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alisha [4.7K]
3 years ago
7

After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000

and a credit of $3,000,000.Journalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles. How does grading work?
Business
1 answer:
murzikaleks [220]3 years ago
7 0

Answer:

income summary   550  debit

     retained earnings      550 credit

--to close income sumary against RE--

Explanation:

To complete the closing entries we should determinate the balance of the Income Summary account and then, transfer into Retained Earnings.

 Income Summary

<u>   Debit        Credit   </u>

2,450

<u>                    3,000    </u>

Balance          550

We will debit income summary so his blanace ends in zero and credit retained earnings so net income is accumualted and added into equity to represent it in the balance sheet.

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During a presidential campaign, the incumbent argues that he should be reelected because nominal GDP grew by 12 percent during h
bearhunter [10]

Answer:

Grew by 2%

Explanation:

Given: nominal GDP =12% positive value cause it grew by 12% during these years.

              Population grew by 4%

              GDP deflator = 6% positive value cause it also grew by 6%

Question says we must find real GDP per person for the 4 year term that the president has served for so we will use the formula to calculate GDP Deflator to actually solve for Real GDP as we know the formula is GDP Deflator= (nominal GDP per person%)/(Real GDP per person%)x100

So we already have the nominal GDP and the GDP deflator therefore we substitute to the above formula:

6% = (12%)/ (Real GDP per person percentage) x100, and now we solve for Real GDP per person%

Therefore we multiply both sides with Real GDP percentage and get:

Real GDP per person %( 6%) = 12% and then we divide both sides with 6%,

Therefore Real GDP is 2% so we also see that real GDP has actual grown by 2% because the GDP deflator grew instead of decreasing where nominal GDP is also positive so if we have a fraction where an answer is positive we know both fraction values must be positive pus if the GDP deflator increases both nominal and Real GDP increase and that’s the relationship they have.

4 0
3 years ago
The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% co
irinina [24]

Answer:

Equivalent units

Materials    = 12,700 units

Conversion cost =  11,940 units

Explanation:

<em>Equivalent Units E.U) are notional whole units which represent incomplete work and are used to apportion costs between between work in progress and completed work.</em>

<em>Equivalent Units = Degree of completion (%) × units</em>

<em>We will use the weighted average method</em>

<em>Weighted average method</em>

<em>The weighted average method of valuation of work in progress does not separate opening work-in progress from the newly introduced.</em>

<em>Using the weighted average method</em>

<em />

<em>Equivalent unit for material cost</em>

Since direct materials are added at the the beginning of the production process the equivalent unit of direct material

EU = (100% × 10,800) + (100% ×1900) = 12700

<em>Note that 100% represent the degree of completion.</em>

<em />

Equivalent unit for conversion cost

<em>Item                                                   Equivalent unit</em>

Transferred out         100%× 10,800 = 10,800

Closing inventory     60%  ×1900 =     <u>  1140</u>

Total equivalent unit =                         <u>11,940</u>

5 0
3 years ago
Whenever bhavin left his homework at school, he lost his computer privileges for two days. bhavin forgets his homework much less
Vlad [161]
Disciple
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4 0
3 years ago
NewDigger Inc. makes backhoes for digging ditches and trenches. It has developed an environmental-friendly liquid that, when pou
podryga [215]

Answer:

B) Breakthrough project

Explanation:

The development of a liquid that when poured on the ground reduces the time it takes for the backhoe to dig a ditch is an enormous advancement for the business line, and could start a new series of similar products with the aim of reducing even more the time require. Therefore, it has the necessary characteristics to qualify as a breakthrough project.

3 0
3 years ago
You have four items on your menu: a veggie sub for $7, a ham sub for $9, a turkey sub for $10, and a steak sub for $13. What is
brilliants [131]

Answer:

$9.5

Explanation:

The median is the middle number in a data. The data has to be arranged in either ascending or descending order.

In the case, our data price, which is $7, $9, $10, and $13. The data is already arranged in ascending order.

7,9,10,13

The median will be the mean of 2nd and 3rd digit

=(9+10)2

=$9.5

The median price is $9.5

5 0
3 years ago
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