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3 years ago

The total debits in the After-Closing Trial Balance will equal:______

Business

1 answer:

Mnenie [13.5K]3 years ago

7 0

Complete Question:

Shown below is a trial balance for Novelty Toys, Inc., on December 31,after adjusting entries:

Novelty Toys, Inc.

Trial Balance December 31

Cash $7,750

Accounts Receivable $6,375

Office Equipment $11,250

Accumulated Depreciation $3,000

Accounts Payable $3,875

Capital Stock $11,250

Retained Earnings $0

Dividends $3,750

Fees Earned $22,750

Salaries Expense $8,000

Advertising Expense $1,625

Depreciation Expense $2,125

$40,875 $40,875

The total debits in the After-Closing Trial Balance will equal:

Select one:

a. $25,375.

b. $29,125.

c. $40,875.

d. $18,125.

Answer:

$25,375

Explanation:

The After-Closing Trial Balance is prepared once the closing entries are posted. This results in closing of expense and income accounts for the year and the resulting balance taken forward to retained earnings. This means that After-Closing Trial Balance would contain only permanent general accounts which are balance sheet items. In the given scenario, the balance sheet debit balances are as under:

Cash $7,750

Accounts Receivable $6,375

Office Equipment $11,250

Total Debit Balance $25,375

Hence the option A is correct.

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Answer:

Effective interest recognized on June 30, 20X1, will be equal to $3,354

Explanation:

Data provided from the question,

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Payable semi-annually on June 30 and December 31

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3 years ago

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Answer:

Correct answer is letter D, $11,000 cost, five-year life and $1,000 salvage value

Explanation:

To compute depreciation expense of an asset using straight-line method of depreciation, the information we needed is 3,

1. cost of an asset

2. life of an asset (in year)

3. residual value (if available)

* residual value of an asset is to be determined by the company, some asset don't have scrap value assigned.

FORMULA 

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3 years ago

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Answer:

d. quality.

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-Delivery area refers to the places in which the appliances can be delivered.

-Quantity refers to the amount of appliances that the company can produce and sell.

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-Quality refers to the degree in which the appliances can meet the customer's requirements.

According to this, the answer is that based on its customers, ABC should try to dominate the market in quality because its products meet the expectations of professional chefs and that should be market to focus on as the company can have an important advantage by providing exactly what they need.

The other options are not right because professional chefs are interested on what they can do with this appliances and not on price, quantity or delievery area.

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3 years ago

The basic difference between macroeconomics and microeconomics is: In a command economy, the __________ either makes most econom

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Question 2 options are;

- government

- market

- firm

- business sector

Answer:

1. microeconomics concentrates on the behavior of individual consumers and firms, while macroeconomics focusses on the performance of the entire economy.

2. government.

Explanation:

1. Indeed, the government in a command economy (like China) makes most economic decisions itself or at least strongly influences how the decisions are made.

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2 years ago

Value of Operations Kendra Enterprises has never paid a dividend. Free cash flow is projected to be $80,000 and $100,000 for the

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Answer:

Value of Operations Kendra Enterprises has never paid a dividend. Free cash flow is projected to be $80,000 and $100,000 for the next 2 years, respectively; after the second year, FCF is expected to grow at a constant rate of 10%. The company's weighted average cost of capital is 18%. What is the terminal, or horizon, value of operations

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Terminal value = $1,783,333.33

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3 years ago