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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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Tasya [4]

Answer:

the beta of the second stock is 1.77

Explanation:

The beta of the second stock is shown below;

Investment in each = (1 ÷ 3)

Now as we know that

Portfolio beta = Respective investments × Respective weights

1 = (1 ÷ 3 × 1.23) + (1 ÷ 3 × beta of the second stock) + (1 ÷ 3 × 0)

We assume the Beta of risk-free assets would be zero

1 = 0.41 + (1 ÷ 3 × beta of the second stock)

The beta of the second stock is

= (1 - 0.41) × 3

= 1.77

Hence, the beta of the second stock is 1.77

8 0
3 years ago
What was A contract between the government and a private producer.
Taya2010 [7]

Answer:

government contract

Explanation:

6 0
3 years ago
Determine the maturity date and compute interest for each note. (Use 360 days a year. Do not round intermediate calculations.) N
Margaret [11]

Answer:

Note   Contract Date   Principal   Interest Rate   Period of Note (Term)

1              March 7            $12,000           5 %                    60 days

2.             May 21             $18,000           7%                      90 days

3.            October 26      $ 14,000           4%                     45 days

1. Maturity date = 6 May

Interest expenses = $12,000*5%*60/360

Interest expenses = $100

2. Maturity date = 19 August

Interest expenses = $18,000*7%*90/360

Interest expenses = $315

3. Maturity date = 10 December

Interest expenses = $14,000*4%*45/360

Interest expenses = $70

7 0
2 years ago
During 2020, LAL Corp. had the following cash flows: (1) received cash of $5,000 billed to a customer in 2020; (2) earned $20,00
Juliette [100K]

Answer: $21,000

Explanation:

Financing activities refer to those that a company engages in, in relation to capital needed to run the affairs of the business which means it included Equity and Debt.

Financing Activities: Interest paid, dividends paid, money borrowed from bank, stock repurchase

Net cash flows from financing = Money borrowed from bank - Interest paid - dividends paid - Stock repurchase

= 50,000 - 6,000 - 8,000 - 15,000

= $21,000

4 0
3 years ago
Why is Apple’s industry so competitive and how could this affect the ethical risks in Apple’s operations?
maw [93]

Answer:

Apple industry is the consumer goods technological sector.

Explanation:

This sector is very competitive because it tends to be very profitable, which means that it attracts a large number of skilled entrepreneurs and wokers who create high quality products that customers demand. This is specially true of the mobile phone sub-sector, with industry giants like Samsung and Huawei being in stiff competition with Apple.

Because of this, Apple faces several ethical risks: for one, it faces the risk of not practicing predatory pricing techniques like dumping in order to drive out competition, because this would be unfair not only to the other firms, but also to the other companies.

Another ethical risks would be more relevant for managers, and that is that managers should avoid to overestimate their ability to increase profits, because this may create false expectations on the board, on stockholders, and on the customers, leading to malinvestment, and other negative eocnomic consequences.

6 0
3 years ago
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