Answer:
debit Sales $15,000; debit Purchases Returns and Allowances $200 and credit Income Summary for $15,200
Explanation:
Based on the information given the CLOSING ENTRY that RB Auto would make at the end of the accounting period to close their revenue accounts and income statement accounts with credit balances are:
Debit Sales $15,000
Debit Purchases Returns and Allowances $200 Credit Income Summary for $15,200
($15,000+$200)
(To close revenue accounts and income statement accounts)
Answer:
A. $27,200
Explanation:
The computation of the cash and cash equivalents reported is shown below:
= Cash in checking account + Petty cash + Commercial paper
= $20,000 + $200 + $7,000
= $27,200
We only added these three items which are shown above as they include cash related items
All other information which is given is not relevant. Hence, ignored it
Answer:
avulsion
Explanation:
Avulsion is a sudden and perceptible change in the land brought about by water. Avulsion may result in the addition or removal of land from a bank or shoreline.
Answer:
The company's plantwide overhead rate is 21.19%
Explanation:
given information:
indirect labor = $8,320,000
factory utilities = $155,500
machine hours = 400,000
to calculate the overhead rate, we can use the following formula
in this case.
the indirect cost = indirect labor + factory utilities
= $8,320,000 + $155,500
= $8,475,500
allocation measure = 400,000
thus,
= 21.19%
Answer:
Finland delivers a baby box to expectant mothers
