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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.

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Rollo is a member of smooth operators llc, a limousine service. rollo’s relationship to smooth operators ends, but the firm continues to do business. this is dissociation.

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1 year ago
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5 0
3 years ago
Clay is a marketing student learning how to evaluate value propositions for effectiveness. He looked through ten different propo
Pepsi [2]

Answer: they were generic, and they had no unique value communicated

Explanation:

Value proposition refers to the promise

that's made by an organization to its customers indicating why a product should be bought.

Since Clay looked through ten different propositions and found them to all be ineffective, the reason attributed to this will be due to the fact that the propositions were generic, and had no unique value communicated.

8 0
3 years ago
Sue Bee Honey is one of the largest processors of its product for the retail market. Assume that one of its plants has annual fi
NNADVOKAT [17]

Answer:

$75 per case

Explanation:

Required: Selling Price per case

Sales – Variable cost – Fixed cost = Target desired profit

Sales = 800000 case x Selling Price (SP)

Variable cost = (800000 case x $40) + (800000 x SP x 25%)

Putting into equation:

Sales – Variable cost – Fixed cost = Target desired profit

(800000 x SP) – [(800000 x 40) + (800000 x SP x 25%)] - $8000000 = $ 5000000

>800000SP – (32000000 + 200000SP) – 8000000 = 5000000

>800000SP – 32000000 – 200000SP – 8000000 = 5000000

>800000SP – 200000SP = 5000000 + 8000000 + 32000000

>600000SP = 45000000

>SP = 45000000 / 600000

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3 0
3 years ago
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Opportunity cost is __
Mariulka [41]

Answer: A.

Explanation:

By definition, opportunity cost is the amount or value of something you gave up for another good.

For example: say you value sleeping in at $5 value going to class at $4. You decide to get up and go to class, the $4 value. Therefore, your opportunity cost is what you gave up (sleeping in) for another good/choice (going to class), is $5 since you valued sleeping in at that.

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