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
joja [24]
3 years ago
7

The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2018, unadjusted

trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 30,000 Prepaid selling expenses 5,600 Dividends 33,000 Sales $ 529,000 Sales 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 sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory shows $28,700 of goods still available. (a) Use the above account balances along with the additional information, prepare the adjusting entries. (b) Use the above account balances along with the additional information, prepare the closing entries.
Business
2 answers:
sleet_krkn [62]3 years ago
8 0

General Journal

A. Adjusting entries

Dec 31

Dr Sales salaries expense1,700

Cr Salaries payable1,700

Dec 31

Dr Selling expenses 3,000

Cr Prepaid selling expenses 3,000

Dec 31

Dr Cost of goods sold (30,000- 28,700) 1,300

Cr Merchandise inventory 1,300

B.Closing Entries

31 Dec

Dr Sales 529,000

Cr Income summary 529,000

Dec 31

Dr Income summary 444,500

Cr Sales returns and allowances 17,500

Cr Sales discounts 5,000

Cr Cost of goods sold( 212,000+1300) 213,300

Cr Sales salaries expense (48,000+1,700) 49,700

Cr Utilities expense 15,000

Cr Selling expenses (36,000+3000) 39,000

Cr Administrative expenses 105,000

Dec 31

Dr Income summary (529,000-444,500) 84,500

Cr Emiko, Capital 84,500

Dec 31

Dr Emiko, Capital 33,000

Cr Emiko,Withdrawals 33,000

artcher [175]3 years ago
6 0

Answer:

Explanation:

Dec 31, 2018

Dr Sales Salaries expense 1,700

Cr Sales Salaries payable 1,700

Dec 31, 2018

Dr Selling expense 3,000

Cr Prepaid selling expense 3,000

Dec 31, 2018

Dr COGS 1,300

Cr Merchandise inventory 1,300

COGS = Merchandise inventory - Year end inventory = 30,000 - 28700 = 1300

Dec 31, 2018

Dr Sales Revenue 529,000

Cr Income summary 529,000

Dec 31, 2018

Dr Income summary 444,500

Cr Sales return and allowances 17,500

Cr Sales discounts 5,000

Cr COGS 213,300

Cr Sales salaries payable  49,700

Cr Utilities expense 15,000

Cr Selling expense 39,000

Cr Administrative expenses 105,000

Dec 31, 2018

Dr Income Summary 84,500

Cr Retained earnings 84,500

Net Income = Total Sales - Total Expenses = 529,000 - 444,500 = 84,500

Dec 31, 2018

Dr Retained earnings 33,000

Cr Withdrawal 33,000

You might be interested in
asmine Smith owns a condo worth $250,000, a car valued at $15,000, and miscellaneous assets worth $7,500. She owes $190,000 on t
tester [92]

Answer:

The total liabilities amounts to $200,000

Explanation:

The total liabilities of Asmine Smith is computed as:

Total Liabilities = Owing on Condo + Owning a Car

where

Owning on Condo is $190,000

Owning a Car is $10,000

Putting the values above:

= $190,000 + $10,000

= $200,000

Note: Sum Insured under the Insurance Policy, is neither a liability nor assets. And Premium paid is an expense, will be treated as Current Assets.

4 0
3 years ago
A scope limitation sufficient to preclude an unqualified opinion always will result when management:__________
vovikov84 [41]

Answer:

The answer is D.

Explanation:

A scope limitation in audit means circumstances hindering an auditor from carrying out his duties according to the audit procedure. A scope limitation can make an auditor issue a qualified opinion or a disclaimer of opinion depending on the materiality of the issue.

Back to the question, a scope limitation sufficient to preclude an unqualified opinion always will result when management refuses to provide a representation letter acknowledging its responsibility for the fair presentation of the financial statements in conformity with General Accepted Accounting Principle (GAAP)

4 0
3 years ago
Interest is the rate earned from a <br> stock share <br> savings account <br> deposit <br> loan
Law Incorporation [45]

Answer:

savings account

deposit

Explanation:

Interest is the money earned when deposits or savings stay in a financial institution for some time. Financial institutions such as commercial banks pay interests to encourage the public to save and keep deposits in their bank accounts. Interest earned is determined by the amount of deposit or saving, the interest rate offered, and the duration of time the money stayed in the bank.

A high-interest rate is attractive to the public as it earns more interest. Financial institutions compete for deposits and saving by offering better interest rates.

4 0
3 years ago
Mycenaean Greece became more powerful after a. ​creating trade networks with Egypt b. ​war with Persia. c. ​destruction of Crete
zalisa [80]

Mycenaean Greeks became more powerful after destruction of Crete.

Option c

<u>Explanation:</u>

The Civilization of Mycenaean in the ancient Greece is considered to be the last phase of the bronze age with the span of 1600–1100 BC. The civilization was named after the most prominent area called the Mycenae in Argolid.

The first wave of destruction in their mainland occurred in 1250 BC due to few unidentified reasons. The second and final destruction happened on 1190 BC which marked the end of the whole civilization.

They are known to be the first human to speak the Greek language. They were majorly influenced by the people of earlier Minoan civilization which was situated on Crete island.

7 0
3 years ago
The responsibility report for the Augusta Division shows budgeted contribution margin of $2,000,000 and budgeted controllable fi
Mumz [18]

Answer:

D) is 20% above expectations.

Explanation:

The Augusta Division was supposed to earn a net profit of $1,000,000 (= $2,000,000 - $1,000,000). Since the division's manager and his/her team were able to cut reduce fixed costs to $900,000 and increase contribution margin to $2,100,000 (either by increasing selling price or reducing variable costs), then the division earned a net profit of $1,200,000 (= $2,100,000 - $900,000). This net profit is 20% higher than expected, therefore the manager's (and his/her team's) overall performance was 20% above expectations.

5 0
3 years ago
Other questions:
  • As you and your partner report for duty, you check your ambulance and begin talking about the possibility of a terrorist attack.
    10·1 answer
  • Q8. Smith Auto Dealership had beginning net fixed assets of $216,525 and ending
    7·1 answer
  • The company's net income (loss) for the year was $11,000 and its cash dividends were $4,000. It did not sell or retire any prope
    13·1 answer
  • Assume the bonds below have the same term and principal and that the state or local government that issues the municipal bond ha
    12·1 answer
  • Klapper Company claimed a tax deduction which was uncertain when it was deducted in 2018 but is relatively certain of receiving
    11·1 answer
  • Consider a no-load mutual fund with $390 million in assets and 15 million shares at the start of the year and with $440 million
    8·1 answer
  • Law is a practical discipline; theory has no place in law. With specific references to the Law of Contract, discuss. The APA ref
    8·1 answer
  • the fact that companies can store and access emails sent or received on their equipment limits which of your rights
    9·2 answers
  • _____ is the money a company earns from providing services or selling goods to customers.
    10·1 answer
  • True or false? if prospects can get the answers to their questions and see themselves as characters in your story, they’ll be mo
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!