Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Prepare the annual closing entries for Billings Merchandisers using the partial adjusted trial balance shown below. A physical count at yearend determined that inventory at January 31, 2016, totaled $19,500. Assume Billings uses an Income Summary account in its closing process, and that the income statement for the year shows net income of $102,500.
Billings Merchandisers Inc.
Trial Balance (partial)
January 31, 2016
Debit
Credit
Inventory (2/1/15)
$23,000
Retained earnings
192,000
Dividends
4,000
Sales
405,000
Sales returns and allowances
2,500
Sales discounts
Purchases
200,000
Purchases returns and allowances
1,200
Purchase discounts
900
Freight-in
1,500
Advertising expense
12,000
Commissions expense
6,000
Rent expense
24,000
Salaries and wages expense
25,000
Insurance expense
3,200
Utilities expense
$2,900
Income tax expense
20,000
a.
Service Revenue
Income Summary
(To close revenue account)
b.
94,600
Freight-In expense
Salaries and Wages expense
2,900
Income Tax expense
(To close expense account)
c.
Retained Earnings
(To close net income to retained earnings)
d.
(To close dividends to retained earnings)
for the past year pedi company had fixed costs of 70000 unit variable costs of 32 and a unit selling price of 40. for
What is typically true of corporate dividend payout rates in the early stages of an indus- try life cycle? Why does this make sense? If the nominal interest rate is 5% and the inflation rate is 3%, then what is the real interest rate?
Big Chuck wishes to maintain a $10,000 minimum cash balance at all times. Additional financing is available (and retired) in $1,000 multiples at a 12% interest rate. Assume that borrowings take place at the beginning of the month; retirements, in ..
Griffith Company started its production operations on July 1. During July, the silk-screening department completed 15,600 units. There were 2,400 units in ending inventory which were 75% complete with respect to materials and 20% complete with res..
What is control account and subsidiry account give examples and explain its?
The General Fund, a Special Revenue Fund, or an Enterprise Fund. Indicate the circumstances in which each of these fund types might be appropriate.
laudie company issued 522000 of 8 10-year bonds on january 1 2014 at face value. interest is payable semiannually on
Prepare the journal entries on the books of preston company to record the purchase of the assets and assumption of the liabilities of saville company if the amount paid was $1,560,000 in cash.
Not all benefits have monetary value. Companies are in business to make money, therefore the benefits should generate revenues whether directly or indirectly. As CFO of a company, what technical analysis would you do to determine the cost/benefit ..
Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well.
now its time to begin some strategic planning. previously you identified your small business project in which you solve
Assuming that the cost method of accounting for treasury stock transaction is used, what is time effect of the subsequent reissuance of the treasury stock on each of the following?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd