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fenix001 [56]
3 years ago
12

A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was​ $95,000. Duri

ng the​ year, Sales Revenue amounted to​ $75,000, Cost of Goods Sold was​ $30,000, and all other expenses totaled​ $12,000. The company declared and paid​ $19,000 as dividends. The last step in the closing process would include​ ________.
Business
1 answer:
stepan [7]3 years ago
6 0

Answer:

income summary      14,000 debit

         Retained Earnings                  14,000 credit

Explanation:

The last step in the closing prosess it to transfer the income summary account balance into retained earnings.

Income Sumary will be used to close the temporary accounts which are, dividends, revenues and expenses:

                                      Income Sumary

                                   <u>Debit             Credit</u>

to close revenues                           75,000

to close expenses        42,000

to close dividends         19,000

totals:                              <u>61,000      75,000</u>

              Balance:                           14,000              

this is the amount to transfer into retained earnings.

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Assume that you have just sold a stock for a loss at a price of $75 for tax purposes. You still wish to maintain exposure to the
Agata [3.3K]

Answer:

$87.25

Explanation:

Calculation for the effective price paid to repurchase the stock

Using this formula

Effective price = Strike Price + Price

Let plug in the formula

Effective price =$80+$7.25

Effective price =$87.25

Therefore the effective price paid to repurchase the stock will be $87.25

8 0
3 years ago
Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for
Reika [66]

Answer and Explanation:

The computation of the amount is shown below:

a. For FOB destination

=  Merchandise price - Returns and allowances - discount

= $6,700 - $1,750 - ($6,700  - $1,750 )× 2%

= $6,700 - $1,750 - $99

= $4,851

b. For FOB shipping point

= Merchandise price - Returns and allowances - discount + Freight In

= $3,300 - $1,200 - ($3,300 - $1,200) × 1% + $200

= $3,300 - $1,200 - $21 + $200

= $2,279

7 0
3 years ago
(A novelty company has fixed costs totaling $185,000. In the production of their main product the unit material cost is $3.20 an
Mice21 [21]

Answer:

a) = 40660 units

b) = $335,445

c) = 58242 units

Explanation:

Lets summarize the information first,

F.C = $185,000

Direct Material (DM) = $3.20

Direct Labor (DL) = $6.00/hr or 6/12 = $0.5/product

Selling Price (SP) = $8.25

For a)

Break Even qty = F.C/Contribution Margin (CM)

CM = SP - (DM +DL per product)  =  8.25 - (3.2 + 0.5)  =  $4.55

Break even qty = 185000 / 4.55  = 40659.3 or 40660 units

For b)

The break even qty does not change with sales so at 55000 units of sale the qty required for B.E is still 40660 units thus B.E Sales = 40660* 8.25

Break even sales = $335,445

For c)

This can be calculated by factoring target profit into the fixed costs so,

Quantity @ target profit = F.C + Target profit / C.M

So,

Quantity @ target profit = 185000 + 80000 / 4.55  =  58242 units rounded off.

5 0
3 years ago
The item you listed would have cost $2.00 back then? What a deal! Does this mean that item would have been super cheap and affor
Tomtit [17]
Yes……bc ik das da answer
7 0
3 years ago
List two effects of the invention of the cotton gin.
kogti [31]

Answer:

While it was true that the cotton gin reduced the labor of removing seeds, it did not reduce the need for slaves to grow and pick the cotton. In fact, the opposite occurred. Cotton growing became so profitable for the planters that it greatly increased their demand for both land and slave labor.

4 0
3 years ago
Read 2 more answers
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