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soldier1979 [14.2K]
3 years ago
10

Below is a partial portion of Jolex’s adjusted trial balance. Cash 12,692 Accounts Payable 5,443 Retained Earnings 1,593 Sales R

evenue 13,108 Rent Revenue 2,756 Salaries and Wages Expense 6,639 Depreciation Expense 1,610 Utilities Expense 1,678 When preparing the closing entry, the credit to Retained Earnings in the closing entry will be
Business
1 answer:
Nataliya [291]3 years ago
7 0

Answer:

$ 5,937.00  

Explanation:

The credit to retained earnings in the year would be the net income for the year which is computed as sales and rent revenue added together minus salaries and wages expense,depreciation expense , utilities expense recorded in the year.

Net income=$13,108+$2,756-$6,639-$1,610-$1,678=$ 5,937.00  

All in all,the credit to retained earnings would be $ 5,937.00  

The net income is the amount by which the overall retained earnings would  increase in the current year

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As a result of a thorough physical inventory, Sheridan Company determined that it had inventory worth $320800 at December 31, 20
uranmaximum [27]

Answer:

Sheridan Company

The correct amount of inventory that Sheridan should report is:

= $367,100

Explanation:

a) Data and Calculations:

December 31 Inventory based on physical inventory =      $320,800

Goods held on consignment by Herschel =                            46,300

December 27, FOB destination goods ($22,000)                   0

Correct amount of inventory that Sheridan should report $367,100

b) Goods on consignment are generally the property of the consignor (supplier) and not the consignee's (retailer's).  Therefore, they must appear in the balance sheet of the consignor.  Goods on FOB destination remain the property of the supplier until they reach the buyer's destination.  This is why it is not included above.

6 0
2 years ago
A man has $34,000 to invest. He invests some of the money at 5% and the balance at 4%. His total annual interest income is $1545
notka56 [123]

Answer:

Amount invested @ 5% = $18,500

Amount invested @ 4% = $34,000 - $18,500 = $15,500

Explanation:

Provided we have the following details,

Total investment = $34,000

Let amount invested @ 5% = x

Then, amount invested at 4% = $34,000 - x

Thus, (x \times 0.05) + (($34,000 - x) \times 0.04) = $1,545

0.05x + $1,360 - 0.04x = $1,545

0.01x = $1,545 - $1,360 = $185

x = $185/0.01 = $18,500

Thus, amount invested @ 5% = $18,500

Amount invested @ 4% = $34,000 - $18,500 = $15,500

7 0
2 years ago
Explain how the external environment, organizational size, technology, and strategy are relevant when designing an organizationa
Gre4nikov [31]

Answer:

The organizational structure refers to the way in which a company's resources are organized, that is, it is the way in which the company is divided into departments, positions and tasks, and thus operates effectively towards its objectives and market goals.

Understanding the concept of organizational structure, we realize how necessary it is to understand the internal and external variables of an organization such as its macro environment, its size, technology and strategy before designing the organizational structure, as this will be decisive in making the business well positioned and competitive in the market, as the structure must be aligned with the organization's purposes, as an ideal structure brings several advantages to the business, such as:

  • improved productivity, improved internal and external communication, better time management, greater responsibility, greater job satisfaction, greater integration, greater control of resources, etc.
6 0
2 years ago
Your customer is implementing Oracle Procurement Cloud applications with multiple Requisition Business Units. Each Business Unit
Blizzard [7]

Answer:

E. Procurement Requester

Explanation:

  • Internal supplier registration may come from one of the following three streams:
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6 0
2 years ago
Retained earnings are?
Yakvenalex [24]

Answer:

Retained earnings is the amount of net income left over for the business after it has paid out dividends to its shareholders. The decision to retain the earnings or distribute them among the shareholders is usually left to the company management.

Explanation:

hope this helps you with your question

6 0
2 years ago
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