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3 years ago

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:

Business

1 answer:

kvv77 [185]3 years ago

6 0

Answer:

Cash Accounts receivable

debit credit debit credit

42,000 25,000

c. 140,000 a. 185,000

d. 120,000 c. 140,000

e. 31,400 70,000

30,600

Service revenue Accounts payable

debit credit debit credit

a. 185,000 8,400

185,000 b. 45,800

0 0 e. 31,400

22,800

Common stock Retained earnings

debit credit debit credit

24,000 34,600

24,000 f. 10,000

19,200

43,800

Operating expenses Salaries expenses

debit credit debit credit

b. 45,800 d. 120,000

45,800 120,000

0 0 0 0

in order to determine the balance of the retained earnings account at the end of the year, we must first close all the temporary accounts:

Dr Service revenue 185,000

Cr Income summary 185,000

Dr Income summary 165,800

Cr Operating expenses 45,800

Cr Salaries expense 120,000

Dr Income summary 19,200

Cr Retained earnings 19,200

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3 years ago

Calvin purchased a 40% partnership interest for $43,000 in February 2017. His share of partnership income in 2017 was $22,000, i

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Answer:

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Explanation:

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2 years ago

AK Inc. is paying 5% coupon rate for its bondholders over the next 8 years. Your required rate of return is 7 percent, how much

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