Answer: After closing the balance in the retained earnings account will be $20,000.
We arrive at Retained earnings for a given year as follows:
We then find the closing balance in the Retained Earnings account as follows:
Answer and Explanation:
The journal entry is given below:
Work in process inventory Dr $100,000
To raw material inventory $100,000
(being the usage of the direct material is recorded)
here the work in process is debited as it increased the assets and credited the raw material inventory as it decreased the assets
Transactions must be segregated into the three types of activities presented on the statement of cash flows: operating, investing, and financing.
The amount to withhold from the wages paid each employee is $212.84
<h3>Withholding from wages</h3>
Using percentage method
Wages $2,610
Total allow $700
(4×$175)
Amount subject to withholding $1,910
($2610-$700)
Percentage Bracket
$1,803 - $3,667
(189.30+.22 excess of 1803)
$1910-$1803= 107
($107×.22)=$23.84
Fixed amount $189.30
Withholding=($189+$23.84)
Withholding= $212.84
Inconclusion the amount to withhold from the wages paid each employee is $212.84.
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