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maxonik [38]
3 years ago
13

The ledger of Mai Company includes the following accounts with normal balances: Common Stock, $9,000; Dividends, $800; Services

Revenue, $13,000; Wages Expense, $8,400; and Rent Expense, $1,600.
Prepare the necessary closing entries from the available information at December 31.
Business
1 answer:
Firdavs [7]3 years ago
5 0

Answer:

Explanation:

The closing entries is purposely to transfer account balances to permanents books of account , with all income statements banalces transferred to retained earnings.

Common stock - $9000

Dividends - $800

Service revenue - $13,000

Wages Expenses - $ $8,400

Rent Expenses -    $1,600

Closing Entries

Particulars                            Dr                        Cr

Income Summary           $10,000

Wages Expenses                                        $8,400

Rent Expenses                                            $1,600

Service Revenue              $13,000

Income Summary                                            $13,000

Income Summary             $3,000

(13000-10000)

Retained Earnings                                            $3,000

Retained Earnings             $800

Dividends                                                            $800

           

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A company's common stock is selling in the market at a "multiple of 15". If the market price of the common stock is currently $1
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Answer:

earnings per share = $0.67

Explanation:

the earnings per share = stock price / multiple value = $10 / 15 = $0.67

When you read that a stock is selling at a multiple of X, it means that the stock price is currently X times the current earnings per share. In this case, since the stock price is $10, to calculate the EPS you must divide 10 by the multiple value.

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The Hays company is a regional soda company in the Midwest. It started out making a handful of sodas like cola, diet-cola, orang
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Answer:

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Explanation:

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Benito's family is thinking of relocating from Los Angeles to Oakland to save money. They set up a budget comparing the cost of
padilas [110]

Answer:

Total monthly saving = $1,315

Explanation:

Given:

                         Oakland     Los Angeles  

Cost Housing       $565        $1200

Food                     $545        $655

Health Care          $245        $495

Taxes                    $450         $625

Other Necessities $350        $495

Find:

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Saving in house = $1200 - $565 = $635

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Total monthly saving = $635+$110+$250+$175+$145

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7 0
3 years ago
Read 2 more answers
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Answer:

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Acquisition costs comprise the commission paid, legal fees, cost of improving the assets and all necessary cost paid to get the assets running.

7 0
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