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Salsk061 [2.6K]
3 years ago
6

The income statement for the Shamrock, Inc. for the month ended July 31 shows Service Revenue $17,510, Salaries and Wages Expens

e $9,760, Maintenance and Repairs Expense $3,070, and Income Tax Expense $1,400. The statement of retained earnings shows an opening balance for Retained Earnings of $24,760 and Dividends $1,660. Prepare closing journal entries.
Business
1 answer:
Greeley [361]3 years ago
5 0

Answer:

July 31

Dr Service revenue $17,510

Cr Income summary $17,510

July 31

Dr Income summary $14,230

Salaries and Wages Expense $9,760, Maintenance and Repairs Expense $3,070 Income Tax Expense $1,400

July 31

Dr Income summary 3,280

Cr retained earnings 3,280

July 31

Dr Retained earnings 1,660

Cr Dividends 1,660

Explanation:

Preparation of the closing journal entries

July 31

Dr Service revenue $17,510

Cr Income summary $17,510

(To close revenue account)

July 31

Dr Income summary $14,230

(9,760+3,070+1,400)

Salaries and Wages Expense $9,760, Maintenance and Repairs Expense $3,070 Income Tax Expense $1,400

(To close expense accounts)

July 31

Dr Income summary 3,280

(17,510-14,230)

Cr retained earnings 3,280

(To close net income/loss to retainedearnings)

July 31

Dr Retained earnings 1,660

Cr Dividends 1,660

(To close dividends to retained earnings)

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Within her role as a small business consultant, Alexa analyzes how organizations fit into their industries, the communities, and
mariarad [96]

Answer:

Within her role as a small business consultant, Alexa analyzes how organizations fit into their industries, the communities, and the broader social environment. This type of analysis involves the management skills which is:

E. Conceptual

Explanation:

  • The conceptual management skill allows the Alexa to analyze the process that how organizations fit into their industries, the communities and the broader social environment.
  • The human management skill as well as delegations don't help to analyze this process specifically.
  • Similarly, the organizing and technical skills are also not relevant to this process of understanding that how organizations are fit into their industries.

8 0
3 years ago
The top executive of a well-managed Government Company decided to organize an early Management
Alex Ar [27]

Yes,  this a good training program and there is a missing element which is the approval exercise.

If I am asked to suggest improvements, I would you say that emphasis should be placed  on the capabilities of trainees as well as their health.

<h3>What is social awareness program?</h3>

A Social Awareness Program is known to be a kind of a program that began with the aim of creating and spreading social awareness, bringing an end to blind beliefs and conservatism.

Note that since the Awareness Program above have been outlined, my response is Yes,  this a good training program and there is a missing element which is the approval exercise and If I am asked to suggest improvements, I would you say that emphasis should be placed  on the capabilities of trainees as well as their health.

Learn more about Awareness Program from

brainly.com/question/14955215

#SPJ1

See the other part of the question below

1. Is this a good training program? Are there any missing elements?

2. If you are asked to suggest improvements, what would you say?

5 0
1 year ago
A company makes necklaces with attached letters. Department A manufactures the necklace chains and letters ahead of demand. Depa
beks73 [17]

Answer:

Option (b) make-to-stock, assemble-to-order.

Explanation:

The reason is that the department A manufactures the product not B which means the make to stock is the primary function of Department A only. Once the necklaces are ready the Department B is ordered by the Department A to print names which is order dependent task and not associated with manufacturing (is associated with assembling). Hence the is the primary function of Department B is Assemble-to-order.

6 0
3 years ago
Jarrod receives a scholarship of $28,000 from Riggers University to be used to pursue a bachelor's degree. He spends $16,800 on
Diano4ka-milaya [45]

Answer:

The amount might exclude $18,200 from the Gross Income.

Explanation:

The gross income is the amount which the person earn or gain before anything is taken out or deducted for the taxes or the other deductions.

So, in this case, the Gross income is as follows:

The person received the scholarship worth $28,000, out of which he spend $16,800 on tuition, %5,600 on room, $4,200 for the personal expenses and $1,400 on books and supplies.

From all the expenses which will be excluded from the Gross Income are the amount of  fees and the amount spent on books and supplies as these are required for the course.

So, the amount which is excludable from Gross Income is:

Amount which is excludable = Tuition + books

= $16,800 + $1,400

= $18,200

6 0
3 years ago
On December 31, 2018, Adelphi Corporation has outstanding 500 shares of $100 par value, 4% cumulative and nonparticipating prefe
alexandr402 [8]

Answer:

$5.50 dividend per share to common stock

Explanation:

In case a company has cumulative preference shares then the company has to pay preference dividend in arrears

Here, preference dividend was not paid in the year 2017

Preference dividend for 2017 = 500 \times $100 \times 4%

= $2,000

Since the dividend is paid in between the year 2018, dividend is paid for the year 2017 and not for 2018 thus preference dividend is for a year, only for 2017

Therefore, dividend to common equity = $35,000 - $2,000 = $33,000

Dividend per share = $33,000/6,000 = $5.50 per share

6 0
3 years ago
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