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Setler [38]
3 years ago
13

Sunland Company has the following account balances: Sales Revenue $226,700, Sales Discounts $4,410, Cost of Goods Sold $129,600,

and Inventory $39,200. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
Kaylis [27]3 years ago
8 0

Answer and Explanation:

The Journal entry is shown below:-

1. Sales revenue Dr,  $226,700

        To Income revenue $226,700

(Being close accounts with credit income balances is recorded)

2. Income revenue Dr, $134,010

         To Sales discount $4,410

         To Cost of goods sold $129,600

(Being close accounts with debit expenses account is recorded)

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A mutual fund is offered with no up-front sales charge and no contingent deferred sales charge. It charges 50 basis points of 12
trapecia [35]

Answer:

The correct statement is C. This statement is misleading because a no-load fund cannot charge more than 25 basis points of 12b-1 fees

Explanation:

THIS STATEMENT IS MISLEADING BECAUSE A NO-LOAD FUND CANNOT CHARGE MORE THAN 25 BASIS POINTS OF 12B-1 FEES.

A mutual fund is not permitted to advertise itself as a "no-load" fund if it charges 12b-1 fees of more than .25% (25 basis points) annually. 12b-1 fees are charges against net asset value that pay for the cost of soliciting new investment to the fund, and they can be used to compensate salespersons that sell the fund's shares.

8 0
3 years ago
Pronghorn Company issues 8,900 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2020. The stock has a fair value
zysi [14]

Explanation:

The Journal entry is given below:-

A 1. On 1 January 2020  

    Unearned compensation Dr,                           $445,000  

             To Common stock (8,900 × $10)                          $89,000

             To Paid-in Capital in Excess of Par -common stock  $3,56,000

(Being the restricted stock is recorded)

2. On 31 December 2021

    Compensation expenses Dr, ($445,000 × 1÷5)    $89,000

                 To Unearned compensation                                           $89,000

(Being the restricted stock is recorded)

B On 25 July 2024

      Common stock                                                      $89,000

       Paid-in Capital in Excess of Par -common stock $356,000

                   To compensation expenses                                          $356,000

                   To  unearned compensation                                          $89,000

(Being the forfeiture is recorded)

7 0
3 years ago
True or False: Reducing trade restrictions, thereby increasing access to more economical foreign goods, would increase the prosp
Zolol [24]
The answer is true. because if the government allow trades to take place people would be able to exchange goods from countries to countries.
6 0
3 years ago
Holden, a buyer for a medium-sized company, is assessing the value of competing software products for use in his firm. Which wou
Alchen [17]

Answer:

Higher price than competitor with lower quality

Explanation:

Higher priced goods with lower or same quality than competitor is not a customer benefit because the customer can get it cheaper from the businesses competitor

3 0
3 years ago
List three examples of fossil fuels are
lorasvet [3.4K]

Answer:

i Will help

Explanation:

dinosaur ones

Turtle ones and

fish fossils

your welcome my buddy

5 0
2 years ago
Read 2 more answers
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