Answer:
(b) After-closing balance in the Retained Earnings account on December 31, Year 1,
Total Stockholder's equity = Total assets - Total liabilities
= $220,000 - $66,000
= $154,000
After-closing balance of Retained Earnings = Total Stockholder's equity - Common stock
= $154,000 - $110,000
= $44,000
(a) Before-closing balance in the Retained Earnings account on December 31, Year 1.
Net Income = Revenue - Expenses
= $40,000 - $23,000
= $17,000
Before-closing balance of Retained Earnings:
= After-closing balance of Retained Earnings + Dividend paid - Net Income
= $44,000 + $3,200 - $17,000
= $30,200
(c) Before-closing balances in the following accounts:
Revenue = $40,000
Expenses = $23,000
Dividend = $3,200
(d) After-closing balances in the following accounts:
Revenue = $0
Expenses = $0
Dividend = $0
Because revenue and expenses are transferred to income statement and dividend are transferred to retained earnings.
<span>the Salvatore has n number of class a widgets and n number of class b widgets.Since the Salvatore ships class b widgets to bart ,Bart has 0 class a widgets and 20,000 class b widgets.</span>
Answer: Speak, writing and listening
Explanation: Besides speaking, writing, and listening, other communication skills include observation and empathizing. Communication is a process that goes beyond transmitting a message, it is something that involves the use of signs, body expressions and tone, since depending on these it can be interpreted what type and nature of the message.
Answer: B) cars and petrol
Answer:
Explanation:
The adjusting entry for interest expense is shown below:
Interest expense A/c Dr $1,134
To interest payable $1,134
(Being interest expense is adjusted)
The interest expense is computed by
= Note payable amount × interest rate × (number of months in a year ÷ total number of months in a year)
= $75,600 × 9% × (2 months ÷ 12 months)
= $1,134
The two months is computed from the November 1 to December 31
