1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
siniylev [52]
2 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]2 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

You might be interested in
Please read the entire question.
Bad White [126]

Maybe a nighttime setting could work for your PowerPoint. I'm thinking string lights, glow-in-the-dark stickers, stuff like that. And then in comes your toy: warm, snuggly, and here to help your prospective kid sleep through the night. I know how to make a whole bunch of cool designs with PowerPoint, so just comment below if you have any questions.

6 0
3 years ago
The United States Bureau of Labor Statistics (BLS) conducts the Quarterly Census of Employment and Wages (QCEW) and reports a va
Wittaler [7]

Answer:

Answer for the question:

The United States Bureau of Labor Statistics (BLS) conducts the Quarterly Census of Employment and Wages (QCEW) and reports a variety of information on each county in America. In the third quarter of 2016, the QCEW reported the total taxable earnings, in millions, of all wage earners in all 3222 counties in America.

is given in the attachment.

Explanation:

7 0
3 years ago
At the beginning of 20x1, Sun Angel Corporation began offering a two-year warranty on its products. The warranty program was exp
Anettt [7]

Answer:

The correct answer is 1,900,000 dollars.

Explanation:

This question requires us to calculate the amount that the Sun angel will recognize as warrantly liability in it balance sheet for the year ended at 20x1.

The sales made during the year is 180 millions dollars. So the company will recognize the provision as follow (during the year)

(180M * 4%= 7.2M)

Debit Warrantly Expense    $7.2M

Credit Liability                      $7.2M

Claim entertain during the year that has reduce the above recognize liabilty is

Debit Liabilty                    $5.3M

Credit Cash                      $5.3M

Liability to be reported = $7.2M - $5.3M = 1,900,000 dollars

6 0
3 years ago
Charley spends all of his income on soft drinks and pizza. Suppose he is currently buying these products in amounts such that hi
tangare [24]

Answer:

The correct option is B. No, he should shift consumption toward soft drinks and away from pizza to maximize total benefits.

Explanation:

Note: This question is not complete because some important figures and points are missing in it. These figures and points are therefore provided to complete the question before answering it as follows:

Charley spends all of his income on soft drinks and pizza. Suppose he is currently buying these products in amounts such that his marginal benefit from an additional soft drink is $100 and his marginal benefit from an additional slice of pizza is $110. If the price of a soft drink is $2 and the price of a slice of pizza is $3, is Charley maximizing his total benefits?

A. No, he should increase his consumption of both goods.

B. No, he should shift consumption toward soft drinks and away from pizza to maximize total benefits.

C. Yes, there is no other consumption choice that will make his total benefits greater.

D. No, he should shift consumption toward pizza and away from soft drinks to maximize total benefits.'

The explanation of the answer is now provided as follows:

Under utility maximization theory, the condition for the utility or benefit maximization for two goods is as follows:

MBs / Ps = MBp / Pp ……………………………. (1)

Where:

MBs = Marginal benefit from an additional soft drink = $100

MBp = Marginal benefit from an additional slice of pizza =$110

Ps = Price of a soft drink = $2

Pp = Price of a slice of pizza = $3

Subtitling the relevant values, we have:

MBs / Ps = Marginal utility per dollar spent on soft drinks = $100 / $2 = 50

MBp / Pp = Marginal utility per dollar spent on soft pizza = $110 / $3 = 36.67

This implies that 50 = MBs / Ps > MBp / Pp = 36.67

The decision rule is that the limited money income should be spent by a consumer on the good which gives the higher marginal utility per dollar in order to maximize marginal benefit.

Since 50 = MBs / Ps > MBp / Pp = 36.67 above, this implies that Charley is NOT maximizing his total benefits. To maximize his total benefits, Charley should consume more of soft drinks and less of pizza until the condition is consistent with equation (1).

Therefore, the correct option is B. No, he should shift consumption toward soft drinks and away from pizza to maximize total benefits.

7 0
2 years ago
Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $193 in cash along with recei
exis [7]

Answer:

petty cash fund    440 debit

         cash                           440 credit

--stablishment of the fund--

freight-in                           46 debit

postage expenses           78 debit

miscellaneous expenses 111 debit

cash shortage loss            12 debit

                   Cash                               247 credit

--reimbursement of the fund--

petty cash fund      50 debit

                    Cash                     50 credit

--incerase of the fund to 490--

Explanation:

The petty fund will be stablish using cash, so we decrease cash and create the petty fund.

Then, the expenditures will be against cash, so we don't have to use the petty fund account.

Lastly, to increase the fund we take from the cash account the 50 dollars increase.

5 0
3 years ago
Other questions:
  • Suppose a local bank increases the fees they charge for their bank accounts by 5 percent. in​ response, the demand for their ban
    14·1 answer
  • Lydia works at a medical facility in which all employees are required to wear white shoes. lydia does not agree with this rule.
    11·1 answer
  • Suppose the government increases taxes by ​$110 billion and the marginal propensity to consume is 0.80. By how will equilibrium
    13·1 answer
  • On February 12, Goal Publishing, Inc., purchased the copyright to a book for $15,000 and agreed to pay royalties equal to 10% of
    8·1 answer
  • Zelda Partnership holds cash of $30,000 and inventory worth $60,000 (basis equals $42,000). Zelda makes a $30,000 cash liquidati
    5·1 answer
  • Prepare Journal Entries in a Revenue Journal Horizon Consulting Company had the following transactions during the month of Octob
    14·2 answers
  • Abby's Designer Wear is a large boutique of designer clothes. Over the past year, the business slowed down, and the boutique sta
    9·1 answer
  • Despite ongoing debates about the appropriateness of macroeconomic policies, many macroeconomists have reached a modern consensu
    13·1 answer
  • 9
    10·2 answers
  • An intangible benefit is called a <br><br> a) commodity<br> b) Service<br> c) market<br> d) goods
    15·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!