1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
sergij07 [2.7K]
3 years ago
5

Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the e

nd of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000. (a) Journalize the entry required to close the Teresa Schafer, Drawing account. (b) Determine the amount of Teresa Schafer, Capital at the end of the period.
Business
1 answer:
oksano4ka [1.4K]3 years ago
6 0

Answer:

See explanation section

Explanation:

A) Closing Journal entry to record of closing the journal entry -

Debit Teresa Schafer, Capital $770,000

Credit Teresa Schafer, Drawing $770,000

(To close the drawing accounts to capital account)

B) Teresa Schafer, Opening Capital $1,885,000

Add: Net Income= $840,000

Less: Drawings= $(770,000)

Capital at the end of the period = $1,955,000

Note: Calculation of Net Income

Revenues $3,190,000

Expenses $(2,350,000)

Net Income $840,000

You might be interested in
Where is market equilibrium located
Lina20 [59]

Answer:

B. at the intersection of supply and demand

Explanation:

Equilibrium is a market condition where there no excess or shortage in demand and supply. It is when the quantity demanded matches the quantity supplied. At equilibrium, buyers and sellers are happy with the prevailing prices.

In a graph showing the demand and supply curve, the equilibrium point is the intersection of the supply and demand curve.  

8 0
2 years ago
Samantha is the store manager of a sporting goods store. A customer came in to return a fishing reel because the reel did not wo
Arturiano [62]
The type of account Samantha should recod the transaction is the contra account.
8 0
3 years ago
Cardboard is an example of which type of economic resource?​
blsea [12.9K]
<h3><u>Answer</u>;</h3>

A capital resource

<h3><u>Explanation</u>;</h3>
  • Economic resources are the factors used in producing goods or providing services. That is, they are the inputs that are used to create things or help an individual to provide services.
  • <em><u>Economic resources can be divided into human resources, such as labor and management, and nonhuman resources, such as land, capital goods, financial resources, and technology.  There are four types, namely; capital, labor, land, and entrepreneurship.</u></em>
  • <em><u>Capital resources are those resources that are used to manufacture other goods and services in future.</u></em>

3 0
3 years ago
Discuss ten (10) different purposes of an evaluation of salesperson performance and how each purpose affects the performance eva
ololo11 [35]

Answer:

1. To ensure that compensation and other reward disbursements are consistent with actual performance

2. To identify salespersons who needs to be promoted

3. To identify salespersons who should be fired/terminated

4. To determine the specific training and counseling needs of individual

5. To provide information for effective human resource (Succession) planning

6. To identify criteria that can be used to recruit and select salespersons in the future

7. To advise salespersons of work expectations

8. To motivate salespersons

9. To help salespersons set their career goals

10. To enhance effective communications between salesperson and sales manager

Explanation:

How each purpose affects the performance evaluation process

1. To ensure that compensation and other reward disbursements are consistent with actual performance

Compensation and rewards affects the performance and it should be on the merit.

2. To identify salespersons who needs to be promoted

Promotion shall be given on the basis of evaluation

3. To identify salespersons who should be fired/terminated

Termination should be on the basis of performance evaluation

4. To determine the specific training and counseling needs of individual

Training shall be provided on the basis of evaluation

5. To provide information for effective human resource (Succession) planning

Succession planning should be on the basis of performance evaluation so that the exceptional performers must be retained,

6. To identify criteria that can be used to recruit and select salespersons in the future

It helps in understanding the factors that will be useful to recruit and select salespersons

7. To advise salespersons of work expectations

On the basis of evaluation, it will be decided to communicate the work expectations

8. To motivate salespersons

It will help in understanding the factors which motivate the salespersons

9. To help salespersons set their career goals

Salespersons will understand about their future and set their career goals.

10. To enhance effective communications between salesperson and sales manager

It will help to communicate effectively about the expectations of  salesperson and sales manager  and better coordination

7 0
3 years ago
Automatic stabilizers are government programs that:
zepelin [54]
Automatic stabilizers are government programs that <span>exaggerate the ups and downs in aggregate demand without legislative action. By reducing the ups and downs to help the demand and supply of products, the government tries to create balance within the economy. Automatic stabilizers work so that the government doesn't have to intervene each time something is needed to help the demand.</span>
6 0
3 years ago
Other questions:
  • ________ examines organizational units for efficiency, effectiveness, and adequate controls.
    12·1 answer
  • Determine the market potential for a backpack that has 200,000 prospective buyers who purchase an average of 2 backpack per year
    14·1 answer
  • Which of the following is not an indicator of the business cycle?
    10·1 answer
  • 1. What are the points of difference, or unique attributes, for GoPro products?
    10·1 answer
  • In the micro supply and demand model, which of the following is true when a fully effective price ceiling is removed from a comp
    11·1 answer
  • Grum Corp., a publicly owned corporation, is subject to the requirements for segment reporting.
    14·1 answer
  • If it costs $75,000 to put on an event and total revenue is $135,000, what is the profit as a percentage of revenue?
    7·1 answer
  • Swinnerton Clothing Company's balance sheet showed total current assets of $3,300, all of which were required in operations. Its
    5·1 answer
  • A portfolio is entirely invested into BBB stock, which is expected to return 16.4 percent, and ZI bonds, which are expected to r
    13·1 answer
  • Type the correct answer in the box. Spell all words correctly.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!