Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 14:during august, 2022, sheridans supply store gen

14:During August, 2022, Sheridans Supply Store generated revenues of $60800. The companys expenses were as...

60.1K

Verified Solution

Question

Accounting

14:During August, 2022, Sheridans Supply Store generated revenues of $60800. The companys expenses were as follows: cost of goods sold of $36100 and operating expenses of $4500. The company also had rent revenue of $900 and a loss on the sale of a delivery truck of $1700. Sheridans net income for August, 2022 is

$20200.

$24700.

$21100.

$19400.

4:A new accountant working for Concord Company records $1020 Depreciation Expense on store equipment as follows:

Dr. Depreciation Expense 1020
Cr. Cash 1020

The effect of this entry is to

overstate the book value of the depreciable assets at December 31.

understate the book value of the depreciable assets as of December 31.

adjust the accounts to their proper amounts on December 31.

understate total assets on the balance sheet as of December 31.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

Analyze and evaluate how the SHELL Model can be used variously, and in practical terms, during...

Finance
1.2K views

Your firm recently divested some non-core assets and now has a significant amount of excess cash....

Physics
1.2K views

Two identical circular discs A and Beach of mass m and radius R are placed...

Basic Math
1.2K views

Where is the vertical a x 1 b x 0 O c x 2 d...

Basic Math
1.2K views

Michael wants to purchase a Jeep. The purchase price of the Jeep is $37,000. The...

Calculus
1.2K views

The graphs of four derivatives are given below Match the graph of each function in...

Algebra
1.2K views

Solve the following equation using the quadratic formula 3x 6x 1 Directions for entering your...

Accounting
1.2K views

Chavez Company most recently reconciled its bank statement and book balances of cash on August...

Accounting
1.2K views

At December 31, 2011, Portland Corporation had two notes payable outstanding (notes 1 and 2)....

Accounting
1.2K views

Si una empresa tiene una capacidad de ventas de $10 000 000, ventas reales de...

Accounting
1.2K views

Perez Manufacturing Company was started on January 1, 2018, when it acquired $82,000 cash by...

Accounting
1.2K views

The calculation of projected benefit obligation involves the use of both known and assumed information....