The entries that transfer the balances of all temporary accounts to retained earnings are referred to as.

luda_lava [24]

The answer to question one is raising financial capital is difficult and the owner is personally liable for business debts.

Sole proprietorships have a number of advantages and disadvantages. These are two of the biggest disadvantages.

Question number two can be solved through the process of elimination. The workers and shareholders would not be hiring anyone. This leaves the Presidents and Vice Presidents. The President would normally hire the Vice Presidents, and then the Vice Presidents would hire and supervise the heads of the departments.

8 0

3 years ago

Your grandmother invested one lump sum 17 years ago at 4.25 percent interest. Today, she gave you the proceeds of that investmen

White raven [17]

Answer:

The lump sum invested was $2,730.30.

Explanation:

Giving the following information:

Invested one lump sum 17 years ago at 4.25 percent interest. Today, the proceeds totaled $5,539.92.

We need to calculate the original amount that this person invested 17 years ago. We will use the following formula:

PV= FV/(1+i)^n

PV= 5,539.92/ (1.0425)^17

PV= $2,730.30

3 0

3 years ago

Scott's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,500 (cost of sales $975) was made to Shann

damaskus [11]

1. The journal entry to record the credit sale by Scott's Cycles, using a perpetual inventory system, is as follows:

February 1:

Debit Accounts Receivable $1,500

Credit Sales Revenue $1,500

To record the credit sales, terms 2/15, n/30.

Debit Cost of goods sold $975

Credit Inventory $975

To record the cost of goods sold.

2. The journal entry to record the collection of the account by Scott's Cycles is as follows:

February 9:

Debit Cash $1,470

Debit Cash Discounts $30

Credit Accounts Receivable $1,500

To record the collection of the account and cash discounts allowed.

3. The journal entry to record the collection of the account by Scott's Cycles is as follows:

March 2:

Debit Cash $1,500

Credit Accounts Receivable $1,500

To record the collection of the account.

2. The journal entry to record purchase on account by Scott's Cycles is as follows:

March 4:

Debit Inventory $9,000

Credit Accounts Payable $9,000

To record the purchase of bicycles and accessories, terms 3/10, n/30.

<h3>What are the journal entries?</h3>

Journal entries are the accounting records kept by an entity about its daily transactions.

Journal entries identify the accounts involved in each transaction and whether they will be debited or credited.

Learn more about recording journal entries at brainly.com/question/17201601

6 0

2 years ago

The interest cost component of NPPBC is the_______________.

san4es73 [151]

Answer: D

Explanation: Interest cost reflects the change in the APBO throughout the period which arise simply from a passage in time.

It is usually equal to the APBO at the start of the period times, the supposed discount rate which is used to regulate present value of future cash outflows currently expected or needed to satisfy the commitment or duty.

7 0

3 years ago

Read 2 more answers

"The Marlene Doll Co. uses a process costing system. Consider the following data for Dept. A. UNITS: W-1-P Nov. 1: 8,000 units,

Law Incorporation [45]

Answer:

The Marlene Doll Co.

Weighted-AVerage Method

Cost of production:

COSTS: W-1-P Nov. 1: $9,600 $4,800

Costs added in November: 15,600 14,400

Total costs for the month $25,500 $19,200

Equivalent units of production:

Units Materials Conversion

Transferred to Dept B: 12,000 12,000 12,000

W-1-P Nov. 30: 6,000 6,000 3,000

Equivalent units 18,000 15,000

Cost per equivalent units:

Materials Conversion

Total costs for the month $25,500 $19,200

Equivalent units 18,000 15,000

Cost per equivalent unit $1.42 $1.28

Costs assigned to:

Units Transferred to Dept B: $17,040 $15,360 $32,400

(12,000 *$1.42) (12,000 * $1.28)

W-1-P Nov. 30: 8,520 3,840 12,360

(6,000 *$1.42) (3,000 * $1.28)

Total costs assigned $25,560 $19,200 $44,760

FIFO Method

Equivalent units of production:

Units Materials Conversion

W-1-P Nov. 1: 8,000 0 (0%) 2,000 (25%)

Units started & completed: 10,000 10,000 10,000

W-1-P Nov. 30: 6,000 6,000 3,000

Equivalent units 16,000 15,000

Cost per equivalent units:

Materials Conversion

Total costs for the month $15,600 14,400

Equivalent units 16,000 15,000

Cost per equivalent unit $0.975 $0.96

Costs assigned this month to:

Work-in-Process $0 $1,920 $1,920

(0 *$0.975) (2,000 * $0.96)

Units completed $9,750 $9,600 $19,350

(10,000 *$0.975) (10,000 * $0.96)

W-1-P Nov. 30: 5,850 2,880 8,730

(6,000 *$0.975) (3,000 * $0.96)

Total costs assigned $15,600 $14,400 $30,000

Total costs of:

Units transferred out $19,350 $16,320 $35,670

W-1-P Nov. 30: 5,850 2,880 8,730

Total costs $25,200 $19,200 $44,400

Explanation:

a) Data and Calculations:

Dept. A. UNITS:

Units Materials Conversion

W-1-P Nov. 1: 8,000 100% 75%

Started in November: 10,000

Transferred to Dept B: 12,000 100% 100%

W-1-P Nov. 30: 6,000 100% 50%

6 0

3 years ago