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nirvana33 [79]
3 years ago
13

Exercise 4-8 (part level submission) plevin company ended its fiscal year on july 31, 2017. the company’s adjusted trial balance

as of the end of its fiscal year is shown below. plevin company adjusted trial balance july 31, 2017 no. account titles debit credit 101 cash $10,050 112 accounts receivable 9,500 157 equipment 15,600 158 accumulated depreciation—equip. $7,500 201 accounts payable 4,800 208 unearned rent revenue 1,800 311 common stock 17,450 320 retained earnings 27,000 332 dividends 15,500 400 service revenue 65,000 429 rent revenue 6,000 711 depreciation expense 7,000 726 salaries and wages expense 56,400 732 utilities expense 15,500 $129,550 $129,550 (a) prepare the closing entries. (credit account titles are automatically indented when amount is entered. do not indent manually.)
Business
2 answers:
Lostsunrise [7]3 years ago
6 0

            Service Revenue.................................65000

            Rent Revenue..........................................6000

              To Income Summary.....................................................71000


             Income Summary..........................78900

                  To Depreciation Expense..............................................7000

                  To Salaries Expense.......................................................56400

                   To Utilitites Expense.........................................................15500

Retained Earnings.....................................................................7900

      To Income Summary...............................................................................7900

Mariulka [41]3 years ago
5 0

Answer: The Net loss Position is -$7,900. The distributable retained earnings (post dividend payment and loss recognition) is $3,600 and the Net Asset Position of Plevin Company is $21,050

Explanation:

The response below looks all muddied up, but i have attached an excel file to help you understand how i arrived at the conclusions above.

Plevin Company      

Income Statemenet for the Year Ended July 31, 2017      

     

Revenue:      

Service Revenue   65,000  

Rent Revenue   6,000  

Net Income    71,000  

     

Less Expenses:      

Salaries & Wages    56,400  

Utilities   15,500  

Depreciation   7,000  

Net Expenses    78,900  

     

Net Loss    -7,900  

     

schedule of distributable Profit      

Opening Balance of Retained Earnings    27,000  

Add Net Loss for the year    -7,900  

Less Dividend Payment    15,500  

Closing balance of Retained Earnings    3,600  

Plevin Company    

Balance Sheet as at July 31, 2017    

   

Fixed Assets:    

Equipment    15,600

less Accumulated Depreciation    -7,500

Net Book Value    8,100

   

Current Assets    

Cash   10,050  

Account receivable   9,500  

  19,550  

   

Current Liabilities    

Accounts Payable   4,800  

Unearned rent revenue   1,800  

  6,600  

   

Working Capital (Current Asset less Current Liability)    12,950

   

Net Assets    21,050

   

   

Shareholders Fund:    

Common Stock    17,450

Add Retained Earnings    3,600

Net Shareholders Fund    21,050

Download xlsx
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The variable overhead efficiency variance uses exactly same inputs as direct labor efficiency variance statement regarding the variable overhead variance analysis is true.

<h3>What is variable overhead?</h3>

The varying production costs a business incurs while operating are referred to as "variable overhead." As industrial output changes, so do variable overhead expenses. Different from variable overhead are the general expenditures associated with administrative tasks and other operations that have predetermined budgetary requirements. Organizations need to understand variable costs clearly in order to prevent overspending, which can reduce profit margins. They will be able to precisely set prices for future products thanks to this. For businesses to succeed and stay in operation, they must invest money in the development and promotion of their goods and services. The term "overhead" refers to all costs related to operating a firm, such as managers, salespeople, and marketers for both the corporate office and the manufacturing plants.

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kaheart [24]
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If the monopolist has to reduce prices to sell more goods then it would mean that for every unit sold, the price would have reduced compared to the price of the last unit which translates to less revenue coming in per unit compared to the last unit.

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8 0
2 years ago
A certain bookstore chain has two stores, one in San Francisco and one in Los Angeles. It stocks three kinds of books: hardcover
Hoochie [10]

Answer:

                           Hard       Soft        Plastic

San Francisco 3,600           7,800       12,000  

Los Angeles  2,400            1,800        3,000

Explanation:

The sales during January were as follows:

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San Francisco 600              1,300           2,000  

Los Angeles  400                300              500

If the sales during the next five months were actually the same, then to determine total sales all we have to do is multiply January's sales by 6.

600 x 6 = 3,600         1,300 x 6 = 7,800         2,000 x 6 = 12,000

400 x 6 = 2,400           300 x 6 = 1,800            500 x 6 = 3,000

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