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siniylev [52]
3 years ago
7

Applying Closing Procedures Assume you are in the process of closing procedures for Echo Corporation. You have already closed al

l revenue and expense accounts to the Retained Earnings account. The total debits to Retained Earnings equal $308,800 and total credits to Retained Earnings equal $347,400. The Retained Earnings account had a credit balance of $99,000 at the start of this current year. What is the post-closing ending balance of Retained Earnings at the end of this current year
Business
1 answer:
pav-90 [236]3 years ago
7 0

Answer:

See below

Explanation:

Given the above details, post closing ending balance of retained earnings would be calculated by

= Debit balance in the retained earning + credit in the retained earnings - Credit balance in the retained earnings

= $308,800 + $99,000 - $347,400

= $60,400

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Answer:

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This is because Dina and Juanita favor vanilla over chocolate.

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The master budget at Western Company last period called for sales of 225,000 units at $9 each. The costs were estimated to be $3
Vadim26 [7]

Answer:

Sales volume variance $26,250 Favorable

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<em>The sales volume variance is calculated as the difference between the budgeted and the actual sales volume multiplied by he standard contribution per unit</em>

                                                                       Units

Budgeted sales units                                 225,000

Actual sales units                                      <u> 230,000</u>

Sales volume                                              5,000 favorable

Standard contribution(9-3.75)              <u>     × $5.25</u>

Sales volume variance                        <u>    $ 26,250 </u>

Sales volume variance                        $26,250 Favorable

<em>Note standard contribution = standard selling price - standard variable cost</em>

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