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3 years ago

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31.

Business

1 answer:

Lana71 [14]3 years ago

5 0

Answer and Explanation:

The journal entry required to close the expense account is given below:

Income summary Dr $33,520

To Wages Expense $19,000

To Depreciation Expense $1,800

To Utilities Expense $320

To Insurance Expense $700

To Maintenance Expense $9,000

To Income Tax Expense $2,700

(being the expenses accounts are closed)

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ABC owns 80 percent of XYZ Corporation’s common stock. For the current financial year, ABC and XYZ reported sales of $500,000 an

agasfer [191]

Answer:

$284,000

Explanation:

ABC Corporation

Consolidate Income Statement

For the year ended, 31 December, 20XX

Particulars ABC XYZ

Sales $500,000 320,000

Less: Expenses <u>$(280,000) $(240,000)</u>

Net Income $220,000 $80,000

Consolidated Income for the year under the proprietary theory approach for ABC corporation = $220,000 + (80,000 × 80%) = $220,000 + 64,000

= $284,000

According to the proprietary theory approach, the wholly-owned company will get the same percentage it owns the proportionate of that subsidiary company or companies.

4 0

3 years ago

"An investment advisor has recommended a $50,000 portfolio containing assets R, J, and K; $25,000 will be invested in asset R, w

lesantik [10]

Answer:

The expected annual return of Portfolio is 12.00%

Explanation:

The portfolio return is calculated by multiplying the individual security return with weight of individual security in the portfolio. We have three securities R, J and K with expected return on 12%, 18% and 8% with weight of 50%, 20% and 30%. Through multiplying them we get individual return of security that is 6%, 3.6% and 2.4%. The weighted average portfolio return is 12%

8 0

4 years ago

What restriction did the US government place on advertising in 1997?

12345 [234]

Answer:

The answer should be D, a ban of deceptive advertisements.

Explanation:

In the 90s the government cracked down on deceptive advertising more than ever and more laws on the matter were added. The only other option that was actually ever banned was A, none of the other choices were ever banned. The ban on tobacco happened in the 70s under Nixon, that makes D the only possible answer. Hope this helps! :)

3 0

3 years ago

The Tolar Corporation has 500 obsolete desk calculators that are carried in inventory at a total cost of $720,000. If these calc

Arisa [49]

Answer:

Financial advantage = $10,000

Explanation:

Since the calculators are obsolete, in the current state they only have value of $50,000

If further processed,

Sales = 190,000

Processing cost = 130,000

Total profit after processing = 190,000 - 130,000 = $60,000

The financial advantage of processing further = 60,000 - 50,000

Financial advantage = $10,000, the calculators should be processed further.

Hope that helps.

7 0

4 years ago

Enok, a prospective franchise owner, is looking to keep his monthly costs as low as possible. The franchisor he is checking out

Reika [66]

Answer:

(3) $3,750,000

Explanation:

The computation of the expect monthly sales to be as high is shown below:

Given that

Sales per month = $300,000

Royalty payments = 8% of sales

So, the expected monthly sales would be

= Sales per month ÷ Royalty payments percentage

= $300,000 ÷ 8%

= $3,750,000

We simply divided the sales per month by the royalty payment percentage i.e 8%

5 0

3 years ago