1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Hitman42 [59]
3 years ago
5

Closing entries:

Business
2 answers:
Elden [556K]3 years ago
7 0

Answer:

The correct option is D

Explanation:

Closing entries must be jouralized and posted because if they are not posted the company's balance sheet will not balance since the retained earnings account will not be updated.

These are usually the last entries posted on the accounting system prior to a financial statement

Nikolay [14]3 years ago
3 0

Answer:

Must be journalized and posted.

Explanation:

Closing entries are journal entries that is made at the end of an accounting period. It involves the transfer of balances of a temporary account to a permanent account.

Organisations employ the use of closing entries to reset the balances of temporary accounts to zero.

Closing entries are carried out to bring back the revenue, expense, and drawing temporary account balances to zero in preparation for a fresh accounting period.

You might be interested in
Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2016. Accounts receivable $41,08
Akimi4 [234]

Answer:

Explanation:

In the classified balance sheet, we summarize the asset and liabilities into various types

Like assets are divided into fixed assets, current assets, and intangible assets.

Likewise, liabilities are also divided into current liabilities, long term liabilities

In every balance sheet, the accounting equation has used that means

Total assets = Total liabilities + Shareholder equity

The preparation of the classified balance sheet for Alpha Co. is presented in the spreadsheet. Kindly find the attachment below:

5 0
3 years ago
Suppose that a project has a depreciable investment of $600,000 and falls under the following accelerated depreciation schedule
Alex

Solution :

Depreciation rates   16.67%      16.67%    16.67%     16.67%      16.67%      16.67%

(books)

Depreciation        $100000  $100000 $100000  $100000  $100000  $100000

(books)

Depreciation        $35000    $35000    $35000   $35000   $35000  $35000

tax shield (books)

Depreciation rate   20%            32%         19.20%      11.50%      11.50%     5.80%

(tax)

Depreciation       $120000  $192000   $115200  $69000  $69000  $34800

(tax)

Depreciation     $42000   $67200      $40320    $24150     $24150   $12180

tax shield (tax)

6 0
3 years ago
HELP ME PLZ 16 pts, and i’ll give brainliest
Misha Larkins [42]
1) freight
2)consignee
3) contract carrier
4) contairer
7 0
3 years ago
Yam is a gourmet chef who runs a small catering business in a competitive industry. Yam specializes in making wedding cakes. Yam
mr_godi [17]

Answer:

She should continue producing 20 wedding cakes a month.

Explanation:

From the information in the question

Revenue per unit= Total revenue/Units produced

Revenue per unit= 5000/20= $250

We were given the marginal cost as $200

So our revenue per month ($250) is higher than marginal cost ($200)

Yam is making a profit of $50, so she should continue producing 20 cakes per month

4 0
3 years ago
1. National Computers, Inc., was incorporated in Nebraska, has its main office in Kansas, and does business in Missouri. Nationa
Gwar [14]

<u>National Computers, Inc., was incorporated in Nebraska, has its main office in Kansas, and does business in Missouri. National is subject to the jurisdiction of </u>( a)Nebraska, Kansas, and Missouri

Explanation:

<u>There are certain Jurisdiction Based on Real Property Ownership  which are limited and are termed as "in rem" jurisdiction</u>

A state( Kansas ,Missouri) has limited jurisdiction (which lawyers term as  "in rem" jurisdiction) over a non-resident person or business that owns real property in the state. The Jurisdiction  is limited in two ways:

  • Jurisdiction is applicable only to the fair market value of the real property. This means that if you sue a non-citizen who owns an business  worth $800,000, then in this case  ,your judgment can be worth is $800,000.
  • Also if , the claim  is  related to the property. For example, if you met an accident on the property of a non-resident owner of an business house, you could get jurisdiction over the owner. But you could probably not get jurisdiction over the non-resident owner if the lawsuit grows out of an entirely separate problem that has nothing to do with the apartment house.
4 0
3 years ago
Other questions:
  • Which account is used with a periodic inventory system?
    9·1 answer
  • You wish to cite lucent information management, incorporated versus lucent technologies, incorporated. this is a 1997 federal ca
    15·1 answer
  • If a department that uses process costing starts the reporting period with 100,000 physical units that were 20% complete with re
    7·1 answer
  • The following logo is present on the letterhead of an organization. Which category of communication does this involve?
    9·2 answers
  • Describe an example of a company that manufactures a product.
    14·1 answer
  • Great Cruiseline offers nightly dinner cruises departing from several cities on the eastern coast of the United States including
    13·1 answer
  • Given the following data: Average operating assets $ 1,372,000 Total liabilities $ 144,060 Sales $ 1,029,000 Contribution margin
    14·1 answer
  • During its first month of operations, Labrador Corporation provided $10,000 of services to it customers. Its costs included rent
    9·1 answer
  • Gross Domestic Product is a ________measurement of standard of living because ________.
    13·1 answer
  • Scenario: Hannah has started a handmade candle business as a side hustle to help her to build an income, she currently has the t
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!