0
Mofro's Computer Repair Shop started the year with total assets of 270000 and total liabilities of 180000. During the year the business recorded 450000 in computer repair revenues 270000 in expenses a?
Wiki User
∙ 7y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Are accrued expenses assets or liabilities?
Accrued expenses are those expenses the benefit of which has already taken by the business but the payment is not yet cleared that's why it is the liability of business.
What are three subcomponents of expenses and liabilities?
what are three subcomponents of expenses and liabilities
Are fixtures and fitting liabilities or expenses?
expenses
Is accrued expenses payable is an asset or liabilities?
Liabilities
Keep Track of Business Expenses?
If you are filing a 1099, the best thing you can do is keep thorough track of all your business expenses. There are many cases in which a business owner or independent freelancer will be able to deduct certain business expenses from personal income. If you do not take the time to keep track of business expenses, then you may end up paying unnecessary funds toward these expenses in filing your taxes. A typical expense that business owners are able to deduct from income is a laptop computer. It is definitely worthwhile to figure out which expenses you can deduct from your income.
Which phase of the accounting process involves recognizing the effect of transactions on assets liabilities owner's equity revenue and expenses of a business?
Processing
What is net income assets minus liabilities or revenues minus expenses?
Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
What are operating liabilities?
Short-term liabilities resulting from the primary business operations of a firm. They are non-interest bearing and comprise of accounts payable, accrued expenses, and income tax payable. Operating liabilities are deducted from total assets to determine the net operating assets.
What is the difference between liability and expense?
Liabilities are debts owed to an outside party (creditor) such as a bank loan, a truck note, etc. Expenses are the cost of operating the business and affect the net income. Expenses include things such as utilities, supplies, insurance, rent, etc. While liabilities are listed on the balance sheet, expenses are not. Also, Liabilities decrease Owners Equity (Stockholders Equity) while Expense decrease Net Income.
What is the formula for calculating the net income component percentage?
Net income is the income of a business after deducting taxes and other current liabilities. It is sales - Expenses.
Which accounts normally have debit balances?
Assets, expenses, and revenuesAssets, expenses, and retained earningsINCORRECTAssets, liabilities, and dividendsAssets, expenses, and dividendsCORRECT ANSWER
What impact does computer crime have on the community?
computer crime can cost billions of dollars every year in expenses for repair after the damage has been done intentionally or not
