Your company sells equipment for $85. The equipment was listed at $100 on your company's Balance Sheet, so you have to record a Loss of $15 on the Income Statement, which gets

Hi! Could you verife what I did. Could you take into accout the comment that are written. Please.  For the second comment on the picture a) it's between; cash, income summary, sue capital, madga capital and sur drawing.

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please can you explain the calculation behind this that lead to the conclusion that the loss is £1,500

Assume a company purchased inventory for $15 cash and then sold it to a costumer for $14 on account. Assuming no other changes, what is the change in the company’s Retained Earnings? (If the RE’s decrease, use a negative sign “-”)

If a company produced a net income of P28,000.00 but failed to adjust for P1,500 in depreciation of equipment and P1,400 in accrued wages. Explain how this errors affected the net income. What will be the corrected net income.

Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corporation. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET Payables $ 35 Inventories $ 50 Less accumulated depreciation 120 Receivables 35 Total current assets Total current liabilities Long-term debt $ 350 Interest expense $25 Property, plant, and equipment 520 Total liabilities Net fixed assets Shareholders' equity $90 Total assets Total liabilities and shareholders' equity INCOME STATEMENT Net sales $700 Cost of goods sold 580 Selling, general, and administrative expenses 38 EBIT Debt due for repayment $ 25 Cash 15 Taxable income Federal plus other taxes $ 15 Depreciation 12 Net income Prepare the balance sheet and income statement by rearranging the above items. Note: Be sure to…

I cannot seem to figure out the correct values to answer the following question. Please answer the question correctly and show work.

Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability.   BALANCE SHEET Payables $ 39   Inventories $ 54   Less accumulated depreciation   124   Receivables   55   Total current assets       Total current liabilities       Long-term debt $ 370   Interest expense $ 29   Property, plant, and equipment   540   Total liabilities       Net fixed assets       Shareholders’ equity $ 106   Total assets       Total liabilities and shareholders’ equity           INCOME STATEMENT Net sales $ 740   Cost of goods sold   600   Selling, general, and administrative expenses   42   EBIT       Debt due for repayment $ 29   Cash   19   Taxable income       Taxes $ 19…