1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
alukav5142 [94]
3 years ago
14

The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban

shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances.
Unadjusted Adjusted
Accounts Payable $25,200 $25,200
Accounts Receivable 30,500 30,500
Accumulated Depr.—Equip. 34,000 45,000
Cash 26,000 26,000
Common Stock 40,000 40,000
Cost of Goods Sold 507,000 507,000
Dividends 10,000 10,000
Freight-Out 6,500 6,500
Equipment 146,000 146,000
Depreciation Expense 11,000
Insurance Expense 7,000
Interest Expense 6,400 6,400
Interest Revenue 8,000 8,000
Inventory $29,000 $29,000
Notes Payable 37,000 37,000
Prepaid Insurance 10,500 3,500
Property Tax Expense 2,500
Property Taxes Payable 2,500
Rent Expense 15,000 15,000
Retained Earnings 61,700 61,700
Salaries and Wages Expense 96,000 96,000
Sales Commissions Expense 6,500 11,000
Sales Commissions Payable 4,500
Sales Returns and Allowances 8,000 8,000
Sales Revenue 700,000 700,000
Utilities Expense 8,500 8,500
A. Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. Notes payable are due in 2018. (Check Figures: Net Income $29,100 Retained Earnings $80,800 Total Assets $190,000)

B. Journalize the adjusting entries that were made.

C. Journalize the closing entries that are necessary.

Business
1 answer:
Vladimir [108]3 years ago
6 0

Answer:

See explanation section.

Explanation:

See the images to the answer.

You might be interested in
Several buyers are competing for the last available home in a desirable new subdivision. One buyer calls the owner-developer dir
DENIUS [597]

this seems interesting i think

5 0
3 years ago
In order for information to be meaningful, a firm’s accounting processes and procedures should be certified as accurate by accep
kipiarov [429]
Here is the correct answer that would best complete the given statement above. In order for information to be meaningful, a firm’s accounting processes and procedures should be certified as accurate by acceptable accounting standards so companies hire BOOKKEEPER PRIVATE ACCOUNTANTS <span>to provide unbiased opinions about the accuracy of a firm’s financial statements. Hope this is the answer that you are looking for. </span>
7 0
3 years ago
People slip into _____ when the desire for harmony outweighs concerns over decision quality.
dimulka [17.4K]
This is called groupthink
8 0
3 years ago
At december 31, 2014 rice company had 300,000 shares of common stock and 10,000 shares of 8%, $100 par value cumulative preferre
vitfil [10]

The company has declared a 100% stock dividend on its common stock will not be considered while calculating the earnings per common shares should be.

Earnings per share = Net Income / Number of equity shares.

where Net Income = $1,520,000

Common equity shares = 300,000

Earnings per share = $1,520,000 / 300,000

Earnings per share = $5.07

Therefore, earnings per common share for year 2015 for Rice Corporation is $5.07

7 0
3 years ago
Your younger sister, Linda, will start college in five years. She has just informed your parents that she wants to go to Hampton
Elden [556K]

Answer:

The answer $6,964.4726324 per year  

Explanation: The following elements are to be considered in this case:

- The total amount required for Linda's education is $132,000 ($33,000*4)

-Parents had already started investing $5,300 per year for the past five years. This is a stream of even cash flows, at an interest rate. Considering we are at the point before our parents decided to invest the $5,300 and we want to determine the future value of this fixed payments, we will consider the formula below:

Future Value FV = Cash flow per period C * ([1 + i]^n - 1 )/i where  i is the interest rate and n the number of times or periods

FV= $5,300 * ([1 + 0.11]^5 - 1 )/0.11

FV= $5,300 * 6.22780141

FV= $33,007.347473

Considering they will continue to save $5,300 for five more years, we can adjust the above formula and obtain the future value of the fixed payment of $5,300 over a period of 10 years

FV= $5,300 * ([1 + 0.11]^10 - 1 )/0.11

FV= $5,300 * 16.722008965

FV= $88,626.647515

This implies our parents will have the above amount when Linda is to start college and will require an additional $43,373.35248 ($132,000 - $88,626.647515 ) to have the entire fees at hand.

Now, we have to determine how much should be saved every year for the next five years (when Linda starts school) in order to obtain the amount left to complete Linda's fees.

Considering the formula above, it should be noted that we alraedy know the future value, the interest and the number of years involved. So to get the cash flow or amount to be saved per period,

- Cash Flow per period C = Future value FV/  ([1 + i]^n - 1 )/i

 C = $43,373.35248 /  ([1 + 0.11]^5 - 1 )/0.11

 C = $43.373.35248 / 6.22780141

 C = $6,964.4726324

Thus, in addition to the $5,300 currently being saved by our parents, they will have to save an additional $6,964.4726324 per year so as to obtain the total amount for Linda fees of $132,000 which will be divided into $33,000 per year.

3 0
3 years ago
Read 2 more answers
Other questions:
  • Boise Timber Co. computes its break-even point strictly on the basis of cash expenditures related to fixed costs. Its total fixe
    9·1 answer
  • You own three​ stocks: 600 shares of Apple​ Computer, 10 comma 000 shares of Cisco​ Systems, and 5 comma 000 shares of​ Colgate-
    5·1 answer
  • How can starbucks ensure that it continues to meet customers expectations and needs?
    15·1 answer
  • ABC Corporation, has an issue of preferred stock outstanding that pays a $2.50 dividend every year in perpetuity. This stock iss
    9·1 answer
  • Mark, a project manager for a bottling company, has a $500,000 budget. As of today's date, $100,000 has been spent on the projec
    5·1 answer
  • Harriet is currently in pay grade 8, but she is hoping to get a promotion so she can move into
    12·1 answer
  • The prevailing budget philosophy prior to Keynes called for a balanced budget. Keynes argued that the government should not bala
    14·1 answer
  • · Hope's contribution to her RETIREMENT plan...
    14·1 answer
  • Suppose that a bank's actual reserves are $5 million, its checkable deposits are $5 million, and its excess reserves are $3 mill
    15·1 answer
  • The communication process begins with a(n) ______, the person who ______ a message.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!