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siniylev [52]
3 years ago
15

The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit:

Business
1 answer:
Dmitry [639]3 years ago
4 0

Answer:

Dr Owner capital account $275

Cr Drawings Account              $275

Explanation:

The initial entry was:

Dr Drawings $275

Cr Inventory               $275

And the closing entry is to close the drawing account which is done by crediting the whole balance left in the drawing account and charging it to owner capital account. By doing so the drawing shows lowers the profit as the owner has not paid any cash and the drawing account closes at zero balance at the end of the year.

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S'Round Sound, Inc. reported the following results from the sale of 24,000 units of IT-54:
Alisiya [41]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Total Variable manufacturing costs 288,000

Unitary variable costs= 288,000/24,000= $12

Rhythm Company has offered to purchase 3,000 IT-54s at $16 each. No variable selling costs will be incurred.

Because it is a special offer and there is available capacity, we will not have into account the fixed costs.

Effect on income= 3,000*(16-12)= $12,000 increase

3 0
3 years ago
Omega Inc. expects its net income to be $525,000 this year. The firm's dividend payout ratio is 60 percent. The firm is financed
REY [17]

Answer: $700,000

Explanation: Retained earnings is the amount of earnings left with the company after paying for dividends of common stockholders.

Retained earnings break even can be computed as follows :-

Break\:even=\frac{retained\:earnings}{equity\:ratio}

where,

retained earnings = net income (1- payout ratio)

                              = $525,000 (1 - 60%)

                              =  $210,000

therefore,

Break\:even=\frac{210,000}{0.3}

=$700,000

3 0
3 years ago
A bond with a face value of $1,000 that sells for $1,000 in the market is called a _____ bond.
sleet_krkn [62]
Have any answers to the question
6 0
3 years ago
Read 2 more answers
Which industry takes materials and transforms them into new tangible, physical products? A. Wholesaling B. Manufacturing C. Extr
Margaret [11]
Hello,

The answer is option A "<span>Manufacturing".

Reason:

Manufacturing is the process of taking old products and transforming them into better working items its kinda like a upgrade of the product.

Ex: A video game console into a better game console.....

The answer is not option A because wholesaling is the process that businesses use for commercials, bigger industries, any accessories to add on to their businesses in order to make them run better and to sell more of the product in order to make more money. Its not option C because a extractive industry is a industry that basically uses natural resources and extracts them. Its also not option D because a service could be anything not involving businesses, involving social businesses, etc... Therefore the answer is option B!

If you need anymore help feel free to ask me!

Hope this helps!

~Nonportrit </span>
6 0
3 years ago
Read 2 more answers
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morpeh [17]
A parameter or the <span>the procedure header. I think that is what you are looking for.</span>
7 0
3 years ago
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