Answer:
Advertising Expense , Cost of Merchandise Sold , Merchandise Inventory, Sales,Supplies Expense are closed to income summary account. Revenues and expenses are closed to Income Summary.
Explanation:
Closing Entries
a. Accounts Payable: No it is not closed to income summary account.
b. Advertising Expense: Yes it is closed to income summary account.
c. Cost of Merchandise Sold: Yes it is closed to income summary account.
d. Dividends : No these are closed To Retained Earnings Accounts.
e. Merchandise Inventory : Yes it is closed to income summary account
f. Sales Yes it is closed to income summary account
g. Supplies: No prepaid supplies are an asset account and it is included balance sheet.
h. Supplies Expense: Yes it is closed to income summary account
i. Wages Payable: Not closed in the income summary account.
These are liabilities and included in the balance sheet.
Answer:
$7,840
Explanation:
The inventory of Items A and B should be valued at the lower of cost and the net realizable value.
The cost is the invoice price at time of purchase ,while the net realizable value is the selling price less to sell
Products Cost Selling price cost to sell NRV unit value
A $18 $22 $6 $16 $16
B $48 $54 $4 $50 $48
Item A is valued at $16 each i.e $16*160=$2,560
Item B is valued at $48 each i.e $48*110=$5,280
total value of inventory =$7,840
The ending inventory valued at the lower of cost or net realizable value is worth $7,840
He saves Rs. 67.5 (take 450 times .85- since its a % and then subtract that from 450)
<h2>
10 workers would cause the marginal to exceed the marginal benefits.</h2>
Explanation:
- Let us understand the term "Marginal benefits".
- It is the additional amount that the consumer "willing to pay" for an additional goods or a service.
- In terms of producers, the marginal benefit is termed as marginal revenue.
- Here according to the situation given in the question as to how many workers to hire could be answered by the number 10.
- Marginal revenue always falls below marginal cost.
- It is the revenue that the organization receives for selling one additional unit.
