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arsen [322]
3 years ago
7

Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been a

djusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Summit Services: Fees Earned $1,150,000 Dividends 5,000 Rent Expense 200,000 Retained Earnings 450,000 Supplies Expense 19,300 Wages Expense 915,000 Miscellaneous Expense 31,900
Journalize the four entries required to close the accounts.
Business
1 answer:
Mama L [17]3 years ago
3 0

Answer: See explanation

Explanation:

The journal entry will be prepared thus:

May 31:

Dr Fees earned $1,150,000

Dr Retained earnings $16,200

Cr Rent Expense $200,000

Cr Supplies expense $19,300

Cr Wages expenses $915,000

Cr Miscellaneous expense $31,900

May 31:

Dr Retained earnings $5000

Cr Dividend $5000

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If individuals become more impatient, what will happen in the market for loanable funds? The supply of loanable funds will decre
Fynjy0 [20]

Answer:

The supply of loanable funds will decrease, interest rates will rise, and the quantity of saving and borrowing will decrease.

Explanation:

If the people become more impatient then there will be less saving by them. So, there will be less money available with the people for providing loanable funds to the borrowers. Hence, as a result the supply of loanable funds decreases in the market for loanable funds.This will shift the supply curve of loanable funds leftwards and there is a rise in the interest rate.

It will be expensive for the borrower to take funds from the lenders at a higher interest rate, as a result they make less investment.

3 0
4 years ago
Jinnah Company applies overhead on the basis of 200% of direct labor cost. Job No. 501 is charged with $180,000 of direct materi
Strike441 [17]

Answer:

The correct answer is $540,000

good luck

3 0
3 years ago
The practice of buying goods and services now and paying for them later is termed:______
sesenic [268]

The practice of buying goods and services now and paying for them later is termed is<u> Bartering</u>.

A barter is a transaction in which two or more parties exchange products or services without exchanging cash or other forms of payment like credit cards.

In its simplest form, bartering entails the exchange of one party's good or service for another party's good or service.

A carpenter who constructs a fence for a farmer is a straightforward illustration of a barter transaction.

The farmer might compensate the carpenter with $1,000 worth of crops or groceries rather than paying the builder $1,000 in cash for labor and supplies.

To learn more about Bartering here

brainly.com/question/14903216

#SPJ4

7 0
2 years ago
In the mid 1980s, what emerging product market did a major foreign competitor capitalized on and Kodak miss due to a poor unders
Dima020 [189]

Answer:

Kodak missed the digital camera revolution that it started.

Explanation:

According to history, Kodak's Steve Sasson was the first to invent a digital camera prototype in 1975.

But, Kodak relied on its past successes to the extent that it could not see beyond its shoulders.  Kodak spotted digital technology opportunity in its business, but it lacked the foresight to sharpen its core competency so that it could redefine the market and its business from a film producing and selling company to one that gives consumers the opportunity to share images online.  It lacked the competency to understand the emerging needs of its customers and woefully failed to invest rightly in digital technology.

On the other hand, Fuji created new opportunities for itself that were related to its core business by branching into magnetic tape optics, videotape, copiers, and office automation.  As a result, it overtook Kodak in market share while Kodak submerged into bankruptcy, from which it later emerged stronger better than it was before the bankruptcy but smaller.

5 0
4 years ago
Harry owns long-term investments in a public company. These investments pay him every year, by law, and expire ten years after t
Amanda [17]

Answer:

Convertible Bonds

Explanation:

Convertible Bonds are debt securities which yield annual coupon rate of return, are redeemable after a period and during their life provide an option to the holder of such securities to get these converted into common stock based upon the conversion ratio.

Conversion ratio refers to the number of common stock that would be issued in return for a bond.

In the given case, Harry holds a security which provides him fixed return by law i.e obligatory for the borrower to pay him interest every year, expire after 10 years i.e period to maturity in addition to allowing him a conversion ratio of 50 i.e 50 common stocks for every bond held.

Thus, Harry owns a 10 year convertible bond.

5 0
3 years ago
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