Answer:
b) credit to Rent Expense for $1530
Explanation:
Date Accounts and Explanation Debit Credit
Income Summary $5,550
Salaries & Wages Expense $2,900
Rent Expense $1,530
Advertising Expense $740
Supplies Expense $270
Insurance Expense $110
(To Close the expense accounts)
Answer: Aggregate
Explanation: Aggregate demand is the sum of consumption expenditure, investment expenditure, government expenditure, and net exports.
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Answer:
The amount is $4,000 and Brain character reflects the capital gain.
Explanation:
Partnership: In partnership, there are two or more partners who are ready to share the profit or losses in their profit-loss sharing ratio.
The computation is shown below:
= Brain's basis - the inside basis
= $16,000 - ($20,000 - $8,000)
Since the brain basis show excess amount than inside basis which reflects the capital gain
.
The inside basis is not relevant in the computation part. Hence, it is ignored.
Answer:
E. Debit Cost of Goods Sold $839,300; credit Finished Goods Inventory $839,300.
Explanation:
The journal entry is as follows
Cost of goods sold Dr $839,300
To Finished goods inventory $839,300
(Being the cost of goods sold is recorded)
The computation is shown below:
= Beginning balance of finished goods inventory + transferred of goods completed - ending balance of finished goods inventory
= $160,500 + $837,000 - $158,200
= $839,300
