In the social enterprise spectrum described ny dees and colleagues which type of organization use only

Tiptoe shoes had annual revenues of $201,000, expenses of $111,700, and dividends of $24,400 during the current year. the retain

Andreyy89

Entry to close the income summary account at the end of the year:

At the time of closing the Income Summary account, the Income Summary account is debited and Retained earnings account is credit with the amount of Net Income. Net Income can be calculated as follows:

Net income = Revenue – Expenses = 201,000-111,700 = $89,300

Hence the entry to close the income summary account at the end of the year shall be as follows;

Income Summary Debit $89,300

Retained earnings Credit $89,300

4 0

3 years ago

Exercise 14-04 a-c Bonita Company reports the following costs and expenses in May. Factory utilities $16,000 Direct labor $72,70

PilotLPTM [1.2K]

Answer:

Factory Overheads $182,420

Manufacturing overhead $ 396,820

Product costs $396,820

Period costs $ 75,720

Explanation:

Bonita Company

Direct materials used 141,700

Direct labor $72,700

Factory Overheads $182,420

Factory utilities $16,000

Depreciation on factory equipment 14,250

Property taxes on factory building 2,600

Indirect factory labor 53,500

Indirect materials 85,000

Factory repairs 2,970

Factory manager’s salary 8,100

Manufacturing overhead $ 396,820

Product costs $396,820

Advertising 15,600

Office supplies used 3,420

Sales salaries 50,000

Depreciation on delivery trucks 4,900

Repairs to office equipment 1,800

Period costs $ 75,720

Manufacturing Costs are costs used in the manufacture of products.

Product Costs = Direct materials + Direct Labor + Manufacturing Overheads

Period Costs include Marketing and Selling Expenses , Administrative Expenses.

5 0

3 years ago

Bonnie austin, age 30, used to work part time in a local restaurant. this year she quit her job to take care of her five-month-o

AlekseyPX

As Bonnie is not currently looking for a job after she quit and take care of her daughter, the survey conducted by the bureau of labor statistics that Bonnie will now be counted as an individual who is not part of the labor force because she is not working at the moment.

6 0

3 years ago

David Segal started a business. During the first month (October 20--), the following transactions occurred.

zloy xaker [14]

Answer:

Assets = Liabilities + Owner’s Equity (Capital – Drawing + Revenues – Expenses) = $17,017

Explanation:

Note: See the attached xlsx file for the effect of each transaction on the individual accounts of the expanded accounting equation and the report of the total of each element.

In the attached xlsx file, transaction (c) is treated in such a way that the insurance for the month of October 20—is accounted for under the following:

Prepaid Insurance = One-year insurance premium - (One-year insurance premium / Number of months in a year) = $1,000 - ($1,000 / 12) = $1,000 - $83 = $917

Expenses = One-year insurance premium / Number of months in a year = $1,000 / 12 = $83

Download xlsx

8 0

3 years ago

If nicotine in cigarettes is highly addictive, why would it make economic sense for producers of cigarettes to offer free sample

makkiz [27]

If the nicotine cigarettes are highly addictive and they were to offer the free samples to young adults then it will make the people be highly addictive in the nicotine cigarettes and this will cause the economy in the producers to have a less demand in elasticity. If it has a less elasticity, then it will cause a large price change, affecting the consumed quantity by the consumers.

8 0

3 years ago

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