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amid [387]
3 years ago
15

On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $ 27,200 Dr. 111

Accounts Receivable 15,800 Dr. 121 Supplies 2,000 Dr. 131 Prepaid Rent 38,600 Dr. 141 Equipment 44,000 Dr. 142 Accumulated Depreciation—Equip. 1,000 Cr. 202 Accounts Payable 6,500 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 45,620 Cr. 302 Emilio Gonzalez, Drawing 6,200 Dr. 401 Fees Income 112,400 Cr. 511 Advertising Expense 3,800 Dr. 514 Depreciation Expense—Equip. 800 Dr. 517 Rent Expense 2,600 Dr. 519 Salaries Expense 18,800 Dr. 523 Utilities Expense 5,720 Dr. Required: Journalize the closing entries in the general journal. Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Analyze: What is the balance of the Salaries Expense account after closing entries are posted?
Business
1 answer:
natita [175]3 years ago
4 0

Answer:

Fees Income 112,400 debit

   Income Summary 112,400 credit

Income Summary 31,720 debit

    Advertising Expense 3,800 credit

    Depreciation Expense—Equip 800 credit

    Rent Expense 2,600 credit

    Salaries Expense 18,800 credit

   Utilities Expense 5,720 credit

income summary   80,680‬  debit

    Emilio Gonzalez, Drawing   6,200 credit

    Emilio Gonzalez, Capital    74,480 credit

Explanation:

We close the temporary account which are, reveneus and expenses against income summary then we close this account balance against Emilio Capital Account along with Emilio's drawings.

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decrease in the operating income of $132,100

Explanation:

The computation of the impact on the operating income should be given below:

Sales $1,050,000

less: variable cost -$860,000

contribution margin $190,000

Less fixed cost (30% of $193,000) -$57,900

Impact on operating income $132,100

So there is a decrease in the operating income of $132,100

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Buddy's Burger Barn purchased produce for the week from one of its
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simmons company issued four-year bonds with a par value of $1,000,000. the bonds have a 4% coupon rate and interest is payable s
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Simmons Company issued four-year bonds with a $1,000,000 par value. Interest is due semi-annually on the bonds, which have a 4% coupon rate. The market interest rate is 6%. $1002402.88 must Simmons pay investors in interest on a semi-annual basis.

The Indeed Editorial Team is made up of a brilliant and diverse group of writers, researchers, and subject-matter experts who use Indeed's data and insights to provide helpful advice for navigating your career path.

Understanding how loans and investments operate is essential to laying a solid financial foundation for both you and your company. How interest is calculated is one of the key aspects of loans and investments. Your loans and investments may have simple interest or compound interest terms. You will discover what it implies, why it matters, and how to compute interest that is compounded semiannually interest in this post.

Learn more about semiannually interest here

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7 0
1 year ago
After evaluating Null Company’s manufacturing process, management decides to establish standards of 3 hours of direct labor per
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Answer:

Direct labor rate variance = (SR - AR) \times AH

October = ($15 - $15.20)  \times 16,250 = - $3,250 Unfavorable

November = ($15 - $15.25)  \times  22,000 = - $5,500 Unfavorable

Direct Labor Efficiency Variance = (SH - AH)  \times  SR

October = (16,800 - 16,250)  \times $15 = 8,250 Favorable

November = (18,000 - 22,000) \times $15 = - $60,000 Unfavorable

Direct Labor Cost Variance = Standard Cost - Actual Cost

October = $252,000 - $247,000 = $5,000 Favorable

November = $270,000 - $335,500 = - $65,500 Unfavorable

Explanation:

Computing variances for each month

Particulars                            October                  November          Equation

Total units produced           5,600 units             6,000 units            (a)

Standard hour per unit           3 hours                   3 hours                (b)

Total standard hour SH          16,800                   18,000              (c) = (a)*(b)

Total standard cost

of labor @ $15 SR per hour  $252,000                $270,000          (d) = (c) * 15

Actual hours used AH           16,250                    22,000                  (e)

Actual cost                            $247,000               $335,500                (f)

Actual Rate per hour AR          $15.20                   $15.25              (g) = (f)/(e)

Using the above information we have

Direct labor rate variance = (SR - AR) \times AH

October = ($15 - $15.20)  \times 16,250 = - $3,250 Unfavorable

November = ($15 - $15.25)  \times  22,000 = - $5,500 Unfavorable

Direct Labor Efficiency Variance = (SH - AH)  \times  SR

October = (16,800 - 16,250)  \times $15 = 8,250 Favorable

November = (18,000 - 22,000) \times $15 = - $60,000 Unfavorable

Direct Labor Cost Variance = Standard Cost - Actual Cost

October = $252,000 - $247,000 = $5,000 Favorable

November = $270,000 - $335,500 = - $65,500 Unfavorable

8 0
3 years ago
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