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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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Elly owns a small coffee shop. She has only one employee. One weekend, she decided to take a break from work. She is wondering w
yanalaym [24]

Answer: (B) Backward induction

Explanation:

 The backward induction is basically used for making the decisions and it is the process of solving the various types of problems by determining the action properly.

In any type of situation, the backward induction basically used the optimal strategy type for making some effective result of the given situation.

According to the given scenario, Elly should use the backward induction process for making the decisions more effectively regarding her shop.

Therefore, Option (B) is correct.

4 0
3 years ago
Manufacturing overhead was estimated to be $562,800 for the year along with 20,100 direct labor hours. Actual manufacturing over
Lemur [1.5K]

Answer:

$604,800

Explanation:

Applied manufacturing overhead is the manufacturing overhead that has been applied to production in a period.

it is calculated with the formula "budgeted overhead rate * actual labor hr"

Budgeted manufacturing overhead = $562,800

Budgeted Direct labor hours = 20,100

Budgeted Overhead rate = 562800/20100 =$28/hr

Actual manufacturing overhead = $543,705

Actual direct labor hours = 21600

Amount of manufacturing overhead applied = predetermined overhead rate * actual hr =28*21600

=$604,800

7 0
3 years ago
Pastore Inc. granted options for 1 million shares of its $1 par common stock at the beginning of the current year. The exercise
harina [27]

Answer:

$5,500,000

Explanation:

Total fair value of the options = Number of shares in the option × Estimated fair value per option = 1,000,000 × $5.50 = $5,500,000

Therefore, the total compensation indicated by these options would be $5,500,000.

5 0
2 years ago
The following information was taken from the 2021 financial statements of Waterway Industries: Bonds payable, January 1, 2021 $
zalisa [80]

Answer:

the amount reported as proceeds from bond issuance is $4,509,000

Explanation:

The computation of the amount reported as proceeds from bond issuance is as follows

Total Bond Issued during 2021

= Bonds payable, December 31, 2021 - Bonds payable, January 1, 2021 + Bond Payable retired

= $4,830,000 - $809,000 + $807,000

= $4,828,000

Now

Bond issued for cash is

= Total bond issued - Bonds issued in exchange for Equipment

= $4,828,000 - $319,000

= $4,509,000

Hence, the amount reported as proceeds from bond issuance is $4,509,000

4 0
2 years ago
Which of the following most accurately describes one of the powers of stockholders? A. Stockholders manage the daily business of
Tems11 [23]

Answer:

C. Stockholders are given discounts on the company's products.

Explanation:

The powers of stockholders are to be given discounts on the company's products.

7 0
3 years ago
Read 2 more answers
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