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ella [17]
2 years ago
13

TB MC Qu. 04-99 K. Canopy, the proprietor of Canopy Services... K. Canopy, the proprietor of Canopy Services, withdrew $6,200 fr

om the business during the current year. The entry to close the withdrawals account at the end of the year is:_______.
Debit K Canopy, Withdrawals $6,200; credit Cash, $6,200 Debit K.
Canopy, Capital $6,200; credit K. Canopy, Withdrawals $6,200 Debit K.
Canopy, Withdrawals $6,200; credit K. Canopy, Capital $6,200 Debit K.
Canopy, Capital $6,200, credit Salary Expense $6,200 Debit Income Summary $6,200; credit K. Canopy, Capital $6,200
Business
1 answer:
Svetlanka [38]2 years ago
4 0

Answer:

Debit K Canopy, Capital $6,200;

Credit K Canopy Withdrawals $6,200

Explanation:

With regards to the above, the entries to close the withdrawals account at the end of the year would be;

Debit K Canopy, Capital $6,200

Credit K Canopy Withdrawals $6,200

Capital is being debited because cash is being taken from the business, hence it will be debited, while withdrawal account would be credited since its receiving cash.

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An independent firm that offers connections and Electronic Data Interchange (EDI) transaction forwarding services to buyers and
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Value Added Network

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Value Added Network -

It is the service , which is provided by some private firm , so that the company have a secure way to share the data , is referred to as value added network , VAN .

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The correct term is Value Added Network VAN.  

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3 years ago
An economy has two firms, Russell Farms and the Cider Mill. Russell Farms owns orchards. It sells some of its apples to the publ
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Answer:

a. GDP will increase

b. No effect on GDP

c. GDP will increase

d. GDP will increase

e. GDP will rise

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Gross domestic product is the total monetary value of all the finished goods produced in the country during a specific period. When a new house is constructed it will create value for the economy and GDP will rise but when an old house is resold again there is no addition in the monetary value so there will be no effect on GDP.

6 0
2 years ago
Diversity of the planning group: A. Requires the group leader to control of decision making and action planning. B. Makes it dif
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Option C. Diversity of the planning group: Often results in more comprehensive and creative planning.

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8 0
1 year ago
he variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates that, at her current ra
OverLord2011 [107]

Answer: $0.51

Kristen Lu purchased a used automobile for $25,950 at the beginning of last year and incurred the following operating costs:

Depreciation ($25,950 ÷ 5 years) $5,190

Insurance $2,700

Garage rent $1,400

Automobile tax and license $710

Variable operating cost $0.11 per mile

The variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates that, at her current rate of usage, the car will have zero resale value in five years, so the annual straight-line depreciation is $5,190. The car is kept in a garage for a monthly fee.

Explanation:

To calculate the fixed cost per mile, calculate the total fixed cost and divide by the number of  miles (25000).

The total fixed cost combines all the cost that do not change depending on the level of usage. These costs do not reduce if Kristen uses her car less or increase if she uses her car more. The variable cost is the opposite of this.

Total fixed cost = $5,190  + $2,700  + $1,400  + $710  = 10,000

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Variable Operating Cost/Mile             = $0.11

Average Operating Cost/Mile             = $0.51

5 0
3 years ago
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