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Kamila [148]
2 years ago
14

The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2017, unadjusted

trial balance of Emiko Co. Use these account balances along with the additional information to journalize: a. Adjusting entriesb. Closing entries. Emiko Co. uses a perpetual inventory system. Debit CreditMerchandise inventory $30,000 Prepaid selling expenses 5,600 K. Emiko, Withdrawals 33,000 Sales $529,000Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold 212,000 Sales salaries expense 48,000 Utilities expense 15,000 Selling expenses 36,000 Administrative expenses 105,000 Additional Information: Accrued and unpaid sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $28,700 of goods still available.
Business
1 answer:
Ann [662]2 years ago
5 0

Answer:

Emiko Co.

a) Adjusting Journal Entries:

Debit Sales Salaries Expense $1,700

Credit Sales Salaries Payable $1,700

To record unpaid salaries expense.

Debit Selling Expenses $3,000

Credit Prepaid Selling Expenses $3,000

To record expired expenses.

b) Closing Journal Entries:

Debit Income Summary $30,000

Credit Beginning Inventory $30,000

To close the beginning inventory to the Income Summary.

Debit Sales $529,000

Credit Sales Returns and Allowances $17,500

Credit Sales Discount $5,000

Credit Income Summary $506,500

To close sales, sales returns & allowances & discount.

Debit Income Summary $212,000

Credit Cost of goods sold $212,000

To close cost of goods sold to the income summary.

Debit Income Summary $208,700

Credit Sales Salaries $49,700

Credit Utilities $15,000

Credit Selling expenses $39,000

Credit Administrative expenses $105,000

To close expenses to the income summary.

Explanation:

Adjusting journal entries are often used to make some changes in the accounts at the end of the reporting period in order to ensure that transactions are reported on the accrual basis.  Entries made under this journal are usually accrued expenses and income, prepaid expenses and deferred revenue, depreciation charges.

On the other hand, closing journal entries are used to differentiate the temporary accounts from the permanent accounts.  Temporary accounts are closed at the end of the accounting period to the Income Summary.  Permanents accounts are carried over to the next accounting period.  Their accounts make up the balance sheet and their opening balances of the next reporting period.

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Answer: $15.50

Explanation:

From the question, we are informed that someone establish a straddle on Fincorp using September call and put options with a strike price of $80 and that the call premium is $7.00 and the put premium is $8.50.

The most that can be lose on this position will be the addition of the call premium and the put premium. This will be:

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3 years ago
A company's direction, objectives, and strategy Group of answer choices are set in stone as the end of the planning process. nev
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Answer:

are never final, as managing strategy is an on-going, dynamic process.

Explanation:

In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.

Business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan. The components of a business strategy includes the following;

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Hence, a company's direction, objectives, and strategy are never final because managing strategy is a continuum or an on-going, dynamic process. Thus, it's never a now and then task.

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3 years ago
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Answer:

a decrease in the equilibrium quantity of eggs; the equilibrium price may increase or decrease

Explanation:

Here are the options

a decrease in the equilibrium quantity of eggs and no change in the equilibrium price.

a decrease in the equilibrium quantity of eggs; the equilibrium price may increase or decrease.

a decrease in the equilibrium price of eggs; the equilibrium quantity may increase or decrease.

a decrease in the equilibrium price of eggs and no change in the equilibrium quantity.

Only a change in the price of a good leads to a movement along the demand curve of that good. Also, only a change in the price of the good would lead to an increase or decrease in the quantity demanded of that good.

Other factors other than the change in the price of the good would lead to a shift of the demand curve. Some of those factors include :

1. a change in consumers' expectation

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3. a change in income

A change in price of a good leads to a movement along the supply curve and not a shift of the supply curve.

Other factors other than a change in the price of the good would lead to a shift of the supply curve. Such factors include :  

1. A change in the price of input  

2. A change in the number of suppliers  

3. Government regulations  

A decrease in the demand for eggs would lead to a leftward shift of the demand curve for eggs. Price and quantity would fall as a result.

a decrease in the supply of eggs would lead to a leftward shift of the supply curve for eggs. Price would increase and quantity would fall.

Taking these two effects together, there would be a fall in equilibrium quantity and equilibrium price can either rise or fall depending on if demand or supply has a greater effect.

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