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kicyunya [14]
2 years ago
11

The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entri

es are posted, what will be the balance in the Retained earnings account?
a) Total revenues $ 125,000
b) Total expenses 60,000
c) Retained earnings 80,000
d) Dividends 15,000
Business
1 answer:
Mama L [17]2 years ago
7 0

Answer:

The balance of retained earning is $130,000.

Explanation:

At the year end an adjusted trail balance is prepared, in which all the temporary accounts are closed and their balances are transferred to the permanent accounts. The adjusted trial balance must verify that debit and credit sides total is equal.

All the revenue and Expenses accounts are closed in Income summary account from where the net balance is transferred to the retained earning account.

Ending Balance of retained earning = Opening balance + Revenue - Expenses - Dividend

Ending Balance of retained earning = $80,000 + $125,000 - $60,000 - $15,000

Ending Balance of retained earning = $130,000

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Which of the following is NOT correct about causal regression analysis of the form Y = f(X)? A. Selection of the appropriate cau
Law Incorporation [45]

Answer:

A. Selection of the appropriate causal variable Y is important

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We have this function, Y = f(X).

From this function we can see that Y is dependent on X. That is, it is a function of X. Y is not a causal variable. A causal variable is a variable that is able to influence the variable of interest. From this question Y is the variable of interest. It is the dependent variable. The independent variable is X and it is the causal variable.

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5 0
3 years ago
A food truck sells salads for $6.50 each and drinks for $2.00 each. The food truck's revenue from selling a total of 209 salads
Sergeu [11.5K]

Answer:

Number of salads sold in that day = 93

Explanation:

Using algebra we have,

Let salad = X

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Now Total units = 209

That means

X + Y = 209

Y = 209 - X

Also

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Putting above value of Y in this equation we have

6.5 X + 2(209 - X) = 836.50

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6 0
3 years ago
On December 1, Gilman Corporation borrowed $20,000 on a 90-day, 6% note. Prepare the entries to record the issuance of the note,
Afina-wow [57]

Answer:

Please see below the Journal entries required for the Gilman Corporation for the amount borrowed.

Explanation:

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Debit: Cash $20,000

          Credit: Notes Payable $20,000

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Date: December 31

Debit: Interest Expense<em> ($20,000 x 0.06 x 30/360)</em>  $100

           Credit: Interest Payable $100

To record Accrual Interest at the year end.

Date: March 1

Debit: Note Payable  $20,000

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To record Payment of the note.

6 0
3 years ago
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