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2 years ago

The ledger of Mai Company includes the following accounts with normal balances: Common Stock $9,000;

Business

1 answer:

Amiraneli [1.4K]2 years ago

7 0

Answer: Please see explanation for answer

Explanation:

Journal to close Revenue account

Date Accounts and explanation Debit Credit

31 December Service Revenue $13,000

Income Summary $13,000

Journal to close expense account

Date Accounts and explanation Debit Credit

31 December Income Summary $10,000

Wages Expenses $8,400

Rent expenses $1,600

Journal to close Income Summary account

Date Accounts and explanation Debit Credit

31 December Income Summary $3,000

Retained earnings $3,000

Calculation

Retained Earnings =Services Revenue- (wages expense + rent expense)

$13,000 -$10,000-= $3,000

Journal to close Dividend account

Date Accounts and explanation Debit Credit

31 December Retained earnings $800

Dividends $800

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Bramble Corp. makes and sells widgets. The company is in the process of preparing its selling and administrative expense budget

Alexandra [31]

Answer:

$720,000

Explanation:

The total budgeted selling and administrative expenses is made up of both fixed and variable components. The variable component of the cost is dependent on the budgeted number of units to be sold.

Total variable cost budgeted

= 58000 ( $1 + $3 + $4 +$2)

= $580,000

Total fixed cost = $10,000 + $120,000 + $4,000 + $6,000

= $140,000

total budgeted selling and administrative expenses for October

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= $720,000

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3 years ago

Sally brings home $50,000 a year to help provide financial support to her family, comprised of her husband and two children. She

svp [43]

Answer:

$386,080

Explanation:

In order to find the Coverage of sally's investment in life insurance for 10year can be done by making 10-year table

Year Cashflow Discount factorI5%) Present Value

$ $ $

1 50,000 0.9524 47,620

2 50,000 0.9070 45,350

3 50,000 0.8638 43,190

4 50,000 0.8337 41,135

5 50,000 0.7835 39,175

6 50,000 0.7462 37,310

7 50,000 0.7107 35,535

8 50,000 0.6768 33,840

9 50,000 0.6446 32,230

10 50,000 0.6139 30,695

NPV = Sum of all present values

NPV = $386,080

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3 years ago

A great business idea is A. the beginning of a great business. B. all you need to succeed. C. something that comes along once in

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Answer:

A beginning of a great business

Explanation:

Not for sure that the answer

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3 years ago

Your team leader puts a suggestion box in the break room. At team meetings, he lists all the reasons why the suggestions can't b

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3 years ago

Burns Corp. had the following items:

OLga [1]

Answer:

Option D is correct because the only item that relates to Income statement is Sales Revenue of $45000 and the remainder transactions net effect must go to Comprehensive Income statement.

Net effect = - $36k + $28k - $17k -$3.1k = $28.1 Loss

This net effect realized during the year in the Comprehensive Income statement because these transaction does not directly relate to core operation of the entity.

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3 years ago