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m_a_m_a [10]
4 years ago
9

On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expe

nses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000. Required: Record the journal entries necessary to complete closing the accounts. What is the new balance of Madison Wells, Capital

Business
1 answer:
loris [4]4 years ago
8 0

Answer:

a) See the image attached for the sheet of closing entry

b) New balance = (174000-111000-12000) = 51000

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ABC Inc. has a dividend yield equal to 3 percent and is expected to grow at a 7 percent rate for the next seven years. What is A
denis-greek [22]

Answer:

option (A) 10 percent

Explanation:

Data provided in the question:

Dividend yield = 3 percent

Expected growth rate = 7 percent

Therefore,

The ABC's required return will be

= Dividend yield + Expected growth rate

or

The ABC's required return = 3% + 7%

or

The ABC's required return = 10%

Hence,

The ABC's required return is option (A) 10 percent

8 0
3 years ago
Current Attempt in Progress Restate the following income statement for a retailer in contribution format. Sales revenue ($100 pe
Komok [63]

Answer:

<u>Contribution Margin Income Statement for the year end MM DD, YY</u>

                                                                      $                $

Sales revenue ($100 per unit)                                    66,000

Less: Variable Cost

Less cost of goods sold ($56 per unit)   36,960

Commissions expense ($6 per unit)         3,960

Shipping expense ($3 per unit)               <u>  1,980  </u>

                                                                                   <u>  42,900 </u>

Contribution Margin                                                    23,100

Less: Fixed Cost

Salaries expense                                        7,900

Advertising expense                                <u>  5,800  </u>

                                                                                   <u>  13,700 </u>

Net Income                                                                 <u>  9,400</u>

5 0
4 years ago
A company pays its employees $3,850 each Friday, which amounts to $770 per day for the five-day workweek that begins on Monday.
liq [111]

Answer:

$3080

Explanation:

Calculation to determine what the amount of salaries earned but unpaid at the end of the accounting period is:

Salaries earned but unpaid at the end of the accounting period =3850-$770

Salaries earned but unpaid at the end of the accounting period =$3080

3 0
3 years ago
Brand __________ is the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the p
timama [110]

Answer:

Equity.

Explanation:

Brand equity is the added value that creates a positive impact about the brand name in the minds of a customer. The given definition of brand equity was proposed by Davis Aaker. We can understand brand equity as the image or reputation that any brand holds in the minds of a customer.

4 0
3 years ago
Which element in the article indicates that when the article refers to GDP, it is talking about inflation-adjusted GDP
Serjik [45]

Answer: inflation corrected or constant prices

Explanation:

Real gross domestic product is an inflation adjusted measure that reflects the value of all goods and services produced by a state economy in a year. It is often to as either constant dollar GDP, inflation corrected or constant prices

3 0
3 years ago
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