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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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laila [671]

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A man or woman agent is one that has passed through considered necessary schooling, exceeded an exam, and been duly certified by IRDA to promote coverage policies to the general public and offer after-income providers along with helping on the time of a declaration. His license may be for life insurance, general insurance, or each.

182. 'Agent' and 'essential' are described. An 'agent' is a person hired to do any act for every other or to symbolize some other in dealings with 0.33 person. The person for whom such act is done, or who's so represented, is referred to as the 'fundamental'.

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8 0
2 years ago
Which of these is similarity between being self-employed and owning a business?
lys-0071 [83]

The similarity between being self-employed and owning a business out of the above choices is that you or your business produces something. Whether you personally make it or you own a business that produces something, something is being produced. You are your own boss in both situations, you likely make all of the decisions in both but with owning your own business there is a team that can help. Normally if you are self-employed you can't take time off and generate revenue because you are the sole worker.

3 0
3 years ago
Hurdzan, Inc., has a 30-day average collection period and wants to maintain a minimum cash balance of $20 million, which is what
tia_tia [17]

Answer:

Attached below

Explanation:

Receivables balance = $196 million

Minimum cash balance = $20 million

Given data :

                                                                Q1        Q2        Q3           Q4

Sales                                                      $441     $513      $594      $558

Total cash disbursement                       368      465       720         456

attached below is the cash budget for the company as required

7 0
3 years ago
In 2019, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $25,000. The clien
romanna [79]

Answer:

Accrual shows face amount as revenue

revenue = $25,000

(12,000) (7/36)= $2,333 (regognized in 2017)

Total income reported in 2017 = $27,333

The next year she would show the remainder of 12,000 from 26 month contract

For tax purposes, max of 2 year deferral for payment recieved in advance.

6 0
3 years ago
A firm has issued $20 million in long-term bonds that now have 10 years remaining until maturity. The bonds carry an 8% annual c
Anna71 [15]

Answer:

6.5%

Explanation:

Market value of Bond = Par value*bonds outstanding*%age of par

= 1000*20000*0.8771

= $17,542,000

Market value of firm = Market value of Equity + Market value of Bond

= $45,000,000 + $17,542,000

= $62,542,000

Weight of debt = Market value of Bond / Market value of firm

Weight of debt = 17542000/62542000

Weight of debt = 0.2805

Yield to maturity = Rate(Nper, pmt, -Pv, fv)

Yield to maturity = Rate(10, 80, -877.1, 1000)

Yield to maturity = 0.10001541

Yield to maturity = 10.00%

After tax cost of debt = Cost of debt * (1-tax rate)

After tax cost of debt = 10.00%*(1-0.35)

After tax cost of debt = 10.00%*0.65

After tax cost of debt = 6.5%

3 0
3 years ago
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