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
Goryan [66]
2 years ago
10

This is a partial adjusted trial balance of Wildhorse Co.. WILDHORSE CO. Adjusted Trial Balance January 31, 2022 Debit Credit Su

pplies $780 Prepaid Insurance 1,620 Salaries and Wages Payable $1,040 Unearned Service Revenue 710 Supplies Expense 910 Insurance Expense 540 Salaries and Wages Expense 1,770 Service Revenue 4,350 Prepare the closing entries at January 31, 2022.
Business
1 answer:
Dominik [7]2 years ago
7 0

Answer:

The entries are made as follows;

Explanation:

Service Revenue             Dr.$4,350

Income Summary            Cr.$4,350

(To close revenue account)

Income Summary

Supplies expense         Dr.$910

Insurance Expense       Dr.$540

Salaries and Wages Expense Dr.$1,770

Income Summary                                         Cr.$3,220

(To close expenses)

Income Summary (4,350-3,220)   Dr.$1,130

Retained Earnings                         Cr.$1,130

You might be interested in
An increase in the real wage rate ________ the quantity of labor demanded, ______ the quantity of labor supplied, and when the l
svlad2 [7]

An increase in the real wage rate decreases the quantity of labor demanded, increases the quantity of labor supplied, and when the labor market is in equilibrium, equates demand and supply of labor.

<h3>What is real wage rate?</h3>

Real Wage Rate in economics refers to the result obtained by dividing the nominal wage rate by the prices of goods.

It is used as a more accurate measure of how much the spending power and is also an indicator of the standard of living of workers.

Learn more about real wage rate at:
brainly.com/question/6342231

7 0
2 years ago
What are consumer goods and how do they allow a country to become a mdc?
Reika [66]
Consumer goods are those goods that are purchased and used by consumers. Consumer goods are not used by manufacturers to produce other goods. In essence, consumer goods are ready for use since they have been taken through the production and manufacturing. For a country to have consumer goods it must trade with other countries either to acquire raw materials or trade in consumer goods. This trade process contributes greatly towards the development of LDC economies into MDC status.
6 0
3 years ago
Which of the following are factors that can cause a shift in supply?
Setler [38]
A major increase in production due to some market factor as well as the establishment of new companies could potentially lead to a shift in the supply curve for a good. The other answers would not create a shift in the supply curve. 
3 0
3 years ago
Read 2 more answers
For Standing Bear Company, sales revenue is $200,000, sales returns and allowances are $5,000, sales discounts are $3,000, and c
polet [3.4K]

The net sales of the given set of data is:

  • $72,000

<h3>What is Net Sales?</h3>

This refers to the addition of a company's gross sales minus the expenses which includes returns, allowances, etc.

The Gross Sales:

Sales revenue: $200,000

Cost of goods sold: $120,000

Total = $200,000 - $120,000

=$80,000

Expenses:

Sales allowances and discounts: $5,000

Sales discounts: $3,000

Total= $5,000 + $3,000

= $8,000

Therefore, net sales = Gross Sales – Returns – Allowances – Discounts

$80,000- $8,000

=$72,000

Read more about net sales here:

brainly.com/question/2934960

6 0
1 year ago
Suppose that the United States currently imports 1.0 million pairs of shoes from China at $20 each. With a 50 percent tariff, th
hichkok12 [17]

Answer:

Trade situation is a win-win game for US consumers as well as US producers and for all the whole world.

Since China is producing cheaper shoes which means US consumers will be gain from Chinese import at a reduced cost and that will result in higher consumer surplus. But because of the tariff, US consumers are at a disadvantage. Due to free trade agreement between US and Mexico, Chinese producers lost as their is tariff in their product which make it to be uncompetitive.

Explanation:

Looking at the difference between importation cost from both Mexico and China,

I.e Consumer Price of Mexican shoes - Consumer Price of Chinese Shoes = $30 - $25 = $5

Which means US consumers are paying $5 extra for Mexican import than Chinese import without tariff

For Chinese product

With the tariff, US consumers were paying ( 1 million * $10 ) = $10 million

Net consumer surplus is -$10 million USD.

For Mexican product

1.2 million * $5 = $6 million

Net Gain

$10 million - $6 million = $4 million.

The Net losses for US Sellers is $6 million

US government is losing all its tariff because of the free trade agreement resulting from Mexican import

1 million * $10 = 10 million

Trade situation is a win-win game for US consumers as well as US producers and for all the whole world.

Since China is producing cheaper shoes which means US consumers will be gain from Chinese import at a reduced cost and that will result in higher consumer surplus. But because of the tariff, US consumers are at a disadvantage. Due to free trade agreement between US and Mexico, Chinese producers lost as their is tariff in their product which make it to be uncompetitive.

6 0
2 years ago
Other questions:
  • Name 3 negative scenarios that could potentially damage your credit score
    8·1 answer
  • Supply a statement that refers to the wage-price spiral process.
    6·2 answers
  • What are some of the reasons businesses fail?
    6·1 answer
  • __________ buy raw materials and parts that they reprocess into the finished goods they sell. Retailers Wholesalers Manufacturer
    6·1 answer
  • The articles of incorporation are submitted by the incorporators to the ____ for approval a. Irs . B. Office of the Secretary of
    10·1 answer
  • Who is better Mario or Sonic
    7·2 answers
  • Jack Palomo has deposited $2,500 today in an account paying 6 percent interest annually. What would be the simple interest earne
    15·1 answer
  • Love It Industries manufactures​ custom-designed playground equipment for schools and city parks. Love It expected to incur $ 78
    6·1 answer
  • The following information is available for Ethtridge Manufacturing Company for the month ending July 31:
    8·1 answer
  • what is an example of an activity that would be considered a management function for an sec audit client?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!