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Kamila [148]
3 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]3 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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Lesson 7-1 single payment loans
kondaur [170]

Explanation:

The whole principal plus any debt shall be paid by a single payment lender on the same day the lender expires. Instead of multiple instalments, individual interest loans concurrently calculate the full rate.

When should a single payment loan be considered?

If your loan amount of money is high, if you choose a single payment, you will pay a lower interest.

You might, for example, save $12,000 and try to spend $10,000 on shopping like a holiday or a bell. You don't want to deplete your savings because you have a single credit for payment. This can save more money in the future you will pay $10,000 for the loan without dropping the bank account.

3 0
3 years ago
A _____ is a form of business ownership that is considered to be separate from its owners or stockholders.
Yuliya22 [10]
I think it's freelance but I could be completely wrong
8 0
3 years ago
John's monthly paycheck consists of $4000 plus a 9% commission on all of his sales. during one month, john earned $11,650. what
Slav-nsk [51]
The first thing you should do for this case is write an equation that allows you to find John's sales during the month.
 Let
 x = amount of money in sales.
 The equation is:
 4000 + 0.09x = 11650
 Clearing x we have:
 0.09x = 11650-4000
 x = (11650-4000) / (0.09)
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 answer:
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5 0
3 years ago
The following information ($ in millions) comes from a recent annual report of Amazon, Inc.:
tino4ka555 [31]

Answer:

(a) Amazon's balance in cash at the beginning of the year is $1,085 million

(b) Amazon's total liabilities at the end of the year is $3,914 million

(c) Cost of goods sold for the year is $8,264 million

(d)  Income before income tax for Amazon is $366 million

Explanation:

(a) Beginning cash balance = Ending cash balance - net increase in cash for the year

= $1,104 million - $19 million

= $1,085 million

(b) Total assets = Total liabilities + Total stockholders' equity

$4,417 million = Total liabilities + $503 million

Total liabilities = ($4,417 - $503) million

= $3,914 million

(c) Cost of goods sold = net sales - gross profit

= $10,722 million - $2,458  million

= $8,264 million

(d)  Income before income tax = Gross profit - operating expenses - other expenses

= $2,458 million - $2,062 million - $30 million

= $ 366 million

4 0
3 years ago
A manufacturing company has been inspecting units of output from a process. Each product inspected is evaluated on five criteria
laila [671]

Answer:

3,300 defects

Explanation:

If there are 5 defect opportunities per unit, and 2,000 units were inspected, the number of defects per opportunity observed was:

DPO = \frac{33}{5*2,000}\\DPO=0.0033

Therefore, the number of defects per 1 million opportunities (DPMO) is:

DPMO = 0.0033*1,000,000\\DPMO = 3,300

The number of defects per 1 million opportunities (DPMO) for this process is 3,300.

7 0
3 years ago
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