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gulaghasi [49]
3 years ago
9

Following are Nintendo’s revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). (Enter answers in

millions.) Net sales ¥ 1,888,622 Cost of sales 1,254,981 Advertising expense 118,308 Other expense, net 397,544 Prepare the company's closing entries for its revenues and its expenses.
Business
1 answer:
Gnom [1K]3 years ago
4 0

Answer:

1.

Dr. Net Sales               ¥ 1,888,622

Cr. Income Summary  ¥ 1,888,622

2.

Dr. Income Summary      ¥1,770,833

Cr. Cost of sales              ¥ 1,254,981

Cr. Advertising expense ¥ 118,308

Cr. Other expense           ¥ 397,544

Explanation:

Closing Entries are passed to close the temporary accounts of a business for the year. These accounts are closed and their balances are transferred to income summary account.

First we will close the the revenue / income accounts and then expenses or cost accounts.

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When the price level falls: Multiple Choice the demand for money rises. there is a decrease in spending that is sensitive to int
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Answer:

holders of financial assets with fixed money values increase their spending.

Explanation:

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3 years ago
what does it mean to do a good job of managing human resources in, for instance, a hospital? What activities are involved, and f
Fynjy0 [20]

Answer: When workers are given the best working conditions a company can afford.

Explanation:

A good job is done in Human resource management in an organization when it has ensured that staff are given the best working conditions the company can afford. In a hospital for instance, where the staff population is mainly made up of nurses and doctors, an approach can be done to give the workers quality working conditions such as:

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3 years ago
Multiple Choice Question 121 The following information pertains to Ortiz Company. Assume that all balance sheet amounts represen
olasank [31]

Answer:

Inventory TO 5.5

This means Ortiz sales his inventory 5.5 times per year.

Explanation:

Inventory turnover for Ortiz

\frac{COGS}{Average Inventory} = $Inventory Turnover

​where:

$$Average Inventory=(Beginning Inventory + Ending Inventory)/2

COGS:     66,000

In this case the average inventory is provided already: 12,000

\frac{66000}{12000} = $Inventory Turnover

Inventory TO 5.5

This means Ortiz sales his inventory 5.5 times per year.

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3 years ago
South Carolina is facing budget cuts. The number of employees needs to be reduced over the next three years at all state agencie
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<u>Answer:</u> This approach is called attrition.

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The strength of the state is reduced in order to reduce the expenses and money pay outs. When there is a deficiency in the budgets actions have to be taken accordingly to minimize the effects.

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3 years ago
Russ and Linda are married and file a joint tax return claiming their three children, ages 4, 7, and 18, as dependents. Their ad
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The correct answer is:

c. $3,700
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