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just olya [345]
3 years ago
14

Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sol

d, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Goldfinger’s common stock during the year.Prepare Goldfingers closing entries for the current t year
Business
1 answer:
vladimir2022 [97]3 years ago
5 0

Answer:

sales revenue 29,000 debit

         income summary     29,000 credit

income sumamry  10,520 debit

    operating expenses 6,200 credit

    income tax expense 4,320 credit

income summary 18,480 debit

       retained earnings     18,480 credit

Explanation:

To close the temporary account we will use an auxiliar account called income summary.

We will post expense in the credit against income summary in the debit

for revenues we will do the other way around, debit aainst income summary on credit.

Last, we transfer the balcne of this account into retained earnigns.

<u>balance of retained earnings: </u>

29,000  - 10,520 = 18,480

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Nookie1986 [14]

Answer:

Margin of safety= $12,000

Explanation:

Giving the following information:

Moe's Pizza Shop sells a large pizza for​ $12.00. Unit variable expenses total​ $8.00. The breakeven sales in units are​ 7,000 and budgeted sales in units are​ 8,000

To calculate the margin of safety in dollars, we need to use the following formula:

Margin of safety= (current sales level - break-even point)

Margin of safety= (8,000*12) - (7,000*12)= $12,000

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The Fed's Federal Open Market Committee
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Answer and Explanation:

d. is the Fed's primary monetary policymaking body.

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6. On February 1, Ann sends Bob a letter offering to employ Bob at Ann’s auto dealership. On February 5, Bob mails Ann a letter
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Answer: A Contract was formed on February 5th

Explanation:

The contract was formed the very day that Bob mailed Ann his acceptance which was on the 5th of February.

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The date she received the acceptance is of no consequence because this falls under the Posting Rule. This rule in Common Law countries essentially states an agreement is made as soon as the letter is posted even if it never gets to it's destination.

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3 years ago
How is the price elasticity of demand​ measured? A. by multiplying the percentage change in the​ product's price by the percenta
Lapatulllka [165]

Answer:

How is the price elasticity of demand​ measured?

c. by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price

Explanation:

Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price.

8 0
2 years ago
Read 2 more answers
The City of South River budget for the fiscal year ended June 30, 2020, included an appropriation for the police department in t
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Answer:

CITY OF SOUTH RIVER

APPROPRIATION (appr), EXPENDITURES (expend), AND ENCUMBRANCES (encum) LEDGER

GENERAL FUND: PUBLIC SAFETY - POLICE

MONTH: JULY, 2020

Tran

-  Refer  -  App  -     Encum  -   Expend  -  Unexpended App Balance

1       Budget   -8706000      -              -                     8706000

2    Purchase

      Orders

      issued          -         533000          -                     8173000

3   Invoice

   received and

   approved for

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4     Payrolls      -               -                  302000               7881000

5     Budget

   Revision     58000             -                -                         7823000

Total                8648000     37000          788000              7823000

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