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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

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Strategic behavior is required to win a presidential election. For each example below, indicate if it is a rule, strategy, or pa
rosijanka [135]

Answer:

The Guidelines for how votes are counted and who can vote is a rule, it is backed up by the constitution as a way of directing the masses.

Choosing to campaign in states with a large number of electoral votes or so called swing states is a strategy, this involves coming up with the best approach or means to win in an election. Going to such states is a big strategy towards securing victory.

Emphasizing different messages to different voter groups is another strategy, this entails telling each of the people things that are their most needs in a bid to convince them to vote for you. It is a strategy that has always worked.

Securing endorsements and large campaign contributions is a payoff, it is an aftermath of popular acceptance by the people.

Limits on sources of fundraising and campaign contributions is a rule established by the states to encourage fair play in the electoral system or process.

Explanation:

see Answer

4 0
3 years ago
A registered representative handling a fiduciary account must be aware of the fact that:________.
rosijanka [135]

Answer:

Investment decisions must be made in accordance with the prudent investor rule .

The Uniform Prudent Investor Act of 1994 displays the rules. Speculative positions are forbidden. Margin Trading is authorized only if allowed by beneficiary of account. Fiduciaries can charge reasonable fees for their service but may not be compensated as a share of profits.

Explanation:

3 0
3 years ago
Consider the market for cars. Which determinant of demand is affected by each of the following events? Choose from: consumer pre
yulyashka [42]

Answer:

a. consumer preferences

b. number of buyers

c. incomes

d. price of related goods

e. price of related goods

f. expectations

Explanation:

a. consumer preferences : It is characterized as the qualitative of the numerous bundles of products, as calculated by utility.

b. number of buyers : The number of buyers willing and capable to purchase goods is presumed to be continuous when building a demand curve.

c. incomes : Income is funds earned by an external party in return for the purchase of a product or service or through the expenditure of cash.

d. price of related goods : Cost and demand for the products. Fits are resources that are used together.

e. same as D.

f. expectations: A firm belief that anything is going to happen or be done in the future.

3 0
3 years ago
Assume that IBM leased equipment that was carried at a cost of $182,000 to Sharon Swander Company. The term of the lease is 6 ye
yulyashka [42]

Answer:

IBM

Journal entries at the inception of the lease

Date Account Titles & Explanation Debit Credit

January 1

Debit Accounts receivable (Sharon Swander Company) $182,000

Credit Leased Asset $182,000

To record the lease of the asset to Sharon Swander.

January 1

Debit Cash $35,685

Credit Accounts receivable (Sharon Swander Company) $35,685

To record the receipt of the first rental payment.

Explanation:

a) Data and Calculations:

Cost of equipment on lease = $182,000

Lease terms:

Lease period = 6 years

Annual rental payments = $35,685

Implicit interest rate = 7%

8 0
3 years ago
Sunland Company is planning to sell 1000 buckets and produce 980 buckets during March. Each bucket requires 500 grams of plastic
Tatiana [17]

Answer: $8820

Explanation:

The total amount of budgeted direct labor for March will be calculated thus:

Production in March = 980

Estimated labor hour = 0.5hour

Labor rate per hour = $18

Total amount of budgeted labor hour will be:

= 980 × 0.5 × $18

= $8820

7 0
3 years ago
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