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Dima020 [189]
3 years ago
14

The ledger of Mai Company includes the following accounts with normal balances: Common Stock, $10,200; Dividends, $1,400; Servic

es Revenue, $25,000; Wages Expense, $14,400; and Rent Expense, $4,000. Prepare the necessary closing entries from the available information at December 31.
Business
1 answer:
GenaCL600 [577]3 years ago
4 0

Answer:

The journal entries are as follows:

(i) On December 31,

Service revenue A/c Dr. $25,000

         To income summary A/c       $25,000

(To record the service revenue)

(ii) On December 31,

Income summary A/c Dr. $18,400

        To wages expense                $14,400  

        To rent expense                    $4,000

(To record the rent and wages expense)

(iii) On December 31,

Income summary A/c($25,000 - $18,400) Dr. $6,600    

           To Retained earnings                                        $6,600

(To record the Retained earnings)

(iv) On December 31,

Retained earnings A/c Dr. $1,400

       To dividend A/c                     $1,400

(To record the dividend)

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During January 2017 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 we
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Answer:

The correct answer is:

Expenditures—2017 in the amount of $200. (C.)

Explanation:

This scenario describes a record that was less than the actual amount spent on the General Fund supplies. The amount recorded was $2,000, meanwhile the actual amount spent was $2,000. This entails that an amount worth $200 was not recorded, hence it will be debited as expenditures, but the question now is where the debit will be recorded?

This review was done in January 2017, meaning that the income statement for the 2016 Fiscal year must have been balanced, hence the amount will be an expenditure recorded in 2017, but the particulars will have a description that it was a carried over expenditure from 2016. Therefore $200 will be debited from 2017 as expenditures.

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3 years ago
Job Shadows typically last<br> six weeks<br> half day<br> one to three days<br> one semester
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Technological advances are difficult to predict. One great advance can replace or substitute for existing products in a relative
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Answer:

The answer is: 3) Printed media

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Ask yourself, when was the last time you bought a newspaper? I haven´t bought a newspaper in years but I can also guarantee that I read more news outlets today that ever before. I can read the New York Times, The Washington Post, Sports Illustrated, etc. all on my cellphone. Using my phone is cheaper and faster (and also more ecological) than buying a printed version. In a few years probably no newspaper will have a printed edition, not even magazines will be printed anymore.

5 0
3 years ago
A company is currently selling 10,000 units of product monthly for $40 per unit. The unit contribution margin is $27. The compan
Ludmilka [50]

Answer:

The company should accept the idea because profit will increase by $24,000.

Explanation:

A company is currently selling 10,000 units of product monthly for $40 per unit.

The unit contribution margin is $27.

The company believes that spending $50,000 per month on advertising will allow them to increase the selling price to $45 and that sales will increase by 750 units per month.

The unit contribution margin is the difference between selling price and variable cost per unit.

An increase in the selling price of $5 will cause the contribution margin to increase by $5, from $27 to $32.

Profits is the product of contribution margin and number of output.

At initial price, the profit was

= 10,000\ \times\ \$ 27

= $270,000

At the new price the profit will be

= 10,750\ \times\ \$ 32  - $50,000

= $344,000 - $50,000

= $294,000

The increase in profit

= $294,000 - $270,000

= $24,000

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3 years ago
In Python programming language, what is a function statement?
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A function that will be executed

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