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All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and the Dividends account has a balance of $48,000.
Instructions
a) Journalize the entries required to complete the closing of the accounts.
b) Prepare a retained earnings statement for the year ended December 31, 2015.
m. k. smith is president of kranbrack corporation a company whose stock is traded on a national exchange.in a meeting
He can afford to save $1,750 per month for the next 12 years. If he can earn an 9.0% EAR before he retires and a 8.0% EAR after he retires, Explain how much will he have to save each month in years 13 through 30?
Connor purchased a business from Foster for $3,000,000 cash and got the following assets in the deal (FMV as determined by a third party):
Wesley Corp. is a medium-sized wholesaler of automotive parts. It has 10 stockholders who have been paid a total of $1 million in cash dividends for 8 consecutive years. The board’s policy requires that, for this dividend to be declared, net cash pro..
Rambles Toyland makes a product that sells for $70 per unit and has $45 per unit in variable costs. Annual fixed costs are $24,000. How many units must be sold to earn a profit of $12,000?
Compute the amount of depreciation expense for the first and second years of the system's life using the units-of-production depreciation method.
Why are the standard amounts in part (1) based on the actual production for the year instead of the planned production for the year?
ZZ Tire Company started as retail installer of tires on cars 10 years ago. They now have 400 retail stores, installing about 10,000 tires per store per year and selling a total of 4 million tires. 5 years ago, they decided to start manufacturing thei..
Harrisburg Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,011,800 on January 1, 2014. Harrisburg expected to complete the building by December 31, 2014. Harrisburg has ..
Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Compute estimated inventory at May 31, assuming that the gross profit is 25% of cost.
A company reissued at $20 per share 100 shares of treasury stock that it had previously acquired for $26 per share and there was not any Paid-in Capital from Treasury Stock. Prepare the journal entry.
finding out the oppurtunity cost.which of the following is an example of a variable cost?a.insurance premium for fire
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