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White raven [17]
3 years ago
14

The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $9,000; Dividends

$800; Services Revenue $13,000; Wages Expense $8,400; and Rent Expense $1,600. Prepare its December 31 closing entries.
Business
1 answer:
Molodets [167]3 years ago
4 0

Answer:

Dec 31 Dr Service Revenue 13,000

Cr Income Summary 13,000

Dec 31 Dr Income Summary 10,000

Cr Wages Expense 8,400

Cr Rent Expense 1,600

Dec 31 Dr Income Summary 3,000

(13,000-10,000)

Cr Retained Earnings 3,000

Dec 31 Dr Retained Earnings 800

Cr Dividends 800

Explanation:

Preparation of its December 31 closing entries.

Dec 31 Dr Service Revenue 13,000

Cr Income Summary 13,000

(Being to close revenue account)

Dec 31 Dr Income Summary 10,000

(8,400+1,600)

Cr Wages Expense 8,400

Cr Rent Expense 1,600

(Being to close expense account)

Dec 31 Dr Income Summary 3,000

(13,000-10,000)

Cr Retained Earnings 3,000

(Being to close net income/loss)

Dec 31 Dr Retained Earnings 800

Cr Dividends 800

(Being to close dividends)

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klasskru [66]

Answer:

Correct answer is D $7300

Explanation:

Net income in 2019

$4,500

Net income in 2020

$3,200

Minus: Goodwill from the acquisition impaired in 2019

-$300

Minus: Goodwill from the acquisition impaired in 2020

-$100

Investment in subsidiary account

$7,300

Net income of the subsidiary company will be increasing the parent's asset value on the balance sheet, and any subsidiary's loss or goodwill impairment decreases it.

8 0
3 years ago
Read 2 more answers
The full disclosure principle requires a balance between_______________.
N76 [4]

Answer:

Relevance and cost effectiveness  

Explanation:

Full disclosure principle means that a business should report all the relevant and necessary information regarding their financial statement to the people who are accustomed to reading it as not disclosing full information might affect the readers understanding.

It prevents any lack of information from the business's financial information and helps to ensure that  creditors, stakeholders and investors are aware of all the relevant information while making key decisions that affect the company.

Not disclosing all the information could manipulate the companies financial statement and it may look stronger that it really is.

3 0
3 years ago
Jones and Smith live in the same apartment building. Jones loves to play his opera recordings so loudly that Smith can hear them
vovikov84 [41]

Answer:

The correct answer is letter "A": Should be.

Explanation:

From the efficiency perspective, we shall consider the relationship between the benefits and the costs. If we subtract the cost from the benefits and the result is positive, we could say that it is convenient to continue with the activities of the operations being carried out.

In that case, Jones's benefits are (100) but his cost is Smith's damages (60). Then:

100 - 60 = (+)40;

which implies Jones <em>should be</em> allowed to play his opera music.

6 0
3 years ago
New Apps Company develops "Browser Lite, " software to speed the display of graphics on Web sites. Browser Lite has the most cop
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Answer:

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Lose may lose its native talent to developing countries that offer researchers.

Explanation:

Brain drain is a problem described as the process in which a country loses its most educated and talented workers to other countries through migration.

when skilled immigrants return to their home countries, the U.S. may lose its native talent to developing countries in a twist on the traditional brain drain.

Remember these immigrants were mostly trained in the US, got employed and developed their career path in the US too. They automatically add up to the native talents base too.

8 0
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