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Dima020 [189]
2 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]2 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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Accounting is an information and measurement system that: I.Communicates business activitiesII.Identifies business activitiesIII
andriy [413]

Answer:

I.Communicates business activities

II.Identifies business activities

III.Records business activities

IV.Helps people make better decisions

Explanation:

Accounting is an information measurement system that identifies business activities, records the business transactions as they occur, in order in which they occur, communicate the result of operations to interested parties  which helps all the stakeholders make informed decision.

The main goal of accounting information is to communicate the true and fair view position of the entity to people that may want to make informed judgment on the entity.

7 0
3 years ago
As Veronica Janneck and her friends prepare to graduate from college, they are faced with numerous job offers with starting sala
anastassius [24]

Answer:

The answer to this question is B. Peak

Explanation:

The peak stage of a business cycle is the stage where the economy is producing at is maximum rate and the rate of employment is higher. At the peak cycle, employment is at or above full employment, and inflationary pressures on prices are evident. A peak is the highest point of the business cycle, when the economy is producing at maximum allowable output,

3 0
3 years ago
An investment will pay $20,000 at the end of the first year, $30,000 at the end of the second year, and $50,000 at the end of th
kondaur [170]

Answer:

$80541.

Explanation:

Please find the detailed answer as follows:

The Present value is the present value of a future amount of money or stream of cash flows of a specified rate of return . Please refer to the present value formula .

Present Value = 20000/ (1+.10) ^1 + 30000/ (1+.10) ^2 + 50000/ (1+.10) ^3 = $80540.95 or $80541  .Therefore the correct answer is $80540.95 or $80541.

4 0
3 years ago
Jones Company collected the following information to prepare its August bank reconciliation: Cash balance per books, August 31,
weqwewe [10]

Answer:

Adjusted cash balance as per books = $11,100

Explanation:

Given Cash balance as per books = $9,400

Add: Deposits in transit that is deducted by us but not added by bank thus added = $9,400 + $1,100 = $10,500

Add: Notes Receivables collected by bank but not added in books = $10,500 + $2,500 = $13,000

Less: Bank Service Charges as not deducted in books = $13,000 - $50 = $12,950

Less: Outstanding Checks as yet not cleared = $12,950 - $1,450 = $11,500

Less: NSF check as not received by bank = $11,500 - $400 = $11,100

Adjusted cash balance as per books = $11,100

7 0
3 years ago
Steve goes to Tri-State University and pays $40,000 in tuition. Steve works a part-time job to pay for his schooling and has an
xxMikexx [17]

Answer:

$2,500

Explanation:

The calculation of American opportunity tax credit is shown below:-

According to the given situation, Steve's part-time job wouldn't come in between his not applying for the credit as the AGI is lower than the applying number.

Therefore, the credit would be 100% of first is

= $2,000 + 25% (Increased)

= $2,500

6 0
3 years ago
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