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Ivahew [28]
3 years ago
15

Closing Entries In the midst of closing procedures, Echo Corporation's accountant became ill and was hospitalized. You have volu

nteered to complete the closing of the books, and you find that all revenue and expense accounts have zero balances and that the Income Summary account has a single debit entry for $308,800 and a single credit entry for $347,400. The Dividends account has a debit balance of $18,000 and the Retained Earnings account has a credit balance of $117,000.
Business
1 answer:
Ilya [14]3 years ago
8 0

Answer:

(DR) Income Summary 38,600

(CR)        Retained Earnings      38,600

and

(DR) Retained Earnings 18,000

(CR)          Dividends                  18,000

Explanation:

Since the revenue and expense have zero balances, it means that the Echo corporation's accountant completed the closing entry for those account.

The remaining items to be closed is the Income Summary and Dividends account. Simply put those accounts on the opposite side of their balance.

Income summary has a credit balance of 38,600 (347,400-308,800)

So we have to debit Income Summary and the corresponding credit is Retained Earnings.

Next, dividends has a debit balance of $18,000 so just credit dividends and debit retained earnings to complete the closing procedures.

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kupik [55]
The high and low levels of activity are 90,000 miles in April and 50,000 miles in February. The costs at these two levels are $195,000 and $120,000, re-spectively. The difference in costs is $75,000 ($195000-120000), and the difference in miles is 40,000 (90000-50000). Therefore, variable cost per unit is $1.875computed as follows.
75000÷40000=1.875

Determine the fixed costs by subtracting the total variable costs at either the high or the low activity level from the total cost at that activity level
Variable cost=1.875×50,000=93,750

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5 0
3 years ago
In the employment history section of a résumé,
MA_775_DIABLO [31]

Answer:

In the employment history section of a résumé,

how the information should be organized is:

-list the most recent job first

Explanation:

The above list is the preferred method of listing jobs in the employment history section of a resume.  Following this are jobs performed preciously.  The essence is to present the most recent jobs so that a candidate's qualification can be assessed for employment using relevant information and the candidate's recent job experiences.  The job history section should list accomplishments which address the job requirements and not job descriptions.  This makes the resume to become effective as a tool for landing a new job.

5 0
4 years ago
At October 1, 2015, Padilla Industries had an accounts payable balance of $40,000. During the month, the company made purchases
Evgesh-ka [11]

Answer:

The amount of account payable on October 31, 2015 would be $25,000.

Explanation:

Given information -

Opening account payable balance on October 1 - $40,000

Purchase made in the month of October is - $33,000

Now by adding both the opening balance and purchase , we will get the total amount to be payable for the month of October,

$40,000 + $33,000

= $73,000

Now it is given that Padilla industries have made some payments on account - $48,000

Subtracting this amount paid from total account payable , we will get how much amount is left to be paid in October ( 31 )

$73,000 - $48,000

= $25,000

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3 years ago
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grandymaker [24]
True is the answer you are looking for
6 0
3 years ago
Due to the acquisition of the lands from the louisiana purchase, which industry, which industry began to succeed
Marina86 [1]
Farming industry in this region began to succeed.


5 0
3 years ago
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