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
sergey [27]
3 years ago
8

The ledger of Mai Company includes the following accounts with normal balances: D. Mai, Capital $9,000; D. Mai, Withdrawals $800

; Services Revenue $13,000; Wages Expense $8,400; and Rent Expense $1,600. Prepare the necessary closing entries from the available information at December 31.
Business
1 answer:
oksian1 [2.3K]3 years ago
8 0

Answer: See explanation

Explanation:

The necessary closing entries from the available information at December 31 will be calculated thus:

1. Dec 31

Dr Services Revenue $13000

Cr Income Summary $13000

2. Dec 31

Dr Income Summary $10000

Cr Wages expense $8400

Cr Rent expense $1600

3. Dec 31

Dr Income Summary = $13000 - $10000 = $3000

Cr D. Mai, Capital $3000

4. Dec 31

Dr D. Mai, Capital $800

Cr D. Mai, Withdrawals $800

You might be interested in
Can someone help me to fix this BAFS question?
Tanya [424]

Mr.Cheung lives in China

5 0
2 years ago
Taylor Entertainment Center has 5 TVs on hand at the balance sheet date that cost $400 each. The net realiz- able value is $350
faltersainse [42]

Answer:

Under the lower-of-cost-or- net realizable value basis of accounting for inventories, the value that Taylor should report for the TVs on the balance sheet is $350 × 5 = $1,750

Explanation:

The lower-of-cost-or- net realizable value basis of accounting for inventories values inventory at the lower of its cost or net realizable value. This basis of accounting gives a <em>faithful representation</em> to the users of the value of assets in inventory that firm holds. This is  also <em>prudent</em> in that profits are not overstated in the Income statement.

4 0
3 years ago
Which of the following is an individual characteristic of employees that improves individual mechanisms such as stress and motiv
otez555 [7]

Answer: C) Personality

Explanation:

Personality is an individuals quality that helps them succeed in life. If you improve your personality you can control stress and increase your motivation.

7 0
3 years ago
What are the paper bills and coins that a country actually circulates called?
AnnZ [28]
Apaper bills and coins circulated in a country are called CURRENCY. Please remember that currency is <span>a system of money in general use in a particular country. I hope this is useful. </span>
7 0
3 years ago
Read 2 more answers
What is the term for the aesthetic that emerged with technological innovations and through mass media and entertainment, avoidin
Schach [20]

Group of answer choices.

a. Avant-Garde

b. Zeitgeist

c. Modern

d. Post-Modern

Answer:

c. Modern.

Explanation:

A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks etc.

According to the economist Philip Kotler in his book titled "Marketing management" he stated that, there are five (5) levels of a product. This includes;

1. Core benefit.

2. Generic product.

3. Expected product.

4. Augmented product.

5. Potential product.

The core benefit of a product can be defined as the basic (fundamental) wants or needs that is being satisfied, met and taken care of when a customer purchase a product.

Innovation typically involves the creation of a new product of any category such as automobile, building, phones, electronics, etc., that generates money for the innovators or manufacturers through purchase made by the end users (consumers).

Modern is the term used to describe an aesthetic (artistic goods or products) that emerged with technological innovations and through mass media and entertainment, avoiding any reference to past fashion, instead focusing on sleekness, banishment of frills, functional details, and performance and technical fabrics.

This ultimately implies that, the product isn't obsolete in nature but designed and developed to meet new tastes.

4 0
2 years ago
Other questions:
  • The margin of safety is the amount that sales can drop before the company incurs a loss.
    5·1 answer
  • What term means an explosive and seemingly uncontrollable inflation in which money loses value rapidly and may even go out of​ u
    15·1 answer
  • The term? "market" in economics refers to
    13·1 answer
  • Which of the following are true?
    6·1 answer
  • A tire without good traction has less _____.
    12·2 answers
  • Which of the following is a characteristic of utility?
    13·1 answer
  • Define the term creativity​
    12·2 answers
  • Company X has beta = 1.6, while Company Y's beta = 0.7. The risk-free rate is 7%, and the required rate of return on an average
    13·1 answer
  • For each of the following, compute the present value (Do not round intermediate calculations and round your answers to 2 decimal
    13·1 answer
  • Hi guys, i need urgently some help with this question
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!