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artcher [175]
3 years ago
14

American Chip Corporation’s reporting year-end is December 31. The following is a partial adjusted trial balance as of December

31, 2021. Account Title Debits Credits Retained earnings 81,000 Sales revenue 760,000 Interest revenue 3,500 Cost of goods sold 425,000 Salaries expense 110,000 Rent expense 16,000 Depreciation expense 31,000 Interest expense 5,100 Insurance expense 6,100 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
guajiro [1.7K]3 years ago
5 0

Answer:

Explanation:

The closing entry for the following accounts are shown below:

1. Sales Revenue A/c Dr 760,000

  Interest Revenue A/c Dr $3,500

             To Income Summary $763,500

 (Being revenue account closed)

2. Income summary A/c Dr $593,200

                          To cost of goods sold $425,000

                          To Interest Expense $5,100

                           To Salaries  Expense $110,000

                           To depreciation  Expense $31,000

                            To Rent Expense $16,000

                             To  Insurance expense $6,100

(Being expenses accounts are closed)

3. Income summary A/c Dr $170,300

                           To Retained earning $170,300

(Being the difference is credited to retained earning)

The retained earning is computed by

=  Number 1 - Number 2

=  $763,500 -  $763,500

= $170,300

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At a sales volume of 30,000 units, Carne Company's total fixed costs are $30,000 and total variable costs are $45,000. The relev
Anna [14]

Answer:

$2.25

Explanation:

sale volume of company = 30,000 unit

total fixed cost are = $30,000

total variable cost $45,000 for 30,000 unit

1 unit = 45000/30000 =  $ 1 . 5

for the sale of 40,000 unit

the  total expected cost

    = Fixed cost + Variable cost

      = $30,000 + 40,000×$1.50

      = $30,000+$60,000

     = $90,000

Cost per unit:

 = $90,000/40,000

=  $2.25

8 0
3 years ago
Can you use a Go Pro at sea world with a chest mount
stira [4]
You can use a GoPro<span> at Disney as long as it isn't on a selfie stick/gopole. If </span>you<span> have it on a </span>chest mount<span>, head mount, wrist or hand mount it is ok.</span>
8 0
3 years ago
Pacific Ink had beginning work-in-process inventory of $762,960 on October 1. Of this amount, $313,920 was the cost of direct ma
BartSMP [9]

Answer:

Cost of goods transferred =$6,388,147.07

Cost of ending inventory=$1,068,478.93  

Explanation:

Equivalent unit of material = (120,000× 100%)+(39,000×75%)=149250

Cost per unit of material = Total cost /Total equivalent unit

=(313,920 +2,956,500)/149250 =21.912

Cost per conversion cost

Equivalent unit of conversion cost

= (120,000 × 100%) + ((39,000×35%)= 133,650

Cost per unit of conversion cost

= ($3,737,220 + $449,040)/133,650  = 31.322

Cost of goods transferred = 120,000× (21.912 + 31.322)= 6,388,147.07  

Cost of Inventory = (75%*39,000×21.912)+(35%× 39,000×31.322)

                             = 1,068,478.93  

Cost of goods transferred =$6,388,147.07

Cost of ending inventory=$1,068,478.93  

=

3 0
3 years ago
Corporations issue only private stocks.<br> a. True<br> b. False
matrenka [14]

Answer and explanation:

It is true that the corporation issue only private stocks but their shares do not trade on public exchanges and are not issued through an initial public offering.

Hope this help you :3

7 0
2 years ago
Accounts Receivable AnalysisThe following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/1
aliya0001 [1]

Answer:

Accounts receivable turnover 2013  2,05 2012 1,875

Number of days' sales in receivables 178 daysin 2013  194 days in 2012

The collection of accounts receivable has  high turnover  . This can be seen in both the times per year  in accounts receivable turnover and the average number of days in the collection period.

Explanation:

Account receiv Sales  

2013 725000 5637500 7,775862069

2012 650000 4687500 7,211538462

2011         600000  

   

Turnover Ratio= net credit sales    

Avergae account receivable  

   

2012 = 4687500/(600000+650000)/2  

1,875  

2013 = 5637500/(650000+725000)/2  

2,05  

Receivable turnover in days = 365 / Receivable turnover ratio    

   

2012 194,6666667  

   

2013 178,0487805  

8 0
3 years ago
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