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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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The table below gives information on bottled water in Florida. As you would expect, the demand for water is higher than normal d
choli [55]

Answer:

First we need to first find the equilibrium quantity and price during normal times.

The equilibrium price in normal times is P=$3 and the equilibrium quantity is 55 bottles.

During the hurricane, the government will set a price ceiling of $3. We can infer from the table that the quantity supplied at P=$3 is 55 bottles while the quantity demanded during hurricane at the price of $3 per bottle is 105 bottles. Hence,

105-55= 50

During a hurricane, there would be a shortage of 50 bottles of water.

If there were no price ceiling, then the equilibrium price would be such that the quantity demanded during hurricane equals the quantity supplied. From the table we can see that the equilibrium price would in that case be P=$5 per bottle where the equilibrium quantity is 85 bottles. With the price ceiling only 55 bottles are available for trading. Now without the price ceiling 85 bottles are available.

Hence consumers would have to pay an additional $2 (=5-3) but they can now buy an additional 30 bottles [=85-55].

Without the antiprice gouging law, consumers would have to pay $2 more than the ceiling price, but they would bv able to buy 30 more bottles of water.

5 0
3 years ago
Beach bake, a small maker of a new sunscreen, needs financing to build a warehouse. the owner wants to avoid personal loans. wha
Helen [10]

Beach Bake, a small maker of a new sunscreen, needs financing to build a warehouse. The owner wants to avoid personal loans. Asset-based financing I would recommend.

What is asset based financing?

Working capital and term loans are given to businesses using a specific technique called asset-based finance. As collateral, it uses real estate, accounts receivable, machinery, equipment, and inventories. When a loan to a corporation is backed by one of the company's assets, it is effectively referred to as a secured loan.

How do asset-based loans work?

Asset-based lending refers to a loan or line of credit given to a company and secured by a piece of property. Inventory, equipment, accounts receivable, and other balance-sheet assets are just a few examples of the different types of collateral utilized in asset-based lending.

Learn more about secured loan: brainly.com/question/17077155

#SPJ4

5 0
1 year ago
On January 1, 2019, Sheffield Corp. had the following stockholders' equity accounts. Common Stock ($12 par value, 81,300 shares
Whitepunk [10]

Answer:

In attachment.

Explanation:

In attachment.

Download docx
6 0
3 years ago
Renaldo and inez are in a stepfamily, and they are committed to having a "good stepfamily." there are several important elements
zimovet [89]

I believe this problem has the following choices:

 

They talk about family problems as they arise.

Renaldo discusses his ex-wife's flaws in front of the children.

Renaldo and Inez make time each week to spend alone together.

The family regularly spends time with other stepfamilies.

The family has enrolled in a course to learn how to avoid problems.

 

From the text, we can conclude that the correct answer is:

 

>Renaldo discusses his ex-wife's flaws in front of the children. 

6 0
3 years ago
A firm that uses ___________ segmentation divides a market into groups based on life stage, race, or profession.
Triss [41]

Answer:

Demographic

Explanation:

Demographic segmentation is often used in marketing to group customers according to demographic factors. The demographic factors include- age, gender, occupation, race, religion and income.

Other forms of segmentation includes :

1. Behavioural segmentation

2. Geographic segmentation

3. Psychographic segmentation

I hope my answer helps you

7 0
3 years ago
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