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2 years ago

You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional.

Business

1 answer:

Crank2 years ago

4 0

Answer:

Sales (Dr.) $45,000

Income Summary (Cr.) $45,000

Income summary (Dr.) $63,900

Advertising Expense (Cr.) $1,200

Rent expense (Cr.) $5,600

Office Supplies Cost (Cr.) $9,800

Insurance Expense (Cr.) $7,000

Sales Returns (Cr.) $2,900

Interest Expense (Cr.) $3,200

Cost of Goods sold (Cr.) $27,500

Selling and administrative expense (Cr.) $6,700

Income Summary (Dr.) $250,000

Capital investment (Cr.) $ 250,000

Explanation:

Closing entries are prepared to close business transactions that occurred during the month. These transactions are closed with a contra account of Income Summary. All debit balance are credited with a debit of Income summary account and vice versa. the temporary account balances are reset to zero after closing entries are passed.

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Explanation:

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Answer:

c. $3,600

Explanation:

The total cost of orange juice = $30,400 + $13,000

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The purpose of the Splish Brothers Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated

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Answer: Please refer to Explanation.

Explanation:

Your question was incomplete so I attached the missing details.

The Carrying Amount of the Division has to be ascertained to move forward as it is needed in calculating the loss on Impairment. It is calculated by subtracting Goodwill from the Net Assets.

= 496 - 214

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(To record the loss on Impairment)

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3 years ago

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