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Goryan [66]
3 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]3 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

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I think is the answer c
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Gertie sees an ad for Ultra Tide and thinks, "Ultra Tide looks like a really good product—I think I’ll try it." This is an examp
zlopas [31]

Answer:

Support Argument.

Explanation:

Support argument is a process in which a person backs up his research or findings to prove it correct. The purpose of support argument is to sustain a product by an argument or a statement . Gertie has made a statement that she will try Ultra Tide. She has made this statement to support the ad of Ultra Tide. This is an example of support argument.

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Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 37,000 shares authorized, 19,2
kipiarov [429]

Answer:

E. Debit Retained Earnings $7,400; credit Common Dividends Payable $7,400.

Explanation:

The Journal entry is shown below:-

Retained earnings Dr, $7,400 (14,800 × $0.50)

             To Common dividend Payable $7,400

(Being dividend declaration is recorded)

Here to record the dividend declaration we simply debited the retained earnings as it decreased the stockholder equity and credited the common dividends payable as it increased the liability

So the correct option is D.

4 0
3 years ago
Kent Fuller is in the 34 percent tax bracket. A nontaxable employee benefit with a value of $2,300 would have a tax-equivalent v
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Answer:

$3,484.85

Explanation:

Calculation to determine tax-equivalent value

Using this formula

Tax-equivalent value=Nont-taxable amount/(1-Tax rate)

Let plug in the formula

Tax-equivalent value=$2,300/(1-.34)

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Therefore A nontaxable employee benefit with a value of $2,300 would have a tax-equivalent value of:$3,484.85

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A variant of fiscal-year budgeting whereby a 12-month projection into the future is maintained at all times is termed _____ budg
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A variant of fiscal-year budgeting whereby a 12-month projection into the future is maintained at all times is termed Continuous budgeting.

<h3>What is Continuous Budgeting?</h3>
  • Budgets are created for future periods, revised throughout current periods, and adjusted at the conclusion of the term. This process is known as continuous budgeting.
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  • The majority of businesses create their budgets on a monthly, quarterly, or annual basis, however many businesses now create weekly budgets to monitor sales and shipments.
  • In the current era, these plans are utilized to establish financial and performance goals and benchmarks for the future.
  • Following the conclusion of the current period, the budgeting process is restarted by developing a new plan for the following accounting period.

To learn more about Continuous Budgeting refer to:

brainly.com/question/14300218

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