Okay, Daily Question!

Capri Company began the current period with a $20,000 credit balance in the K. Capri, Capital account. At the end of the period,

Triss [41]

Answer:

1. $26,400

2. $34,400

Explanation:

The closing entry for the following accounts are shown below:

1. Service fees earned A/c Dr $70,000

Interest revenue A/c Dr $7,000

To Income Summary $ 77,000

(Being revenue account closed)

2. Income summary A/c Dr $50,600

To Depreciation Expense $8,000

To Salaries Expense $38,000

To Utilities Expense $4,600

(Being expenses accounts are closed)

3. Income summary A/c Dr $26,400 ($77,000 - $50,600)

To K. Capri, Capital A/c $26,400

(Being the difference is credited to the capital account)

4. K.Capri capital $12,000

K.Capri withdrawals $12,000

(Being K.Capri withdrawals account is recorded)

Now the balance in the income summary is shown above i.e $26,400

And, the balance of the K. Capri, Capital account would be

= Credit balance + net income - withdrawals

= $20,000 + $26,400 - $12,000

= $34,400

5 0

3 years ago

Morrison and Greene have decided to form a partnership. They have agreed that Morrison is to invest $150,000 and that Greene is

Gekata [30.6K]

Answer:

1) net income = $115,000

a) Morrison receives $57,500

Greene receives $57,500

b) Morrison receives $86,250

Greene receives $28,750

c) Morrison receives $38,333

Greene receives $76,667

d) Morrison receives ($150,000 x 6%) + $51,500 = $60,500

Greene receives ($50,000 x 6%) + $51,500 = $54,500

e) Morrison receives $3,750 + $40,000 = $43,750

Greene receives $1,250 + $70,000 = $71,250

f) Morrison receives $3,750 + $40,000 = $43,750

Greene receives $1,250 + $70,000 = $71,250

2) net income = $200,000

a) Morrison receives $100,000

Greene receives $100,000

b) Morrison receives $150,000

Greene receives $50,000

c) Morrison receives $66,667

Greene receives $133,333

d) Morrison receives $9,000 + $94,000 = $101,000

Greene receives $3,000 + $94,000 = $97,000

e) Morrison receives $9,000 + $40,000 + $39,000 = $88,000

Greene receives $3,000 + $70,000 + $39,000 = $112,000

f) Morrison receives $9,000 + $40,000 + $30,000 = $79,000

Greene receives $3,000 + $70,000 + $18,000 + $30,000 = $121,000

8 0

3 years ago

Project managers should wait to give feedback to the project team and team members until the project has been completed. Giving

xeze [42]

Answer:

False

Explanation:

Employees are so eager to learn about a potential raise that they tend to tune out constructive feedback. This action will help the whole team to fix their backwards at once and in time to have a better rusult rather than waiting unitl e project has been completed. At that time, it is too late for improvements.

5 0

3 years ago

G. How trustworthy do you think the secondary source is? Do you think this source

melomori [17]

Answer: The secondary source on a topic may be biased because the information is translated and the text and information could be altered

Explanation:

3 0

3 years ago

A Louisiana lease must be in writing to be valid: Select one: A. If the lease is for more than one year B. If the lease is for i

olchik [2.2K]

A Louisiana lease must be in writing to be valid at no time since written leases are not required in Louisiana. This is further explained below.

<h3>What is a lease?</h3>

Generally, lease is simply defined as a contract wherein one party transfers land, property, services, etc. to another for a defined length of time, often in exchange for monthly payments.

In conclusion, Since written leases are not needed in Louisiana, a verbal lease in Louisiana is legal at any time.