1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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
You might be interested in
Debit postings to the individual accounts in an accounts receivable subsidiary ledger generally come from the
umka21 [38]
Bank transaction fee
4 0
2 years ago
Verizon Manufacturing Company spent $400,000 in 2019 to inspect incoming components. Of the $400,000, $240,000 is fixed appraisa
eimsori [14]

Answer:

The question is incomplete, the option include:

  • $20,000 decrease.
  • $45,000 decrease.
  • $80,000 decrease.
  • <em>$160,000 decrease.  is Correct</em>
  • $320,000 decrease.

Explanation:

1. In 2019 the number of finished units with internal faults = $400,000 completed units * 0.05 = $20,000.

2. In 2020 the number of finished units with internal faults = $20,000* (1 -0.1) = $18,000.

3. In 2020, the projected cost of internal failure= $18,000 * $80= $1,440,000;

4. In 2019 the expense of internal failure= $20,000 * $80 = $1,600,000.

5. Projected shift in the cost of internal failure = <em><u>$1,600,000 - $1,440,000 = decrease of $160,000</u></em>

4 0
3 years ago
The ten-step cycle that results in the timely payment for patients' medical services is the
liq [111]
The ten step cycle that results in the timely payment for patients' medical services is the MEDICAL DOCUMENTATION BILLING CYCLE. 
Medical billing is a payment method that is used in USA health system. The medical billing process is an interaction between the healthcare providers and the insurance companies who are responsible for payments of medical services rendered to their clients.
7 0
3 years ago
briefly explain what you consider an entrepreneur to be and describe the three most important attributes you need to develop to
expeople1 [14]

Answer:

An entrepreneur is a person who finds an economic opportunity in the market, and exploits it for his own benefit and the benefit of his employees and constomers by setting up a firm.

Explanation:

Three characteristic of an entrepreneur:

Opportunity seeking: entrepreneurs "scan" the market, seeking for market niches that have not been exploited.

Work-ethic: entrepreneurship is a difficult task, especially during the first years of the company. It demands very long work hours, and the entrepreneur must be willing to do that in order to be successful.

Risk-taking: entrepreneurs should evaluate risk when taking decisions, but they should not be the most risk-averse indidivuals. They have to take risks in certain situations because otherwise, they would not be able to become entrepreneurs at all.

3 0
2 years ago
Compound interest means that interest is calculated on:.
ira [324]

Answer: initial principal

Explanation:

Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan.

6 0
2 years ago
Other questions:
  • Compensatory damages replace what was lost because of what the breaching party did and for this reason are often said to "make t
    7·1 answer
  • Irene enjoys problem solving and figuring out how things work. In her workplace, when there are technical issues, many of her co
    6·2 answers
  • Carmelita Inc., has the following information available: COST FROM BEGINNING INVENTORY direct materials $2,500 Conversion cost $
    14·1 answer
  • In examining its monthly bank statement, a company discovers that that its account was credited $30 for interest earned. The ent
    6·1 answer
  • What does a company's code of ethics cover?
    13·1 answer
  • Which term refers to an economic situation where the large amount of money in circulation creates continuous pressure to raise p
    8·2 answers
  • a black female employee is told that she cannot come to work with her hair in a decorative braids traditionally worn in Africa,
    15·1 answer
  • Arturo is a sales manager for the bratney companies, a company that manufactures equipment used in the processing of grains and
    12·1 answer
  • How can one improve customer service?
    8·1 answer
  • ______ effect happens when the place a product was manufactured influences how consumers perceive the product.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!