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3 years ago

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:

close the service revenue account by transferring funds to income summary account
close the operating expenses account by transferring funds to income summary account
close the income summary account by transferring funds to retained earnings account
close the dividends account by transferring funds to retained earnings account

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During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the emplo

garri49 [273]

Answer and Explanation:

The journal entry to record the employee salary expense, withholdings, and salaries payable is shown below:

Salaries expense Dr $2,400,000

To Income tax payable ($360,000 + $150,000) $510,000

To FICA tax payable $183,600

To Account payable $24,000

To Salaries payable $1,682,400

(being employee salary expense, withholdings, and salaries payable is recorded)

Here the expenses are debited and payable are credited as it increased the expenses and liabilities

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3 years ago

Coachlight Inc. has a periodic inventory system. The company purchased 205 units of inventory at $9.50 per unit and 310 units at

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Answer:

Weighted average cost per unit = $10.10

Explanation:

We know,

Under weighted average unit cost, the cost for purchased inventory = Total inventory costs ÷ total inventory in units

Given,

Total inventory in units = 205 + 310 = 515 units

Total inventory costs = (205 units × $9.50) + (310 units × $10.50)

= $1,947.50 + $3,255 = $5,202.50

Therefore,

Weighted average cost per unit = $5,202.50 ÷ 515 units

Weighted average cost per unit = $10.10

Therefore, the company will use this cost per unit to determine cost of goods sold and ending inventory.

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3 years ago

An increase in input costs in the production of electric automobiles caused the price of electric automobiles to rise. Holding e

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Answer:

4. The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would increase.

Explanation:

Substitute goods are goods that can be used in place of each other.

If the price of electric automobiles rises, the automobile becomes more expensive for consumers. Consumers would reduce the quantity demanded of the electric automobile and shift its demand to gas powered automobiles.

As a result, the demand for gas automobiles increases and the equilibrium price would increase too.

I hope my answer helps you

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3 years ago

How are passwords stored on your personal computer?

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Passwords are stored on the computer with a encrypted format.

Encryption is the translation of data into a secret code. Encryption is the most effective was to achieve data security, which this protects and stores your passwords.

Hope this helps! :D

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3 years ago

Marketers segment broad markets into smaller target segments based on a variety of _____.

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<span>Market segmentation is the process of dividing a larger market into smaller groups (segments). </span><span>Marketers segment broad markets into smaller target segments based on a variety of</span> based on meaningfully shared characteristics.
These characteristics can be behavioral, geographic and demographic.

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3 years ago