Answer:
Explanation:
The closing entry of the income summary account is shown below:
Income summary A/c Dr $81,300
To Retained Earning A/c $81,300
((Being the difference is credited to retained earning))
The retained earning balance is calculated by taking a difference between:
= Annual revenues - Expenditure
= $185,000 - $103,700
= $81,300
The income summary should always be closed after closing of revenue and expenditure account.
Answer:
<u>Cost Of Goods Manufactured $ 133,000</u>
Explanation:
Peterson Company
Schedule for the cost of goods manufactured
For 2017
Direct Materials (opening Inventory) 21,000
Add Purchases 74,000
<u>Less Ending Inventory (23000)</u>
Materials available for Use 72,000
Add Direct Labor 22,000
Factory Overhead
Indirect Manufacturing Labor 17,000
Plant Insurance 7,000
Depreciation 11,000
<u>Repairs 3000 38,000</u>
132,000
Add Opening WIP 26,000
<u>Less Closing WIP 25,000</u>
<u>Cost Of Goods Manufactured $ 133,000</u>
Answer:
Personal
Explanation:
Personal related currencies refers to the currencies that deals with the insipitration and the morality, vision, strength. It basically shows the needs of the person nd the value that actually what person could do
Since in the question it is mentioned that the if the tasks are shared that rise the skills and ablities of the person than this would represent the personal related currencies and hence the same is to be considered
Answer:
The company's net income for 2015 is loss $62,000 ( -$62,000)
Explanation:
During 2015, Rainbow Umbrella Corp. had sales of $730,000
Total expense for 2015 = Cost of goods sold + Administrative and selling expenses + Depreciation expenses + Interest expense = $450,000 + $90,000 + $160,000 + $92,000 = $792,000
Sales - Total expense = $730,000 - $792,000 = -$62,000<0
The company recorded loss in 2015 the amount of $62,000 and didnot have to pay tax.
