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
alexdok [17]
3 years ago
12

Prior to closing, total revenues were $12,840,000 and total expenses were $9,975,000.

Business
1 answer:
AnnZ [28]3 years ago
8 0

Answer:

Owner's capital account is increased by $2,235,000.

Explanation:

At the end of the period the closing entries are made to close the temporary accounts of Revenue and expenses and transfer the balance to retained earning or owners capital account.

Net income for the year = Total revenue  - Total Expenses

Net income for the year = $12,840,000 - 9,975,000

Net income for the year = $2,865,000

Changes in owner's capital account during the period = net income / loss - drawings during the period

Changes in owner's capital account during the period = $2,865,000 - $630,000

Changes in owner's capital account during the period = $2,235,000

You might be interested in
(q008) the influx of cheap goods from what country accelerated the loss of manufacturing jobs in the united states during the gr
USPshnik [31]

The influx of cheap goods from <u>Europe</u> accelerated the loss of manufacturing jobs in the united states during the great recession.

<h2>What caused the great recession?</h2>

The Great Recession referred to period of general decline such as recession that was observed in national economies globally that occurred between 2007 and 2009.

The causes of Great Recession included combination of vulnerabilities that developed in the financial system along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012.

Read more about Great Recession

brainly.com/question/29550493

#SPJ1

8 0
1 year ago
Pinkin Inc. needs to determine a price for a new phone model. Pinkin desires a 25% markup on the total cost of the phone. Pinkin
IgorLugansk [536]

Answer:

See below

Explanation:

Total costs = Product costs + Administrative costs

= ($75 × 30,000) + $85,000 - ($50 × 30,000) + $65,000 = $3,900,000

Total cost per unit =Total cost / Units expected to be sold= $3,900,000 /30,000 = $130

Markup per unit = Total cost per unit × Markup percentage = $130.00 × 25% = $32.5

4 0
3 years ago
Mariah works at a daycare center. She makes $17 per hour and works about 36 hours each week. What type of wages does she earn?
Harrizon [31]

Answer:

Hourly

Explanation:

Hourly because it says she's paid by the hour.

4 0
3 years ago
Read 2 more answers
Kanye Company is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacture of a new product. The m
nevsk [136]

Answer:

8%

Explanation:

The internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.

The IRR can be calculated using a financial calculator.

Cash flow in year zero = $-165,000

Cash flow each year from year one to seven = $31,692

IRR = 8%

To find the IRR using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.

I hope my answer helps you

6 0
3 years ago
Companies use Blank______ advertisements to tell people what a product is, what it can do, and where it can be found.
BARSIC [14]

Answer:pioneering

Explanation:

6 0
1 year ago
Other questions:
  • 01:42:59 Scott really enjoys working with money, including making it grow. He is also a natural leader and would enjoy working w
    11·2 answers
  • Kelly Corp. barters with Ace Corporation for goods that are similar in nature and value. The value of the goods was $1,000. The
    5·1 answer
  • an advertiser wants to increase the quality score of a low–performing keyword. which approach would you recommend
    14·1 answer
  • In building a marketing presence on F a c e b o o k, you find that you have to spend a lot of time copying content from your T w
    8·1 answer
  • If a loan is risky and extends for more than a year what will a lender ask for
    8·1 answer
  • Adieu Enterprises, based in Toronto, decides to expand into the South American market. To do so, it establishes a separate opera
    11·1 answer
  • If actual output exceeds potential output for a prolonged period of time, we would eventually expect factor prices to:
    5·1 answer
  • If a firm plans to issue new stock, flotation costs (investment bankers' fees) should not be ignored. There are two approaches t
    5·1 answer
  • International Data Systems' information on revenue and costs is relevant only up to a sales volume of 121,000 units. After 121,0
    9·1 answer
  • Calculate the balance of cash using a bank reconciliation (LO4-5) Spielberg Company's general ledger shows a checking account ba
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!