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mrs_skeptik [129]
3 years ago
7

Sequence the steps for closing entries.

Business
1 answer:
____ [38]3 years ago
3 0

Step 1: A

Step 2: D

Step 3: C

Step 4: B

Explanation:

Sequence for the steps to close entries:

  1. close the service revenue account by transferring funds to income summary account
  2. close the operating expenses account by transferring funds to income summary account
  3. close the income summary account by transferring funds to retained earnings account
  4. close the dividends account by transferring funds to retained earnings account
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I think it’s A sorry if wrong
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Product B has revenue of $39,500, variable cost of goods sold of $25,500, variable selling expenses of $16,500, and fixed costs
Kay [80]

Answer:

We should discontinue Product B

Explanation:

We should check if Product B generates a contribution or not:

We subtract from the sales revenues the variable cost:

revenue                                   39,500

variable cost of goods sold   (25,500)

variable selling expenses   <u>   (16,500) </u>

Contribution                              (2,500)

<em>As the contribution is negative, we should discontinue </em>Product B as is less expensevely to stop production than continue.

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3 years ago
How can I become a millionair
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8 0
3 years ago
Read 2 more answers
Marin Company's accounts receivable arising from sales to customers amounted to $88000 and $77000 at the beginning and end of th
anzhelika [568]

Answer:

Marin Company

Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

$345,000

Explanation:

a) Data and Calculations:

Accounts Receivable (Beginning) $88,000

Accounts Receivable (Ending) $77,000

Increase in Cash received from customers = $11,000

b) Income reported on the income statement for the year = $334,000

Increase in Cash received from Customers =                               11,000

Cash flows from operating activities to be reported =           $345,000

c) The Accounts Receivable reduced from $88,000 to $77,000.  This implied that some customers settled their accounts.  Therefore, there was inflow of cash from customers.  This increases the cash flows from operating activities.  This is why the difference is added to the Income as per income statement as a change in working capital.

5 0
3 years ago
What is the payback period for the above set of cash flows? (Do not round intermediate calculations. Round your answer to 2 deci
inna [77]

Answer: 2.74 years

Explanation:

Payback Period is a method of capital budgeting that works by checking how long the project will take to repay the investment outlay.

The formula is;

Payback Period = Year before Payback Period occurs + \frac{Cash remaining}{Cashflow in year payback happens}

Initial Outlay = $4,650

First Year = $1,350

Second Year = $2,450

Third Year = $1,150

First year + second year = 1,350 + 2,450 = $3,800

Remaining till repayment = 4,650 - 3,800 = $850

Third year amount of $1,150 is higher than $850 so amount will be repaid in 3rd year.

Payback Period = Year before Payback Period occurs + \frac{Cash remaining}{Cashflow in year payback happens}

Payback Period = 2 + \frac{850}{1,150}

Payback Period = 2.74 years

4 0
3 years ago
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