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
iren2701 [21]
3 years ago
5

The ledger of Rios Company contains the following balances after adjustments: Retained Earnings $30,000; Dividends $2,000; Servi

ce Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare the closing entries at December 31.
Business
1 answer:
ch4aika [34]3 years ago
7 0

Answer:

Service Revenue 50,000 debit

    Income summary  50,000 credit

--to close revenues accounts--

Income summary        34,000 debit

  Salaries and Wages Expense 27,000 credit

  Supplies Expense                      7,000 credit

--to close expenses accounts--

Income summary        2,000 debit

  Dividends                          2,000 credit

--to close dividends account--

Income summary       14,000 debit

  Retained Earnings          14,000 credit

Explanation:

To close the temporary accounts which are, revenues, expenses and dividends we will use an auxiliary account called Income Summary

Then, once all are closed we transfer their balance into retained earnings:

  Income summary

DEBIT           CREDIT

                    50,000

34,000

<u>  2,000                          </u>

       Balance 14,000

You might be interested in
Aromatic wines are known as ________, which generally are consumed before meals as a digestive stimulant.
IgorC [24]
Aromatic wines are known as Aperitif, which generally are consumed before meals as a digestive stimulant. Although this is about wine, there are other drinks typically alcoholic that are considered Aperitif's. These drinks are mild in taste and help clear and cleanse your pallet before a meal. 
8 0
3 years ago
In the context of a production process such as a manufacturing plant, what is the technique used to identify all of the value-ad
andre [41]

Answer: Value stream mapping

Explanation:

Value stream map is a visual representation of the steps that were taken in a process from the start of the process till the moment it gets to the customer.

The technique is used in the identificstion of all of the value-adding as well as non-value-adding processes that materials are subjected to within a plant, from raw material coming into the plant through delivery to the customer.

6 0
3 years ago
20 POINTS !!!!! Based on your budget, which transportation option is the best financial decision for you? Explain your answer in
patriot [66]
Engenuity said to have

1. Option A is not the best choice, because the monthly payments will be too high.

2. Option B is not a good choice, because it requires too high of an up-front cost, and the mileage restriction might be a problem.

3. Option C is the best choice for my budget, and it will allow me to own a car outright once the loan is repaid.
5 0
3 years ago
Read 2 more answers
If a congressional leader passes a bill favorable to a particular pharmaceutical firm, then resigns to take a consultant positio
umka21 [38]

The answer to this question is that it is an example of regulatory capture.

<span>Regulatory capture is a situation where in the interest of the business or firm is being prioritized by the firm in order for them to advance and succeed. There are two types of regulatory capture; a materialistic capture and non-materialistic capture.</span>

5 0
3 years ago
Boney Corporation processes sugar beets that it purchases from farmers. Sugar beets are processed in batches. A batch of sugar b
STatiana [176]

Answer:

$25 per batch

Explanation:

Combined final sales value:

= Sales value of refined sugar + Sales value of industrial fiber

= $65 + $65

= $130

Financial advantage:

= Combined final sales value - Further Processing - sugar beets costs - Cost to Crush

= $130 - ($17 + $21) - $54 - $13

= $130 - $38 - $54 - $13

= $25 per batch

Therefore, the financial advantage (disadvantage) for the company from processing one batch of sugar beets into the end products industrial fiber and refined sugar is $25.

8 0
3 years ago
Other questions:
  • Tyler owns a property within the city limits of a town that is on the mississippi river. who owns the land under this navigable
    11·1 answer
  • John purchases a blender from juicemart. a crack in the plastic casing causes the blade to swing out of control and fly at john'
    10·1 answer
  • Cheyenne is the manager of a local small hotel. just today cheyenne received word that a major convention will be coming to town
    13·1 answer
  • At June 30, Almond Co.'s cash balance was $10,012 before adjustments, while its ending bank statement balance was $10,772. Check
    12·1 answer
  • Economies of scale arise when a. an economy is self-sufficient in production. b. individuals in a society are self-sufficient. c
    10·1 answer
  • Suppose you want to invest $10,000. You have two options: (1) Invest in California municipal bonds with an expected rate of retu
    12·1 answer
  • Related to the Economics in Practice on page​ 77: If a hurricane results in the supply of hotel rooms decreasing and the demand
    12·1 answer
  • Caribou Gold Mining Corporation is expected to pay a dividend of $6 in the upcoming year. Dividends are expected to decline at t
    8·1 answer
  • In November 2019, Yammy Fun Inc. purchased advertising for $1,000 that ran in the local November news paper. All purchases and s
    12·1 answer
  • Sub to to thunderoflight PLSSSSSSSSSSSSSSSSSSSSSS I NEED IT TO GROW MY CHANNEL I WILL GIVE BRAINLIST PLSSSSSSSSSSSSs
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!