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Wittaler [7]
2 years ago
5

Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000, expenses of $103,700, The company paid $1

8,000 cash in dividends to the owner (sole stockholder). The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
Business
1 answer:
earnstyle [38]2 years ago
5 0

Answer:

The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed is:

Debit Income Summary Account $63,300

Credit Retained Earnings $63,300

To close the income summary account.

Explanation:

a) Closing entries are made to close the temporary (Income Summary) accounts so that only the permanent (balance sheet) accounts remain.  Temporary accounts are period accounts whose balances are taken to the income summary account.  They are not carried over to the next accounting period, except the net financial performance result, known as the net income, which adjusts the Retained Earnings.

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What are the major chemical components of the cell membrane?
viktelen [127]

Answer:

The answer is below

Explanation:

The cell membrane is a biological term that describes a form of cell protection, which lies in the middle of the cell interiors and their outer surface. It is sometimes defined as Plasma Membrane.

Hence, in this case, the correct answer is that the major chemical components of the cell membrane are the following

1.  cholesterol

2.  glycolipids

3.  phospholipids

4.  proteins

3 0
2 years ago
You are in talks to settle a potential lawsuit. The defendant has offered to make annual payments of $35,000, $39,000, $80,000,
storchak [24]

Answer:

The value of the settlement today =  $231,897.79  

Explanation:

The value of the settlement today is the sum of the present value (PV) of cash inflows discounted at the discount rate of 5.7 %.

Year                                                   PV

1              35,000 × 1.057^(-1)   = 33112.58

2                39,000× 1.057^(-2) = 34907.16

3.               80,000× 1.057^(-3)  = 67743.09

4                 120,000 × 1.057^(-4) =96134.94

The Pv of the total cash in flow =33,112.58  +  34,907.17  +  67,743.09  +  96,134.95  =  231,897.79  

The value of the settlement today =  $231,897.79  

7 0
3 years ago
The payroll register of Seaside Architecture Company indicates $820 of social security and $224 of Medicare tax withheld on tota
Sergio [31]

Answer:

The payroll tax expense is $1754.20

Explanation:

7 0
2 years ago
Accounts Payable: $19,207
lisabon 2012 [21]

Answer:

total liabilities = $169,008

Explanation:

total liabilities:

  • Accounts Payable: $19,207
  • Discount on Bonds Payable: ($7,000) ⇒ contra liability account
  • Sales Tax Payable: 3,512
  • FICA Tax Payable: 3,200
  • Bonds Payable: 100,000
  • Note Payable, due in two years 1,709
  • Unearned Service Revenue 30,500 ⇒ must be reported as a liability
  • Salaries and Wages Payable 17,880

to determine the total liabilities we just have to add both current and long term liabilities, and subtract any contra liability accounts = $176,008 - $7,000 = $169,008

7 0
2 years ago
Embezzlers who manipulate accounting records to conceal their fraud (or theft of assets) most often ____.Group of answer choices
Bingel [31]

Answer:

."Balance" the accounting equation by increasing expenses.

Explanation:

If an organization wants to manipulate its accounting records so that it could conceal their fraud so the best way is to balance the accounting equation by increasing the expenses so no one can judge it and they can fulfill their objective

Here,

Accounting equation is

Total assets = Total liabilities + stockholder equity

The company increases their expenses with a motive to earn high income and wants to hide it by this method

So in the given case, the same method is applied

5 0
3 years ago
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