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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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A manager has a gut feeling that some members are contributing more to the organization than other members. The first step the m
balandron [24]

Answer: This certain manager should be able to reach out to other the employes to join more organizations. I think that if these other employees are contributing to more organization than others, Then they will  be more selected. The other employees that are not contributing will certainly be fired. Thanks this is my way of reasoning:)

4 0
3 years ago
Ortega Industries manufactures 19,900 components per year. The manufacturing cost of the components was determined to be as foll
professor190 [17]

Answer: Increased profit as opposed to making them internally.

Explanation:

Make or buy decisions are management decisions as to whether production components should be produced internally or outsourced.

Buy decision

Unit price= $34

Total unites= 19900

Total cost= $34*19900=$676,600

Make decision

$

Direct materials 178,000

Direct Labor. 380,000

Variable overhead. 104,000

Relevant fixed overhead 260,000

Total $922,000

Unit price for make=922000/19900

Unit price=$46.33

Since buying outside is more cheaper than producing internally, it will be more profitable to outsource(buy).

6 0
3 years ago
Today, you have two coins each of which is valued at $100. One coin is expected to appreciate by 5.2 percent annually while the
ziro4ka [17]

Answer:

=$337.43

Explanation:

The value of each of the coins after 50 years is the future value after 50 years at their respective interest rate.

The formula for  future value is FV = PV × (1+r)n

For the first coin at 5.2 percent,

Fv = 100 x ( 1 + 5.2/100 ) 50

Fv =100 x (1+ 0.052) 50

Fv = 100 x 12. 61208795

Fv = $1,261. 21

For the second coin at 5.7 percent,

Fv = 100 x (1 + 5.7 /100)50

Fv =100 x (1 + 0.057 )50

Fv = 100 x 15.98

Fv = 1, 598. 64

the difference in value will be

=$1598.64 - $1,261.21

=$337.43

6 0
4 years ago
On December 31, Strike Company sold one of its batting cages for $20,000. The equipment had an initial cost of $310,000 and had
KonstantinChe [14]

Answer:

d.loss of $30,000

Explanation:

The initial cost of the cage: $310,000.00

Selling price: $ 20,000.00

Depreciation recorded: $260,000.00

calculating book value: (initial cost-Depreciation)

=$310,000-$260,000

Book value =$50,000.00

Profit or loss=selling price- book value.

=$20,000.00- $50,000.00

=($30,000.00)

loss of $ 30,000.00

8 0
3 years ago
Matt Simpson owns and operates Quality Craft Rentals, which offers canoe rentals and shuttle service on the Nantahala River. Cus
Vlad1618 [11]

The price that Quality Craft Rentals should charge per rental is $35.57.

Data and Calculations:

                               Fixed Costs    Variable Costs              Total Annual Costs

Canoe maintenance  $ 3,100       $61,200 ($9 x 6,800)             $64,300

Licenses and permits 3,800                  0                                        3,800

Vehicle leases            6,200                  0                                        6,200

Station lease               7,720                  0                                         7,720

Advertising                 6,800       $47,600 ($7 x 6,800)               54,400

Operating costs       21,800        $47,600 ($7 x 6,800)              69,400

Annual depreciation  ($27,000/10)                                                2,700

Total annual costs                                                                   $208,520

Before-tax return on assets                                                         33,363

Total costs + returns                                                               $241,883

Total rentals per year                                                                   6,800

Price to charge per rental                        ($241,883/6,800)  $35.57

Thus, the price per rental of $35.57 would ensure that Quality Craft Rentals makes an annual 16% <em>before-tax return on assets</em> using life-cycle costs.

Learn more: brainly.com/question/13959507

7 0
2 years ago
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