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Eddi Din [679]
3 years ago
11

The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated De

preciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances.
Required:
Prepare the first closing entry.

No Date General Journal Debit Credit
1 Dec 31 No Transaction recorded
Business
1 answer:
arlik [135]3 years ago
7 0

Answer:

Dr Fees Earned $56,000

Cr Income summary $56,000

Explanation:

Preparation of the first closing entry.

Based on the information given we were told that Fees Earned has the amount of $56,000 which means that Fees earned of the amount of $56,000 will be the first closing entry to close revenue account , and we are going to record the first Closing entry by Debiting Fees Earned with the amount of $56,000 and to Crediting Income summary with the same amount of $56,000

31 Dec

Dr Fees Earned $56,000

Cr Income summary $56,000

(To close revenue account)

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The NASAA Statement of Policy on Dishonest or Unethical Business Practices of Broker-Dealers and Agents includes prohibitions ag
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Answer:

B) wash trades

Explanation:

In the case when the wash trades are performed so it consists the simultaneous or near-simultaneous i.e. selling and the repurchase of the similar security for the motive of producing the trading activity due to which price rise. This is the form of how the market manipulates. The other options i.e. given in the question is not considered the market manipulation

Therefore the option B is correct

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3 years ago
Michael, a systems analyst, is preparing a closed wiki site for Northstate Bank. He has written permission from eight other comp
AysviL [449]

Answer:

The correct answer is Formal Benchmarking.

Explanation:

The English term "benchmark" comes from the words "bench" (bench, table) and "mark" (brand, sign). In the original meaning of English, the word compound could however be translated as a measure of quality. In other words, benchmarking is a way to determine how well a company performs, compared to others.

In order to be more competitive at present, it is necessary to use benchmarking since it provides strategies that allow identifying the best keys to the company's success, so that by implementing them the organization can be a leading and competitive company in a changing market and global in which business organizations currently have to see each other.

The majority of authors relate benchmarking with competitiveness and business improvement, being "the company" its natural scope. However, the potential benefits of its use make it considered in other areas, such as "public organizations", and at other levels, "sectoral" and "environment" (regional, national and international). This complicates the definition of the concept, since it is a tool that has multiple application possibilities, pursues different objectives in each case, and uses its own methodology in each area.

3 0
3 years ago
Ron, a businessman who invests heavily in the stock market, has suffered a serious loss with his latest venture. The very though
IRINA_888 [86]

Answer: Escape avoidance

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Escape avoidance also known as avoidance coping, is an approach that is used to deal with stress related issues. Escape avoidance is a form of coping which involves the changing of one's behavior in order to avoid thinking or feeling things that makes the person uncomfortable.

Escape avoidance involves trying to avoid stress than dealing with them.

It is a great way to relieve stress. Ron hanging out with friends after his losses is trying to take his mind away from the losses and relieve his stress. This is escape avoidance.

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Four roommates are planning to spend the weekend in their dorm room watching old movies, and they are debating how many to watch
denis-greek [22]

Answer:

1. Inside the dorm room, the movies are <em>Non-Rival</em> which means that one person can watch the movie and it will not diminish the ability of others to watch as well.

Also as they are all in the same dorm, the showing of the movie is <em>Non-Excludable</em> as well because no one can stop the other from watching.

Public good is both Non-Rival and Non-Excludable so the showing of a movie IS a public good.

2.

Musashi   Sean    Bob   Eric   Total Willingness to pay

10   9   8   3   30

8   7   6   2   23

6   5   4   1   16

4   3   2   0   9

2   1   0   0   3

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This means that each roommate will pay <u>$8</u>.

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When budgeting for your immediate needs, you should divide them into what two categories of expenses
Usimov [2.4K]
Fixed expenses and flexible expenses or Discretionary expenses
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