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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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Suppose you just won the state lottery, and you have a choice between receiving $3,500,000 today or a 20-year annuity of $250,00
xeze [42]

Answer: The correct answer is e). 3.67%

Explanation: An ordinary annuity is a series of payments made at the end of each period.

The formula for ordinary annuity is PV = PMT × ((1 - (1 + r) ^ -n)/ r)

Where; PMT = the periodic cash payment; r = the interest rate per period; n = the total number of periods and PV = present value.

Therefore; 3500000 = 250000×((1-(1+r)^-20)/r

This will give the rate as 3.67%

4 0
3 years ago
Refined Grains, Inc., agrees to sell to Sunny Cereal Company a certain quantity of refined oats each week but no mention is made
ICE Princess25 [194]

Answer:

Option A                              

Explanation:

As per the uniform commercial code set by the appropriate government agency of America, delivery of any commodity whether tangible or intangible should take place at the business facility of the supplier. Such facility could be a warehouse or a shop etc. However this is a guideline and not a rule which must be followed.

Thus, from the above we can conclude that the correct option is A.    

4 0
3 years ago
Carla Vista Corporation received the following report from its actuary at the end of the year:
Zinaida [17]

Answer:

$1,245,000

Explanation:

The computation of the amount reported as the pension liability is shown below:

= Ending balance of Projected benefit obligation  - Fair value of pension plan assets

= $3,760,000 - $2,515,000

= $1,245,000

We simply deduct the fair value from the ending balance of projected benefit obligation  that the amount reported could be come

5 0
3 years ago
For each of the following statements, indicate whether it is true, false, or uncertain and EXPLAIN WHY. a. In the long-run the t
Colt1911 [192]

Answer:

a.

FALSE

<em>The argument above is in part inaccurate. In the long run, the monopoly dominant firms gain no economic profit at the profit generating production as their LRAC= LRAR at. </em>

The firm is not effective economically (productively) though.

A monopolistically dominant firm is not successful effective because it does not achieve the average cost curve at the minimum level. The difference between supply and supply of the equilibrium at the minimum average cost is called overcapacity.

b.

FALSE

The monopolist has the power to make the price to maximize the profit. The monopolist, however, always has to respect demand rule of law. Its AR-curve is a sloping downward curve.

<em>It indicates that if the monopolist decides to increase production, he will have to lower the price. It shows that to increase income, the monopolist can set its price but can not set any price.</em>

c.

FALSE

The shut down point for reasonably competitive firms is Price= AVC.

When the price falls below the average cost of the product, otherwise the business must shut off.

<em>Otherwise, the business must continue to manufacture until the price falls below the average cost of the product. It will still deliver, even if the average income or price is below the average output.</em>

7 0
3 years ago
Read 2 more answers
Stan and Dwight were playing in a golf tournament and came to a hole where there was a hill that required a blind shot to the gr
Svetradugi [14.3K]

Answer:

b) Dwight is liable for negligence because Stan did not knowingly assume the risk that Dwight would hit a shot in his direction

Explanation:

In this scenario there was an agreement between Stan and Dwight where Dwight asked Stan to drive ahead in the golf cart to see if they could hit their shots.

However Stan drove the cart over the hill, saw the green was clear, and started driving back to the tee box.

Instead of waiting as agreed Dwight made a shot that hit Stan on the head injuring him.

Dwight is liable in this case because he was supposed to wait and get feedback from Stan before making a shot.

He knowingly made the shot knowing there was a blind spot.

This is negligence on Dwight's part.

3 0
3 years ago
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