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sergeinik [125]
2 years ago
6

Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journ

al Entries [LO 4-4, LO 4-5]
[The following information applies to the questions displayed below.]
The Sky Blue Corporation has the following adjusted trial balance at December 31.
Debit Credit
Cash $1,230
Accounts Receivable 2,000
Prepaid Insurance 2,300
Notes Receivable (long-term) 3,000
Equipment 12,000
Accumulated Depreciation $ 2,600
Accounts Payable 5,420
Salaries and Wages Payable 1,000
Income Taxes Payable 2,900
Deferred Revenue 600
Common Stock 2,400
Retained Earnings 1,000
Dividends 300
Sales Revenue 42,030
Rent Revenue 300
Salaries and Wages Expense 21,600
Depreciation Expense 1,300
Utilities Expense 4,220
Insurance Expense 1,400
Rent Expense 6,000
Income Tax Expense 2,900
Total $58,250 $ 58,250
M4-17
Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Ber [7]2 years ago
4 0

Answer and Explanation:

The Journal entry is shown below:-

1. Sales Revenue Dr, $42,030

   Rent Revenue $300

        To Salaries and Wages Expense $21,600

        To Depreciation Expense $1,300

       To Utilities Expense $4,220

       To Insurance Expense $1,400

        To Rent Expense $6,000

       To Income Tax Expense $2,900

       To Retained Earnings $4,910

(Being closing of revenues and expenses is recorded)

2. Retained Earnings Dr, $300

         To Dividends $300

(Being closing of dividend is recorded)

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You are bullish on Telecom stock. The current market price is $80 per share, and you have $10,000 of your own to invest. You bor
drek231 [11]

Answer:

return on equity = 10 %

Explanation:

given data

current market price = $80 per share

own  invest = $10,000

borrow  additional =  $10,000

interest rate = 8% per year

invest  in stock = $20,000

to find out

rate of return

solution

we know here total investment is 80 × 250 shares = $20,000

and

stock price rise 9 % that is

stock price = 80 × ( 1 + 9%)

stock price = $87.2

and after 1 year investment value will be = 250 × 87.2

after 1 year investment value = $21800

so

payment to broker will be

payment to broker = borrow fund + interest

payment to broker = $10000 × ( 1+ 8% )

payment to broker = $10800

so remaining after payment to broker is = $21800 - $10800  =  $11000

so

return on equity is here

return on equity = \frac{11000-10000}{10000}

return on equity = 10 %

5 0
3 years ago
Which countries were involved in the central powers alliance.
kirza4 [7]
Germany, Austria-Hungary, Ottoman Empire and Bulgaria.
7 0
3 years ago
An unmanned instrumented spacecraft designed for the acquisition of scientific data carried out in a space environment is called
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A space probe is an unmanned instrumented spacecraft that is designed to execute physical studies of space environment. It is rocketed into space with enough speed to achieve the velocity needed to obtain hyperbolic orbit and also to reach a trajectory that is aimed at a pre-selected target. 

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8 0
3 years ago
The Sisyphean Company's common stock is currently trading for $25.00 per share. The stock is expected to pay a $2.50 dividend at
nalin [4]

Answer:

4%

Explanation:

The Gordon constant growth dividend model =

Value = dividend / cost of capital - growth rate

Subsisting with the values given in the question gives :

25 = 2.5/0.14 - g

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25(0.14 -g) = 2.5

2. divide both sides by 25

0.14 - g = 0.10

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It is a very good idea if a nations make manufacturers responsible for reducing e-waste, companies must recover used and discarded electronic equipment that they sell to customers.

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