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3 years ago

5

Flounder has year-end account balances of Sales Revenue $843,779, Interest Revenue $12,160, Cost of Goods Sold $531,052, Adminis

trative Expenses $177,930, Income Tax Expense $36,772, and Dividends $17,793. Prepare the year-end closing entries.

1 answer:

ella [17]3 years ago

5 0

Answer:

Dr Sales Revenue $843,779

Dr Interest Revenue $12,160

Cr Income Summary $855,939

Dr Income Summary $745,754

Cr Cost of Goods Sold $531,052

Cr Administrative Expenses $177,930

Cr Income Tax Expense $36,772

Dr Income Summary $110,185

Cr Retained Earnings $110,185

Dr Retained Earnings $17,793

Cr Dividends $17,793

Explanation:

Preparation for the year-end closing entries.

Dr Sales Revenue $843,779

Dr Interest Revenue $12,160

Cr Income Summary $855,939

($843,779+$12,160)

Dr Income Summary $745,754

($531,052+$177,930+$36,772)

Cr Cost of Goods Sold $531,052

Cr Administrative Expenses $177,930

Cr Income Tax Expense $36,772

Dr Income Summary $110,185

($855,939-$745,754)

Cr Retained Earnings $110,185

Dr Retained Earnings $17,793

Cr Dividends $17,793

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The continuing cycle of erratic demand causing forecasts to include safety stock which in turn magnify supplier forecasts and ca

balandron [24]

Answer:

The Bullwhip Effect

Explanation:

Bullwhip effect is a phenomenon that occurs in an organisation's channel of distribution due to swings or erratic demands for products by customers. This erratic nature of demands will usually lead to forecasting inefficiencies especially in meeting the demands through the supply chain.

A sudden increase in demand could lead to production planning problems because there might not be enough inventory of materials on ground to meet the demand. Also, a sudden decrease in demand can bring the challenge of excess inventory of materials which may not be needed for production for a while.

One of the measures taken to manage this erratic nature of demands is to ensure that whatever the forecasts for demands is, safety stock must be included to the forecast level of demand so as to ensure that production planning is adequate and the demands are met as well.

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The Heartlake Corporation manufactures and sells toy gyroscopes. The following data is related to sales and production of the to

ryzh [129]

Answer:

The Question is Incomplete; Full Question is as follows;

Using variable costing, what is the contribution margin for last year?

<em>Contribution Margin = $362,900</em>

Explanation:

Computation of expenditure margin by differential costing;

<em>Sales </em><em>Minus </em><em>variable cost </em>

Sales (190,000 *$8.20)

= $1,558,000

Variable cost of Manufacturing(190,000 units *$1.84)

= $349,600

— variable sales and administrative costs(190,000 units *$4.45)

= $845,500

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Cullumber Company uses the percentage-of-receivables basis to record bad debt expense. Accounts receivable (ending balance) $605

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Answer:

a. Journal entry

b. $18,150

c. $586,850

Explanation:

a. The adjusting journal entry is as follows

Bad debt expense A/c Dr

To Allowance for doubtful debts

(Being bad debt expense is recorded)\

The computation of the bad debt expense is shown below:

= Account receivable × estimated percentage given + debit balance of allowance for uncollectible accounts

= $605,000 × 3% + $4,700

= $18,150 + $4,700

= $22,850

b. The adjusted balance in Allowance for Doubtful Accounts is $18,150

c. The cash realizable value is

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Helga [31]

Solution:

The relationship is called the deal to run the company by adding money, by distributing the business risk, etc. We share profit and loss from their relationship and the net profit is the partner's profits.

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Add:

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Share of the accounts payable debt 4,100

Share of partnerships taxable income 15,000

Hence, Elisha's basis in the partnership on December 30. $299,100

Ezra's basis in partnership

Particular Amount $

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Less: Debt assumed by the partnership 140,000

Add:

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Share of construction debt 10,000

Share of accounts payable debt 4,100

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Answer:

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Explanation:

according to Baumrind, there are four parenting styles :

Authoritative

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permissive

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Parenting behaviour are divided into two dimensions :

demandingness - when a parent controls their child's actions

Responsiveness - refers to the extent to which the parent accepts and recognises their child's needs

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