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3 years ago

Indicate the effect each account has on retained earnings. (increase, decrease, or no effect)

Business

1 answer:

mojhsa [17]3 years ago

5 0

Answer:

Decrease:

a)advertising expense

c) Insurance expense

d) Salaries & Wages Expense

g) Utilities Expens

Descrease:

e) Dividends

Increase:

b)Service revenue

f) Rent revenue

Explanation:

The retained earnings accumulates the net income of every year.

As net income is determinate like:

revenues - expense = gross profit

expense will make this difference lower and therefore not beign able to help you These are the changes for:

adv expense

service revenue

insurance exepense salaries and wages

Dividends will also decrease RE as they represent a disribution of the accumualted earnings in favor of the stockholders

Finally revenues increase it as they make net income to increase as well.

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Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been a

Agata [3.3K]

Answer:

May-31

Dr Fees earned $243,000

Retained earnings $33,500

Cr Rent expense $50,800

Cr Supplies expense $12,400

Cr Wages expense $213,300

Cr Miscellaneous expense $ 4,300

May-31

Dr Retained Earnings $33,000

Cr Dividends $33,000

Explanation:

Preparation to Journalize the closing entries required to close the accounts.

May-31

Dr Fees earned $243,000

Retained earnings $33,500

($213,300+$12,400+$50,800-$243,000)

Cr Rent expense $50,800

Cr Supplies expense $12,400

Cr Wages expense $213,300

Cr Miscellaneous expense $ 4,300

(To close the Expenses )

May-31

Dr Retained Earnings $33,000

Cr Dividends $33,000

(To close the dividends )

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3 years ago

Why do we need an organizational structure?

san4es73 [151]

Structure will give employees more clarity, help manage expectations, enable better decision-making and provide consistency.

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3 years ago

A television commercial advertises that a certain type of battery will last, on the average, 20 hours longer than twice the life

vladimir2022 [97]

352.5 Hours to be exact

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3 years ago

Because of their relatively small national economies, which of the following is most likely considered to be the most important

BARSIC [14]

Answer:

which of the following is most likely considered to be the most important factor for Belgiom, Korea and Canada to take full advantage of specialization?

b. international trade

Explanation:

In general, an economy can be defined as a set of activities that lead to the production and consumption of goods and services that utilize limited resources. An economic system serves to meet the needs of the individual operating in that economy, whether it is production or consumption needs. There are many factors that determine how big or small an economy is, the factors include; culture, laws, history, population, geographical location and other factors that cause necessity. A big economy can be defined as an economy where the amount of economic activities including the production and consumption of goods is at a high level as compared to other economies. On the contrary, a small economy is one whose production, consumption and trading activities is at a relatively low level. We will consider small economies.

Small national economies are countries whose production and consumption levels on a national scale are relatively small. Examples of such countries include; Belgium, Korea and Canada. Since the necessity for production or consumption is not that big, the best factor for specialization is international trade. Small economies can boost their growth by specializing on international trade to increase their market shares in other countries.

8 0

3 years ago

Novak Corp. redeemed $134,000 face value, 10% bonds on April 30, 2022, at 103. The carrying value of the bonds at the redemption

Fittoniya [83]

Answer:

bonds payable 134,000 debit

loss on redemption 17,018 debit

cash 138,020 credit

discount on bonds payabke 12,998 credit

Explanation:

redemption disbursement:

face value x redemption quote

134,000 x 103/100 = 138,020

carrying value: 121,002

loss at redemption 17,018

We are using 138,020 cash(asset) to pay a liability for 121,002

discount/premium on the bonds:

face value 134,000

carrying value 121,002

discount: 12,998

In the journal entry we must write-off the bond payable and the discount. Then, declare the loss at redemption and the cash used.

3 0

3 years ago