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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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Michael Company reports the following account balances at the end of the first year of​ operations: Revenues $ 160 comma 000 Cos
professor190 [17]

Answer:

$46,000

Explanation:

The computation of the total liabilities at the end of the first​ year is shown below:

We know that

Total assets = Total liabilities + stockholder equity

where,

Total assets = Cash + land + short term investment

                    = $102,000 + $40,000 + $14,000

                    = $156,000

Stockholder equity = Common stock + net income - dividend paid

                                = $50,000 + 72,000 - $12,000

                                = $110,000

So, the total liabilities would be

= $156,000 - $110,000

= $46,000

Working Note:

The net income is

= Revenue - cost of goods sold - Salaries Expense -  Utilities Expense - Advertising Expense ​

= $160,000 - $46,000 - $21,000 - $11,000 - $10,000

= $72,000

3 0
3 years ago
Seven months ago, you purchased 580 shares of Mitchum Trading for $70.53 per share. The stock pays a quarterly dividend of $.39
Marina CMI [18]

Based on the number of shares you bought and the dividend per share, the total dividend income you received was $452.40.

<h3>How much dividend income was received?</h3>

The stock was held for 7 months and there are 2 quarters in a space of seven months so two dividends were received.

The amount received is:

= Number of share x Number of quarters x dividend per quarter

= 580 x 2 x 0.39

= $452.40

Find out more on dividends at brainly.com/question/25845157.

#SPJ1

3 0
2 years ago
Naumann Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Se
vova2212 [387]

Answer:

An  increase in net operating income of $127,200

Explanation:

Consider the variable effect of the changes.

Sales ($400 x 400)                                    $160,000

Less Variable expenses ( $82 x 400)      ($32,800)

Contribution                                               $127,200

therefore,

An  increase in net operating income of $127,200

4 0
3 years ago
All of the following are examples of market segments except a.sales territories. b.advertising. c.customers. d.products.
Ganezh [65]

Answer:

b.advertising

Explanation:

Market segment is a strategy that a organisation decides which market to appease.

Market Segments can be drawn from sales territories , groups of customers. and products but not advertising

6 0
3 years ago
A corporation had the following assets and liabilities at the beginning and end of this year.
ludmilkaskok [199]

Answer:

Net Income / Net Loss:

Scenario A    $35,888 (-58,000 + 22,112)

Scenario B    $37,088 (-58,000 + 22,112 + 1,500)

Scenario C      -$9,112 (-58,000 + 45,000 + 22,112)

Scenario D      $17,112 (-58,000 + 35,000 + 22,112 + 18,000)

Explanation:

a) Data and Calculations:

                 Beginning   Ending  

Assets       $57,000   $24,463

Liabilities    115,000      46,575

Equity        (58,000)   ($22,112)

Net Income / Net Loss:

Scenario A    $35,888 (-58,000 + 22,112)

Scenario B    $37,088 (-58,000 + 22,112 + 1,500)

Scenario C      -$9,112 (-58,000 + 45,000 + 22,112)

Scenario D      $17,112 (-58,000 + 35,000 + 22,112 + 18,000)

b) The net income is the difference between the beginning equity plus new investments and the ending equity and dividends.

5 0
3 years ago
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