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Ilia_Sergeevich [38]
3 years ago
15

The adjusted trial balance of Antoine Corporation at December 31 shows that sales revenue for the year was $ 520 comma 000 and o

ther revenue was $ 49 comma 000. Cost of goods sold for that same period was $ 280 comma 000​, while other expenses totaled $ 210 comma 000. The corporation declared and paid dividends of $ 18 comma 000 during the year. The balance of retained earnings before closing entries was $ 490 comma 000. Read the requirements LOADING.... 1. Prepare the closing entries for​ revenues, expenses, and dividends for the year. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.) Begin by recording the entry to close out the revenue accounts.
Business
1 answer:
LenaWriter [7]3 years ago
5 0

Answer:

Explanation:

The closing entries for the following accounts are shown below:

1. Sales Revenue A/c Dr $520,000

 Other revenue A/c Dr $49,000

                  To Income Summary A/c $569,000

(Being revenue account closed)

2. Income Summary A/c Dr $490,000

      To  Cost of goods sold $280,000

      To other expenses $210,000

(Being expenses accounts are closed)

3. Income summary A/c Dr $79,000 ($569,000 - $490,000)

                  To Retained earning $79,000

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $18,000

           To Dividend A/c $18,000

(Being dividend account is closed)

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After a major earthquake, the San Francisco Opera Company is offering zero coupon bonds to fund the needed structural repairs to
tekilochka [14]

Answer:

Buster Norton and the Bonds of San Francisco Opera Company

If Mr. Norton purchases three of these bonds today, in 10 years from today at maturity, he will receive:

= $6,000.

Explanation:

a) Data and Calculations:

Face value of each zero coupon bond purchased = $2,000

Number of bonds purchased by Norton = 3

Value of bond investments at maturity = $6,000 ($2,000 * 3)

Maturity period of the San Francisco Opera Company bonds = 10 years

Annual Yield to Maturity of similar bonds in the market = 12%

From an online financial calculator:

Present value of bonds = $1,932 (with each as $644 ($1,932/3))

N (# of periods)  10

I/Y (Interest per year)  12

PMT (Periodic Payment)  0

FV (Future Value)  -6000

 

Results

PV = $1,931.84

Total Interest $4,068.16

3 0
2 years ago
Twenty years ago, a family purchased a vacant lot for $26,500. they made no improvements during the time they owned the property
KonstantinChe [14]
To find the gross profit margin found by:
(revenue - cost of goods sold)/revenue

Revenue = $62,275
Cost of goods sold (purchase price) = $26,500

= (62,275 - 26,500)/62,275
= 35,775/62,275
= 0.57 x 100
Percentage of gross profit = 57%
3 0
3 years ago
Read 2 more answers
The Age Discrimination in Employment Act prohibits employment discrimination on the basis of age against individuals up to forty
stiks02 [169]

True, Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older.

  • It does not protect workers under the age of 40, although some states have laws that protect younger workers from age discrimination.
  • These legislation collectively changed the workplace by removing obstacles to opportunity and establishing a foundation of fairness and equality.
  • Congress acknowledged that age discrimination was mostly brought on by erroneous beliefs that ability was impaired by age when it passed the ADEA.
  • Direct and indirect age discrimination are two of the most prevalent forms of this practice.

What is the Age Discrimination Act of 1978?

  • Age-based discrimination against older workers in hiring, firing, layoffs, compensation, and other working conditions is illegal under the federal Age Discrimination in Employment Act (ADEA).
  • Most employees 40 and older who work for companies with 20 or more employees are covered by the statute.

Learn more about the Age Discrimination Act of 1978 brainly.com/question/15287392

#SPJ4

8 0
2 years ago
India has 3 GDP of 23,000 billion Indian rupees, and a population of 1.1 billion. Theexchange rate is 50 rupees per US. dollar.
vekshin1

Answer:

Indian rupee in US dollars = $418

Explanation:

given data

India GDP = 23,000 billion

exchange rate = 50 rupees per US

population = 1.1 billion

solution

we get here GDP per capita as

GDP per capita = India GDP ÷ population

GDP per capita  = \frac{23000}{1.1}  

GDP per capita  = 20909 rupees

so here we Convert Indian rupee in US dollars that is with exchange rate

Indian rupee in US dollars = GDP per capita  ÷ exchange rate

Indian rupee in US dollars = \frac{20909}{50}  

Indian rupee in US dollars = $418

7 0
3 years ago
Rapid prototyping could be an advantageous methodology for developing innovative computer-based instruction. Software engineers
ryzh [129]

Answer:

Yes Rapid prototyping can be an efficient way to do instructional design. Rapid prototyping is an instructional design approach which combines design, developmental and evaluation process. it is also a non-linear approach.

Explanation:

As a non linear approach, Rapid prototyping produces a sample working model that is a scaled-down representative version of the whole course. Rapid prototyping can be seen as an alternate approach to the traditional instructional design.

Instructional design is defined as the systematic approach to the development of instruction through the use of analysis, design, development, implementation and Evaluation. Designers can make use of Rapid prototyping or rapid instructional design when they face these factores; Time, budget and Environmental restraints.

Rapid prototyping is a very practical model for blended learning development, especially when only one person is involved. Rapid prototyping allows for learning as even the instructional designer is learning too.

8 0
3 years ago
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