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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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The rate of economic growth per capita in france from 1996 to 2000 was 1.9% per year, while in korea over the same period it was
bagirrra123 [75]

Answer:

36.83 years

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Explanation:

We can use the nper  formula in excel  to compute the doubling time for the capital real GDP of both countries

=nper(rate,pmt,-pv,fv)

FV is the future real GDP which $28,900*2=$57,800 for France while that of Korea is $25,400 ($12,700*2)

PV is the present real GDP

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France=nper(1.9%,0,-28900,57800)= 36.83  

Korea=nper(4.2%,0,-12700,25400)= 16.85  

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