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Marrrta [24]
2 years ago
12

The company's adjusted trial balance includes the following account balances cash is 15000 equipment is 85000 accumulated deprec

iation is 25,000 accounts payable is 10,000 retained earnings is 59,000 dividends is 2,000 fees earned is 56000 depreciation expense is $25,000 in salaries expenses 23,000 all accounts have normal balances
Business
1 answer:
LenKa [72]2 years ago
7 0

Answer and Explanation:

The closing entries for the following accounts are:

1. Fees earned A/c Dr $56,000

     To Income Summary $56,000

(To record the closing of the revenue account)

2. Income summary A/c Dr $48,000

      To Depreciation Expense $25,000

     To Salaries Expense $23,000

(To record the closing of the expenses accounts)

3. Income summary A/c Dr $8,000 ($56,000 - $48,000)

           To Retained earning $8,000

(To record the difference i.e. credited to retained earning)

4. Retained earnings A/c Dr $2,000

                 To Dividend A/c $2,000

(To record the closing of the dividend account)

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a bookstore sells 617 books on monday, 498 books on tuesday, and 563 books on wednesday. on which two days did the bookstore sel
OLga [1]

The two days on which the bookstore sells about 600 books are Monday(617) and Wednesday(563).

As of Monday, the sales of the bookstore were only 617, on Tuesday it was 498 and on Wednesday it was 563. As we arrange the data in ascending order as 498<563<617. We come to the conclusion that around 600 there are only two data which are 563 and 617. So, on Monday and Wednesday, the bookstore sells about 600 books.

Learn more:

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6 0
1 year ago
At december 31, 2014 rice company had 300,000 shares of common stock and 10,000 shares of 8%, $100 par value cumulative preferre
vitfil [10]

The company has declared a 100% stock dividend on its common stock will not be considered while calculating the earnings per common shares should be.

Earnings per share = Net Income / Number of equity shares.

where Net Income = $1,520,000

Common equity shares = 300,000

Earnings per share = $1,520,000 / 300,000

Earnings per share = $5.07

Therefore, earnings per common share for year 2015 for Rice Corporation is $5.07

7 0
3 years ago
What are three techniques used to generate ideas?
Mariulka [41]

Brainstorming. ...
Mindmapping. ...
Synectics. ...
Storyboarding. ...
Role playing. ...
Attribute listing. ...
Visualization and visual prompts.
4 0
3 years ago
Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Culver, Inc. and Larkspur, I
Marizza181 [45]

Answer:

Explanation:

Culver, Inc assets

Assets B. 75,000

Accumulated Depreciation

40,000

Asset A96,000

Cash. 15,000. Gain on exchange. 4,000

Larkspur Asset

(Asset B)

Asset A. 60,000. Accumulated Depreciation 47,000.

Cash. 15,000. Asset B. 110,000. Gain on exchange. 12,000. (b) let's say that the exchange of Assets A and B lacks commercial substance, record the exchange for both Culver, Inc. and Larkspur, Inc . in accordance with generally accepted accounting principles.

Culver's Asset (Asset A)

Asset B. 71,000

Accumulated Depreciation

40,000

Asset A.

96,000

Cash. 15,000

Larkspur Asset (Asset B)

Asset A. 50,400

Accumulated Depreciation

47,000

Cash. 15,000

Asset B. 110,000

Gain on exchange. 2,400.

6 0
3 years ago
The marketing manager of ToyBiz indicated that due to manufacturing efficiencies and market buzz, a new toy they were about to l
levacccp [35]

Answer: Ethicalness

Explanation: Choosing to abide by standard principles or protocol irrespective of the effect such action has on the the society could be interpreted as ignoring ethical standard. Ethics as to do with moral principle, empathy to recognize feelings of others and opting to stick with morally good or acceptable choices and avoiding the opposite irrespective of standard laws or financial gains.

With ToyBiz choosing to ignore the potential injury posed to users of it's new launch and sticking to decision which offers a higher profit as long as it doesn't violate standard design principle, Ethicalness has been ignored in their decision.

4 0
3 years ago
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