supplier for an old transaction of buying inventory. Decrease Asset (Cash) and Decrease Liabilities (A/P O b. We don't record it! Oc Decrease Asset (Cash)and increase Liability (NP) Od Decrease Asset(Cash) and Increase Asset (Inventory) Using Accrual basis accounting, how do we analyze the following transaction? The business completed a $3,000 service, which was prepaid a month ago O a Increase Asset (A/R and Increase OE(Revenue) Ob Increase and Decrease Assets OG We don't record it! O d. Increase OE(Revenue) and Decrease Liabilities (Unearned Revenue) A business owns $220,000 assets and has $140,000 liabilities. If they buy $30,000 furniture on account and pay $2,000 for monthly rent, then the balance of Assets and Liabilities will change to: O A $248,000 L=5170,000 Ob. A $188,000 L $150,000 OCA-$248,000 L=5160,000 Od A $248,000 L $132,000
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