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Hitman42 [59]
4 years ago
7

What are the 4 steps of the closing process for a merchandising company?

Business
1 answer:
grin007 [14]4 years ago
4 0
The four steps of the closing process for merchandising company are:
1) Close revenue account to income summary
2) Close expense account to income summary
3) Close income summary to retained earnings
4) Close dividends to retained earnings

These steps are important to making sure the businesses finances are accurately recorded.
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Why do you think states have licensing requirements for certain occupations?
kupik [55]

Answer: to prevent improper use or causing an issue with the thing they have to get a license for

8 0
3 years ago
Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyo
UNO [17]

Answer:

cyclical unemployment.

Explanation:

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called cyclical unemployment.

3 0
2 years ago
Suppose that your bank pays you 15% annual interest that is compounded quarterly. What is the effective annual interest rate (ro
Nady [450]

The effective annual rate will be 15.87%.

Suppose that your bank pays you 15% annual interest that is compounded quarterly. What is the effective annual interest rate?

Annual Interest Rate= 〖(1+ r/n)〗^n -1

where:

r=Nominal interest rate

n=Number of periods

=〖(1+0.15/4)〗^4 – 1

= 1.15865 - 1

=0.15865

I = 0.15865 x 100

 = 15.865 %

 = 15.87%

What is meant by annual interest rate?

The interest rate that is applied throughout a year is referred to as the annual interest rate. Interest rates may be imposed monthly, quarterly, or biannually, among other time frames. However, interest rates are typically annualized.

Which is the definition of an effective annual rate?

The actual return on a deposit after accounting for the number of times interest is paid over the course of a year is known as the effective annual rate. Comparing deposits using the cumulative power of generating interest on interest serves as a benchmark.

Learn more about effective annual rate: brainly.com/question/17088238

#SPJ4

5 0
2 years ago
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that fa
melomori [17]

Answer:

b. credit to factory overhead for $432,000.

Explanation:

Before recording the factory overhead costs  we need to do the calculations which are shown below:

For computing the ended overhead amount, first, we have to compute the predetermined overhead rate. The formula is shown below:

Predetermined overhead rate = (Total estimated factory overhead) ÷ (estimated direct labor-hours)

= $360,000 ÷ 30,000 hours

= $12

Now we have to find the actual overhead which equal to

= Actual direct labor-hours × predetermined overhead rate

= 36,000 hours × $12

= $432,000

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $377,200- $432,000

= $54,800 under-applied

5 0
3 years ago
With respect to the key dimensions of service quality, promptly crediting returned merchandise and rapidly replacing defective p
emmainna [20.7K]

Answer:

responsiveness

Explanation:

With respect to the key dimensions of service quality, promptly crediting returned merchandise and rapidly replacing defective products is an example of<u> responsiveness</u>

7 0
3 years ago
Read 2 more answers
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