1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ella [17]
3 years ago
15

Closing the Accounts of a Merchandiser From the following list, identify the accounts that should be closed to Income Summary at

the end of the fiscal year under a perpetual inventory system. From the dropdown, select "Yes" if the account is closed to Income Summary and "No" if it is not. a. Accounts Payable b. Advertising Expense c. Cost of Merchandise Sold d. Dividends e. Merchandise Inventory f. Sales g. Supplies h. Supplies Expense i. Wages Payable
Business
1 answer:
mixer [17]3 years ago
8 0

Answer:

Advertising Expense , Cost of Merchandise Sold , Merchandise Inventory, Sales,Supplies Expense are closed to income summary account. Revenues and expenses are closed to Income Summary.

Explanation:

Closing Entries

a. Accounts Payable:  No it is not closed to income summary account.

b. Advertising Expense:  Yes it is  closed to income summary account.

c. Cost of Merchandise Sold: Yes it is  closed to income summary account.

d. Dividends : No these are closed To Retained Earnings Accounts.

e. Merchandise Inventory : Yes it is  closed to income summary account

f. Sales Yes it is  closed to income summary account

g. Supplies:  No prepaid supplies are an asset account and it is included balance sheet.

h. Supplies Expense: Yes it is  closed to income summary account

i. Wages Payable: Not closed in the income summary account.

These are liabilities and included in the balance sheet.

You might be interested in
The Petit Chef Co. has 7 percent coupon bonds on the market with 9 years left to maturity. The bonds make annual payments and ha
PilotLPTM [1.2K]

Answer:

The YTM is 6.45%

Explanation:

Yield to maturity is the annual rate of return that an investor receives if a bond bond is held until the maturity.

Face value = F = $1,000

Coupon payment = $1,000 x 7% = $70

Selling price = P = $1,038.50

Number of payment = n = 9 years

Yield to maturity = [ C + ( F - P ) / n ] / [ (F + P ) / 2 ]

Yield to maturity = [ $70 + ( $1,000 - $1,038.5 ) / 9 ] / [ (1,000 + $1,038.5 ) / 2 ]

Yield to maturity = [ $70 - $4.28 ] / $1,019.25  = $65.72 /$1,019.25 = 0.0645 = 6.45%

7 0
3 years ago
Production Budget
9966 [12]

Answer and Explanation:

The preparation of production budget is shown below:-

                      Weightless Inc

                    Production Budget

         For the month ending October 31

                             Units Bath Scale            Units Gym Scale

Expected Units to

be sold                       150,000                         90,000

Desired Inventory,

October 31                  12,500                           8,000

Total                          162,500                           98,000

Less: Estimated Inventory,

October 1                   -18,000                           -10,000

Total Units to be

produced                  144,500                           88,000

5 0
2 years ago
Please help me please
Katyanochek1 [597]
3 i think is ( A )  4th is ( C ) the 5th is ( A ) The 6th is ( B ) 
5 0
3 years ago
Which of the following is not a basic consumer right?
Kitty [74]

Answer:

C

the right to be refunded

Explanation:

4 0
3 years ago
Read 2 more answers
One disadvantage of renting a home is , which directly affect what the renters can and can’t do in and around the house. On the
slava [35]

disadvantage is that the land lord can raise the rent easily while you can not do anything about it.Lower insurance, When renting a home, we would most likely restricted to make any modification that we like to the home. (such as we are not allowed to change the color of the paint)

On the insurance front, renting a home has cheaper insurance since we are only paying for the protection of the personal goods that we keep on the home. We do not have to pay for property tax since the home is not belong to us.

But a benefit is that there is no mortgage.

7 0
3 years ago
Other questions:
  • As the role of coach, the supervisor is expected to:
    14·1 answer
  • ABC Company is a manufacturing firm. At the beginning of July, ABC had a total inventory balance of $48,000. During the month of
    13·1 answer
  • True or False: When fish are caught under common property rights, the market price of fish can send misleading information to de
    14·1 answer
  • The Acmeville Metropolitan Bus Service currently charges $0.88 for an all-day ticket and is used by an average of 513 riders a d
    12·1 answer
  • Colombia has an absolute advantage in producing coffee relative to the United States.
    5·1 answer
  • The maturity value of a 90-day note for $4,000 with an interest rate of 10 percent is?
    15·1 answer
  • Which of the following persons trade for their own account on the floor of an options exchange?
    10·1 answer
  • An accrual of wages expense would have what effect on the balance sheet? A. Decrease liabilities and increase equity B. Increase
    13·2 answers
  • A principle concern of domestic unions about multinational firms is that the multinational can counter their bargaining power wi
    11·1 answer
  • What is a karst scenery​
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!