35. Close the revenue accounts. 36.0. 37. Close the expense accounts. Close the income summary account. Close the withdrawals account. 7 8 9 38. 90 91 92 93 94 95 96 197 98 199 100 101 102 103 104
Q: None
A: Step 1:Step 2: Step 3: Step 4:
Q: how much is treated as unrecaptured 1250 gain?
A: Unrecaptured 1250 Gain:Unrecaptured 1250 gain is a type of gain that is taxed at a higher rate due…
Q: Consider the following budgeted data for a client job of Bob Crachit s accounting firm. The client…
A: Part A: Schedule of Budgeted Total Costs Direct Labor Costs:Direct Professional Labor: $20,000Direct…
Q: The controller of Carla Vista Industries has collected the following monthly cost data for use in…
A: Step 1: In the high-low method, Variable cost per unit is calculated by dividing the difference in…
Q: ne File Edit View History Bookmarks Profiles Tab Window Help M Inbox (2 x MACC101 x (4726) || X…
A: (a) Debit Inventory and Credit Accounts Payable of 1,520This is to record a purchase of inventory on…
Q: Peach's equivalent-unit cost
A: Equivalent-unit Cost= (previous month's conversion cost + current month's conversion cost) / [units…
Q: need help about this question
A:
Q: help please answer in text form with proper workings and explanation for each and every part and…
A:
Q: Solve this one
A:
Q: Need help with this Question solution with explanation
A: To determine La More Company's net income for 2013 using cash basis accounting, we need to consider…
Q: 2 Which of the following is not one of the three inventory accounts reported on the balance sheet?…
A: Correct Answer: Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…
Q: What amount did the owner of a $5000 face value compound - interest Canada Savings Bond issued Nov…
A: To know the amount the owner received when redeeming the $5,000 face value compound-interest Canada…
Q: give me answer
A: Step 1:Determine the formula for the weighted average cost of capital (WACC):WACC = (E/V) * Re +…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: The Answer is " Each quote may result in many future orders"A quote is the last price at which an…
Q: Cullumber Company accumulates the following data concerning a mixed cost, using miles as the…
A: Approach to solving the question: Detailed explanation: Examples: Key…
Q: Provide Answer with calculation and explanation
A: Step 1:Step 2: Step 3: Step 4:
Q: I want an explanation.
A: A current liability is a debt that is reasonably expected to be paida. between 6 months and 18…
Q: Don't use ai to answer I will report your answer Solve it Asap with explanation
A: Conclusion: Increasing the cost of processing is essential to turning semi-finished or raw…
Q: None
A: Step 1: Definition of Net Profit Margin:The net profit margin is one of the profitability ratios…
Q: Need Answer with calculation
A: Hello student! The purpose of a BANK RECONCILIATION is to make sure that the cash balance appearing…
Q: Solve it with calculation and explanation of the question
A: To calculate the rate of return on assets (ROA) for the year 2012, determine the net farm income and…
Q: None
A: 3. Long-term Sustainability: Ethics risk management emphasizes sustainable business practices and…
Q: need answer
A: Usually, to be able to understand problems like this, I prepare journal entries first. I believe…
Q: Need Help with this Question don't Use AI I want Text Formate Answer
A: Step 1: Introduction to Residual valueIn the context of leases, residual value also known as salvage…
Q: solve it
A: Step 1: Step 2: Step 3: Step 4:
Q: Trini Company set the following standard costs per unit for its single product Direct materials (30…
A: Materials VariancesSince we are computing materials variances, let's focus on the data relating to…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Hello student! A Flexible Budget shows the value of costs in different activity levels. The changes…
Q: Current Attempt in Progress Staples, Inc. is one of the largest suppliers of office products in the…
A: To find Staples, Inc.'s asset turnover and profit margin, we'll use the following formulas: 1. Asset…
Q: Betty is a Human Resource Associate for a small factory, and management asked her department to…
A: Step 1: To get the current year average, find the sum of the current year hourly wages then divide…
Q: Google Chrome File Edit View History Bookmarks Profiles Tab Window Help X Accounting10 x…
A: I can help you with entering these transactions into the appropriate journals. Based on the provided…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Amount paid for goodwill = ? Solution: *Step 1: To find the amount paid for goodwill, we will use…
Q: Need Help
A: To estimate the total cost using the high-low method, we need to follow these steps:Identify the…
Q: During 2023, Chaps McGee, S.S.# 252-86-1837, completed the following stock transactions: Stock Date…
A: Step 1: Calculate Capital Gains and LossesFirst, we need to calculate the gains and losses for each…
Q: Need help
A: Step 1:Please note that fringe benefits relating to direct labour is also direct cost.So fringe…
Q: Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a…
A: >The difference between the two costing method is their treatment with the fixed manufacturing…
Q: None
A: Dear student, I have provided an answer and explanation to your assignment. Please pay close…
Q: An individual, named "Jane", is employed as the head of operations at a software company named…
A:
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Inventory Valuation Methods:These are accounting techniques companies use to determine the value of…
Q: need help please provide correct answer with option
A: Step 1: Definition of Ratio Analysis:The analysis of financial statements is possible by using the…
Q: Need answer
A: 1. Record the Sale of Inventory on CreditTransaction: Inventory costing $350,000 was sold on credit…
Q: Question: How to find contribution margin ratio Question: How to calculate accounts receivable…
A: 1. Contribution Margin Ratio represents the percentage of sales remaining after we consider all…
Q: Provide Answer Please
A: Inventory method lower of cost or market metthod Cost = historical cost = 65Replacement cost =…
Q: I need answer typing clear urjent no chatgpt used i will give upvotes full explanation pls
A: Approach to solving the question: Ductility is a measure of a material's ability to undergo…
Q: Yuvwell Corporation's direct labor budget for next year contained the following Information:…
A: Step 1: Step 2:Manufacturing overhead budget :Particular 1st quarter2nd quarter3rd quarter4th…
Q: Determine the missing amounts. Unit Selling Price 1. 2. 3. $ $500 $250 (e) LA $ LA Unit Variable…
A: Step 1: Solution to first partUnit Contribution Margin = Selling Price - Unit Variable Cost per…
Q: Brill company reported the following year-end amount: Beginning Inventory $7,650 Net Cost of…
A: Step 1: Information givenBeginning Inventory = $7,650Net Cost of Purchases = $33,750Cost of Goods…
Q: Tomasovich Inc. issued bonds with a face value of $ 100,000 and a stated rate of 8%. Tomasovich…
A: Journal Entry is CrDrCash account $102,500To Bonds Payable account$100,000 To Premium on bonds…
Q: On March 8, Blossom inc., a publicly traded company, issued 5,700 preferred shares for cash of $31…
A: March 8 - The Preferred Stock does not have a par value or stated value. In this case, we record the…
Q: On June 1, MVP Sportswear prepaid six months of rent, $3,660. Which is the adjusting entry required…
A: First, we need to calculate the monthly rent expense. MVP Sportswear prepaid six months of rent,…
Q: (1) A company sells its products for $50 per unit. It has annual fixed cost of $300,000 and variable…
A: The contribution margin per unit is calculated by subtracting the variable cost per unit from the…
![35.
Close the revenue accounts.
36.0.
37.
Close the expense accounts.
Close the income summary account.
Close the withdrawals account.
7
8
9
38.
90
91
92
93
94
95
96
197
98
199
100
101
102
103
104](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1812a176-811f-489f-bb74-2316cb2d6bda%2F0e32ab66-9a9a-445e-add6-d1c9153ecb0c%2Fz2ec5f_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- 20. Record the entry for write-off Choose * Sales returns and allowances * Bad debt expense * Accounts Payable * Allowance for Uncollectible Account * Accumulate depreciation * Accounts Receivable * CashThe contra revenue account that represents the reduction in the amount paid by a credit customer if payment is made within a specified period of time is known as which of the following: O Contra revenue account O Sales allowance account O Sales discount account O Allowance for uncollectible accounts ASUS f3 f4 f5 f6 f7 f8 f9 f10 f11 区 ロ/京 %24 & 3 4. 7. 8 9. 01 Y U G H. J K 16 5 图E6.15 Determina correct posting amount to control account. CHAPTER 6 Accounting information systems LO9, 10, 14 Ladder Blocks Pty Ltd uses both special journals and a general journal to record transactions. Ladder Blocks also posts creditors' accounts in the accounts payable subsidiary ledger. The postings for the most recent month are included in the subsidiary T accounts below. Climbers Ltd 150 Bal. (b) Aumans Materials Ltd 87 Bal. 204 120 0 87 Brick-a-Brack Pty Ltd 90 Bal. Construct Pty Ltd 72 Bal. 90 174 72 114 102 Required (a) Determine the correct amount of the end-of-month posting from the purchases journal to the accounts payable control account. Assume that Ladder Blocks has one creditor only and does not expect there to be any other creditors in the future. Would there be any advantage to Ladder Blocks setting up an accounts payable subsidiary ledger?
- 1. What amount should be reported as accounts receivable on December 31?a. 1,300,000b. 1,426,000c. 1,280,000d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31?a. 120,000b. 200,000c. 250,000d. 170,000A ezto.mheducation.com estion-1-73A - Connect Data Sales.xlsx: fa21cob204 Computer Information Systems Saved Не Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com The following account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 104 Ending Balance $ 3,805 208 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable, Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of uncollectible accounts expense recognized during the period. Uncollectible accounts expense 104 X MacBook Pro @ 2# % & 3 4 6 8…A ezto.mheducation.com sijon 17A - Connect Data_Sales.xlsx: fa21cob204 Computer Information Systems Dashb on 1-7-6A - Connect Saved Help The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $211,000, and cash collections from receivables were $212,936. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Record the transactions in general journal form and post to T-accounts. b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31,…
- EB3. LO 7.2Match the special journal you would use to record the following transactions. A. Cash Receipts Journal i. Took out a loan from the bank B. Cash Disbursements Journal ii. Paid employee wages C. Sales Journal iii. Paid income taxes D. Purchases Journal iv. Sold goods with credit terms 1/10, 2/30, n/60 E. General Journal v. Purchased inventory with credit terms n/90 vi. Sold inventory for cash vii. Paid the phone bill viii. Purchased stock for cash ix. Recorded depreciation on the factory equipment x. Returned defective goods purchased on credit to the supplier. The company had not yet paid for them.PA4. LO 7.4 Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. SALES JOURNAL Page 79 DR COGS CR Merchandise DR Accts. Receivable Date Account Invoice No. Ref. CR Sales Inventory 2019 Feb. 4 Evert Company (E123) King Inc. (K331) Martina Inc. (M132) 17433 1,000.00 Feb. 8 17434 775.30 Feb. 14 17435 2,301.99 Feb. 16 Shriver Company (S101) 17436 500.00 SALES JOURNAL Page 102 Accounts Receivable, Discounts Sales, or Other Sales Date Account Invoice No. Ref. Cash DR DR Accounts CR 2019 Feb. 1 Cash Sales 465 465 Payment from Evert Feb. 15 Bank loan (230) Feb. 5 1723 980 20 1,000 2,000 2,000 Feb. 21 Payment from Shriver Co. 1719 500 500Next Question Find the credit-card sales less refunds for the Sales/Refund record for 09/24/10. 24/10 Sales Refunds ..... $71.86 $451.59 The credit-card sales less refunds for 09/24/10 is $ $76.53 $85.04 $149.72 $115.02 $81.45 $88.49 $30.75 $111.02 $229.23 $254.84 $162.81
- PA8. LO 8.6 Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Transaction No Journal Entry Needed Journal Entry Needed Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges Table 8.2C. P177.60 d. P29.60 P74.40 P300 P620 30% e. 4. Find the (a) cash discount and (b) net amount due if the following invoices are paid within the discoun period. Net invoice price P3,265 Net amount due Terms of payment 3 п Cash discount 10'30 P 1,342 15'60 2 n P985 5'15 5. Find the (a) deadline for discount period, (b) deadline for credit period, (c) cash discount and (d) amount due for the following cases. Deadline of discount Net Deadline of credit Invoice Terms of Cash Invoice date amount due amount payment discount period period 1 n P 1,675 Jan. 15 15'45 P645 Feb. 25 10'30 1n P 895 March 12 10'45 3 2 P785 April 22 . 15'20'90 6. The net invoice price of a wall clock is P287.00. If the discount granted was 18%, find: a. Net invoice price rate b. List price C. Discount 7. The net invoice price of a dining table is P6,187.50, representing 75% of the list price. Find: a. List price b. DiscountIndicate the missing posting reference and amount in the control account, and the missing ending balance in the subsidiary ledger. GENERAL LEDGER Accounts Payable Feb. 15 General journal 1,400 Feb. 1 Balance 26,005 Feb. 28 General journal cash receipts cash paymentsSalespurchases Feb. 5 General journal 270 Feb. 11 General journal 530 Feb. 28 Purchases 13,350 Feb. 28 Balance 9,430 ACCOUNTS PAYABLE LEDGER Benton Feb. 28 Bal. 4,520 Dooley Feb. 28 Bal. 2,210 Parks Feb. 28 Bal. Indicate the amounts in the control account that were dual-posted (i.e., posted to the control account and the subsidiary accounts). Amounts in the control account (Dr.) $ (Cr.) $ (Cr.) $
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)