Have seen ystuckey on brainly

Journalize Closing Entries Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of

guajiro [1.7K]

Answer:

Smart Touch Learning

Closing Journal Entries:

Debit Service Revenue $50,000

Credit Income Summary $50,000

To close service revenue to income summary.

Debit Income Summary $12,400

Credit Depreciation Expense $6,500

Credit Interest Expense $300

Credit Rent Expense $4,600

Credit Salaries Expense $1,000

To close expenses to the income summary.

Debit Income Summary $37,600

Credit Retained Earnings $37,600

To close income summary to retained earnings.

Debit Retained Earnings $37,600

Credit Dividends $33,700

To close dividends to retained earnings.

Explanation:

a) Data and Analysis:

SMART TOUCH LEARNING

Adjusted Trial Balance

December 31, 2016

Accounts and Explanation Debit Credit

Account Title Balance Debit Credit

Cash 19,800

Accounts Receivable 10,900

Office Supplies 200

Prepaid Rent 13,200

Furniture 23,100

Accumulated Depreciation 7,900

Accounts Payable 2,600

Salaries Payable 600

Interest Payable 200

Unearned Revenue 5,000

Notes Payable 12,000

Common stock 35,000

Dividends 33,700

Service Revenue 50,000

Depreciation Expense 6,500

Interest Expense 300

Rent Expense 4,600

Salaries Expense 1,000

Total 113,300 113,300

Analysis of Closing Entries:

Service Revenue $50,000 Income Summary $50,000

Income Summary $6,500 Depreciation Expense $6,500

Income Summary $300 Interest Expense $300

Income Summary $4,600 Rent Expense $4,600

Income Summary $1,000 Salaries Expense $1,000

Income Summary $37,600 Retained Earnings $37,600

Retained Earnings $37,600 Dividends $33,700

5 0

3 years ago

How do economists sometimes measure physical capital in a country?

Oksanka [162]

Economists can measure physical capital in a country by unconventionally assessing the size of the employed population and their level of education which though not necessarily a conventional type of physical capital still it is essential to activate the inanimate physical capital. Conventional physical capital could be natural resources like forests, mineral deposits, and fisheries but more likely would mainly include man-made machines like tractors for farms, trucks for trucking produce, trains, factories, mine buildings and crushers etc.

4 0

4 years ago

Alternative A has a rate of return of 14% and Alternative B has a rate of return of 17%. If the investment required in B is larg

charle [14.2K]

Answer:

The answer is "larger than 17%".

Explanation:

Assume the sum of investment as B is more than A:

In part A:

A B Increment

Purchase(assumed) 100 150 50

Departure Rate 14% 17%

Return 14 25.5 11.5

The rate of return increases $( \frac{11.5}{50} \times 100)$ 23

In part B:

A B Increment

Purchase(assumed) 100 120 20

Departure Rate 14% 17%

Return 14 20.4 6.4

The rate of return increases $( \frac{6.4}{20} \times 100)$ 32

8 0

3 years ago

Horten Sporting Goods Corporation makes two types of racquets, tennis and badminton. The company uses the same facility to make

Aneli [31]

Answer:

Horten Sporting Goods Corporation

TR BR

a. Cost per unit $66.98 $62.08

b. Price of Badminton Racquets = $80.70

Explanation:

a) Data and Calculations:

Tennis Badminton

Racquets Racquets

Units produced 70,000 30,000

Direct costs:

Direct materials $17.10 per unit $14.80 per unit

Direct labor 33.50 per unit 23.10 per unit

Category Estimated Cost Driver Amount of Cost Driver

Cost TR BR Total

Unit level $736,000 Number of inspection hrs 15,900 7,100 23,000

Batch level 353,800 Number of setups 83 39 122

Product level 152,500 Number of TV commercials 4 1 5

Facility level 630,000 Number of machine hrs 30,600 39,400 70,000

Total $1,872,300

Overhead Rates:

Inspection = $32 ($736,000/23,000) per inspection hour

Equipment setup = $2,900 (353,800/122) per equipment setup

TV commercials = $30,500 ($152,500/5) per commercial

Depreciation = $9 ($630,000/70,000) per machine hour

Overhead Allocation:

TR BR Total

Inspection = $32 $508,800 $227,200 $736,000

($32*15,900) ($32*7,100)

Equipment setup = $2,900 240,700 113,100 353,800

($2,900*83) ($2,900*39)

TV commercials = $30,500 122,000 30,500 152,500

($30,500 *4) ($30,500 *1)

Depreciation = $9 275,400 354,600 630,000

($9 * 30,600) ($9 * 39,400)

Total allocated expenses $1,146,900 $725,400 $1,872,300

Units produced 70,000 30,000

Overhead cost per unit $16.384 $24.18

Cost per unit:

TR BR

Direct materials $17.10 $14.80

Direct labor 33.50 23.10

Overhead cost 16.38 24.18

Total cost per unit $66.98 $62.08

Cost of Badminton = $62.08

30% markup = 18.62

Price = $80.70

7 0

3 years ago

Puffy Shirt Inc's common stock has a beta of 1.2. If the risk free rate of return is expected to be 4% and the market risk premi

OleMash [197]

Answer:

The required rate of return is 17.2%

Explanation:

To calculate the required rate of return, we will use the CAPM or Capital asset pricing model. The formula for the required rate of return (r) is:

r = rRF + Beta * (rpM)

Where,

rRF is the risk free rate.
Beta is the measure of the risk
rpM is the market risk premium

Required rate of return for Puffy Shirt Inc's stock is:

r = 0.04 + 1.2 * 0.11

r = 0.172 or 17.2%

7 0

4 years ago