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3 years ago

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.

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If all you knew about a production system was that total daily output was 400 units and the total labor necessary to produce the

Serjik [45]

Answer:

partial measure

Explanation:

Based on the information provided it can be said that the kind of productivity measure that can be used would be a partial measure. Partial Productivity measure relates output to a single input unit. For example, capital productivity deals with output per unit of capital while energy productivity relates output per joule of energy used. In this scenario, we would need labor productivity which is output per hour worked.

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Don wanted to incorporate his business and liked the attributes of an S-corporation, however, he did not feel the eligibility re

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2 years ago

What are the two deadly sins of human relations

zalisa [80]

Answer:

Dishonesty and When you help someone of casting out demons you don't have to get your money because God do not like that.

Explanation:

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3 years ago

Which statement is not true about the minimum wage?

hammer [34]

Answer:

Owners are not required to pay it to foreign workers.

Explanation:

The minimum wage policy should offer protection to all employees. The policy should not discriminate against any group of workers, such as the youth, women, or immigrants. The wage policy applies in all types of contractual agreements. The policy seeks to protect the most vulnerable category of workers.

Only a few groups are excluded from the policy and with reasons. They include workers in the informal economy and domestic workers.

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3 years ago

Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product cost

Inessa05 [86]

Answer and Explanation:

The Preparation of cash budget for each of the months of July, August, and September is shown below:-

Cash budget

For the month of July, August and September

July August September

Beginning cash balance $15,000 $15,000 $25,505

Cash receipts from

customer (Working note) $57,800 $67,200 $73,600

Total cash available $72,800 $82,200 $99,105

Less:

Cash disbursements

Direct Materials $16,160 $13,440 $13,760

Sales commission $6,400 $8,000 $4,800

(10% of sales)

Office salaries $4,000 $4,000 $4,000

Rent $6,500 $6,500 $6,500

Direct Labor $4,040 $3,360 $3,440

Overhead Cost $20,200 $16,800 $17,200

Interest on bank loan

For July (5,000 × 1%) $50

For August $46

($5,000 - $4,550) × 1%))

For September $0

Preliminary Cash

balance $15,450 $30,055 $49,405

Repayment of loan to

Bank $450 $4,550

($5,000 - $450)

Ending cash balance $15,000 $25,505 $49,405

Working Note

The ending balance of the particular month should be treated as a opening balance of next month

August ending balance will be forwarded in Sept as a opening balance.

Working Note

July August September

Sales $64,000 $80,000 $48,000

Less:

Ending accounts

receivable

(80% of sales) $51,200 $64,000 $38,400

Cash sales $12,800 $16,000 $9,600

Last month cash

collection $45,000 $51,200 $64,000

Cash receipts from

customer $57,800 $67,200 $73,600

Therefore we added the cash receipts as it increase the cash balance and deduct all cash payment as it decrease the cash balance

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3 years ago