1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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)

You might be interested in
On April ​3, a customer returned $ 900 of merchandise that had been purchased with cash to Cooke Supplies. Cooke​'s cost of the
PIT_PIT [208]

Answer:

The Journal entries are as follows:

(i) Sales revenue A/c  Dr. $900

          To Cash  $900

(To record the correction in sales revenue)

(ii) Merchandise Inventory A/c  Dr. $200

           To Cost of Goods sold  $200

(To record the merchandise returned)

Note:

(1) At the time of sale, the cash would have been debited with the amount of $900 and the sales revenue would have been credited with the amount of $900. Now, the cash of $900 should be credited as it was debited earlier.

(2) The inventory account also credited at the time sale, so it should be debited and the cost of goods sold debited at the time of original sale, so it need to be credited.

4 0
3 years ago
Allocative efficiency is concerned with :_________.
Digiron [165]

A) Producing the combination of goods most desired by society

8 0
3 years ago
You own the following portfolio of stocks. What is the portfolio weight of Stock C?
LuckyWell [14K]

Answer:

38?59%

Explanation:

Calculation for the portfolio weight of Stock C

First step is to calculate the Total Value of Stock A to Stock D in the Portfolio using this formula

Total Value of stock A to stock D in Portfolio = Number of Shares * Stock Price

Let plug in the formula

Total Value of stock A to stock D in Portfolio = (A 120 *$32)+ (B 750* $28)+ (C 450* $52) +(D 240* $51)

Total Value of stock A to stock D in Portfolio = A $3,840+ B$21,000+C$23,400+D$12,240

Total Value of stock A to stock D in Portfolio=$60,480

Last step is to calculate the portfolio weight of Stock C using this formula

Portfolio weight of Stock C =Stock C /Total Value of stock A to stock D in Portfolio

Let plug in the formula

Portfolio weight of Stock C= 450 *$52/$60,480

Portfolio weight of Stock C=$23,400/$60,480

Portfolio weight of Stock C=0.3869*100

Portfolio weight of Stock C=38.69%

Therefore the Portfolio weight of Stock C will be 38.69%

7 0
3 years ago
A magazine publisher collects one year in advance for subscription revenue. In the year of providing the magazines to customers,
photoshop1234 [79]

Answer:

The correct answer is letter "B": A decrease in a deferred tax asset.

Explanation:

A Deferred Tax Asset is an asset on a balance sheet of a business that can be used to lower taxable income. It is the opposite of deferred tax liability that reflects something that will increase income taxes. Both are listed under current assets on the Balance Sheet.

The deferred tax asset will be generated when recorded income taxes owed are higher than the income taxes paid to the Government.

Thus, <em>a decrease in deferred tax is recorded when a company has collected revenue in advance for a good not delivered or a service not rendered yet.</em>

5 0
3 years ago
Why doesn’t a change in the price of eggs cause a change in the demand for eggs?
FromTheMoon [43]
Supply and demand changes the price of eggs
6 0
3 years ago
Other questions:
  • Donald discovers major flaws in the packaging department. He consults the production manager and formulates control measures to
    14·1 answer
  • You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 78 - 15Q, where Q =
    13·1 answer
  • Robert Sampson owns a townhouse valued at $185,000 and still has an unpaid mortgage of $150,000. In addition to his mortgage, he
    5·1 answer
  • Felipe works for an insurance agency with about 50 employees. The HR director recently sent an email requesting information on w
    7·1 answer
  • Which of the following organizations is a discrete manufacturer? a. A pharmaceutical company in Arizona that manufactures skin c
    13·1 answer
  • Pompeii, Inc., has sales of $50,000, costs of $23,000, depreciation expense of $2,250, and interest expense of $2,000. If the ta
    14·1 answer
  • A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
    11·1 answer
  • Hickock Mining is evaluating when to open a gold mine. The mine has 39,200 ounces of gold left that can be mined, and mining ope
    10·1 answer
  • The government's too-big-to-fail policy applies to: Group of answer choices large corporate payroll accounts held by some banks
    9·1 answer
  • Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $9,381.58. On that date, the bank state
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!