Enter the following December 31 normal balances in the first row of T-accounts below: K. Korver, Capital $18,000; K. Korver, Withdrawals $2,000; Services Revenue $33,000; Salaries Expense $25,000; and Rent Expense $3,000. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0.
Answers
The closing entries and ending balances of the T-accounts of K. Korver are as follows:
1) Post-closing entries:
K. Korver, CapitalAccount Titles Debit Credit
Ending balance $18,000
K. Korver, Withdrawals $2,000
K. Korver, WithdrawalsAccount Titles Debit Credit
Ending balance $2,000
K. Korver, Capital $2,000
Services RevenueAccount Titles Debit Credit
Ending balance $33,000
Income Statement $33,000
Salaries ExpenseAccount Titles Debit Credit
Ending balance $25,000
Income Statement $25,000
Rent ExpenseAccount Titles Debit Credit
Ending balance $3,000
Income Statement $3,000
What are post-closing entries:Post-closing entries are the ledger postings made to the income summary with regard to revenues, expenses, retained earnings, and dividends, or withdrawals.
2) The computation of the final balances of the T-accounts is as follows:
K. Korver, CapitalAccount Titles Debit Credit
Normal balance $18,000
K. Korver, Withdrawals 2,000
Ending balance $16,000
K. Korver, WithdrawalsAccount Titles Debit Credit
Normal balance $2,000
K. Korver, Capital $2,000
Services RevenueAccount Titles Debit Credit
Normal balance $33,000
Income Statement $33,000
Ending balance $0
Salaries ExpenseAccount Titles Debit Credit
Normal balance $25,000
Income Statement $25,000
Ending balance $0
Rent ExpenseAccount Titles Debit Credit
Normal balance $3,000
Income Statement $3,000
Ending balance $0
Thus, the post-closing entries and the ending balances of the T-accounts have been entered and computed respectively.
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Related Questions
3. The number of days' sales in receivables is calculated as __________ divided by __________.
a. sales; accounts receivable
b. average accounts receivable; average daily sales
c. sales; net income
d. accounts receivable; 365 days
Answers
what departments make up supply chain/
Answers
An electronic card that is derectly connected to a checking account is known as a
Answers
Answer:
debit card
Explanation:
a checking account is also known as a savings account
how does the nature of human resources help to manage internal and external business relationship to foster positive interactions?
Answers
Answer:
>>>>>>>
Explanation:
1- Describe the four directions of communication with examples. (5 Marks)
Answers
Answer:
I don't have any idea , sorry i need to save points
Answer:
Downward communication:
Communication in the first place, flows downwards. That is why, traditionally this direction has been highlighted or emphasized. It is based on the assumption that the people working at higher levels have the authority to communicate to the people working at lower levels.
Upward communication:
The function of upward communication is to send information, suggestions, complaints and grievances of the lower level workers to the managers above. It is, therefore, more participative in nature.
Lateral or horizontal communication:
This type of communication can be seen taking place between persons operating at the same level or working under the same executive. Functional managers operating at the same level, in different departments, through their communication, present a good example of lateral communication.
Diagonal or crosswise communication:
Diagonal or crosswise communication takes place when people working at the same level interact with those working at a higher or lower-level of organizational hierarchy and across the boundaries of their reporting relationships.
For a report focus ob the needs of typical business readers today, it needs to be trustworthy, contain decision-related, and?
A. Use complicated language to impress the readers
B. Require a password to open the report document
C. Make it easy for readers to get the point quickly
D. Put the summary at the end of the discussion
Answers
Answer:
C
Explanation:
Business readers do not have a lot of time to read. So complicated language, password and summary at the end are not helpful. The right answer is C. Make it easy for readers to get the point quickly.
Answer:
i did it
Explanation:
When the price of cheeseburgers is equal to $6, the quantity demanded of cheeseburger is equal to 1,200 and the quantity supplied is equal to 700. The price per cheeseburger will...
A)remain constant because the market is in equilibrium.
B)decrease because there is an excess demand in the market.
C)increase because there is an excess demand in the market.
D)decrease because there is an excess supply in the market.
Answers
The quantity supplied of cheeseburger is less than the quantity demanded. Therefore, the price will C. increase because there is an excess demand in the market.
What is supply?Supply simply means the number or goods and services that a supplier is willing to sell at a particular price and time.
In this case, the quantity supplied of cheeseburger is less than the quantity demanded. Therefore, the price will increase.
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When the grocery director gives directions to the grocery store manager, what type of communication is being used ?
Answers
The type of communication being used when the grocery store director gives instructions to the grocery store manager is vertical communication.
What is vertical communication?It is the communication that occurs in the ascending and descending direction in a structured organization, that is, it is the communication that occurs between people of different hierarchical levels.
Therefore, vertical communication is the most common form of communication in organizations and is essential to maintain effective organizational flow, provide guidelines and feedback on work.
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Answer:
vertical
Explanation:
Describe how office structure and activity may be organized according to the size and nature of the business?
Answers
Explanation:
AND THAN PROPERLY HANDLE YOUR BUSINESS. AND TALK PROPERLY TO YOUR EMPLOYEES
To be successful, organizations must be designed and structured in a way that allows them to achieve their goals, depending on the size and nature of the business.
What is business?Business is the practise of earning a living or earning money by producing, purchasing, and selling goods. It is also any profit-making activity or enterprise.
Business is extremely important in the lives. First, they produce goods and services to meet our needs and desires. After that, they recruit households as labour and compensate them with wages, salaries, and benefits. As a result, it becomes a source of income for them, which they can use to support their family.
Therefore, Organizations must be designed and structured in such a way that they can achieve their goals, depending on the size and nature of the business.
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#SPJ2
With reference to relevant authority, indicate whether a partnership is recognised as a separate entity apart from the partners in terms of South African law.
Answers
According to the laws of South Africa, a partnership is not recognized as a separate entity apart from the partners.
What is a partnership?A partnership is a business relationship that exists among partners who come together for a business mission: to make and share profits and losses.
A partnership as a business structure depends on the partnership agreement. In the absence of an agreement, the general partnership rules are applied when conflicts arise.
Thus, according to the laws of South Africa, a partnership is not recognized as a separate entity apart from the partners.
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Deep Falls Timber has net sales of $642,100, net income of $50,800, dividends paid of $12,700, total assets of $658,000, and total equity of $444,400. What is the internal growth rate
Answers
Deep Falls Timber's internal growth rate is 8.57%.
How is the internal growth rate calculated?We can compute the internal growth rate of Deep Falls Timber by dividing the company's retained earnings by the average combined equity of all stockholders for the given accounting period.
The firm's internal growth rate shows the highest level of growth that the firm can achieve without obtaining outside financing,
Data and Calculations:Net sales = $642,100
Net income = $50,800
Dividends paid = $12,700
Retained earnings = $38,100 ($50,800 - $12,700)
Total assets = $658,000
Total equity = $444,400
Total liabilities = $213,600 ($658,000 - $444,400)
Total liabilities and equity - $658,000
The internal growth rate = Retained Earnings/Total equity
= 8.57% ($38,100/$444,400 x 100)
Thus, Deep Falls Timber's internal growth rate is 8.57%.
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what is the importance of feedback? in your own words
Answers
Answer: Feedback is a tool that can help people evaluate themselves and their work and also how others perceive them. While employees and students need to receive feedback, it's also essential for leaders who believe in growth to ask for an evaluation, to give an example, and be an inspiration for them.
Explanation:
An integrated management information system was implemented in the Celestial VIllage Continuum of Care, a 180-bed long-term care facility, owned and operated by a religious order. When Eudora Darling was recruited as manager of administrative systems, she discovered that the technology used in the administrative office was several generations obsolete and that none of the work processes or job functions had been restructured to take full advantage of information technology. Statistics were still being collected manually, and calculations were performed by handheld calculators and adding machines using information from manual entries in daily employee logs. Computer software utilities were available for database management, electronic spreadsheet and statistical functions, and publication quality reporting. However, the jobs and work processes in the department had to be analyzed and restructured before the staff could take full advantage of this technology (which has become standard in other administrative environments).
Required:
a. What issues must Ms. Darling address in achieving effective implementation of the new technology?
b. What outcomes could she reasonably expect to achieve through an effective job analysis process?
c. Should external consultants or internal staff implement this change? Explain your response.
Answers
Analyzing the case, Ms. Darling as manager of administrative systems must address the restructuring of the company, relating the lack of use of technology to the presence of a strong organizational culture.
The results it could achieve through an effective job analysis process would be to increase clarity about the role of each job and department in order to reduce burden on certain employees and optimize task delegation.
To implement this change, external consultants could be hired in order to provide an innovative, unbiased and broader view with a focus on expected results.
What is organizational culture?It is the set of habits, behaviors and values that are learned and shared in a professional environment, generating beliefs and expectations about an organization.
Therefore, implementing new technologies in an organization can generate resistance and must be implemented smoothly and shared with all employees in order to declare the benefits of change for all.
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A maginal revenue product of labor for a firm is?
Answers
Answer:
The marginal revenue product of labor (MRPL) is the additional amount of revenue a firm can generate by hiring one additional employee. It is found by multiplying the marginal product of labor (MPL) – the amount of additional output one additional worker can generate.
Explanation:
by the price of output. If an employee of a customer support call center can take eight calls an hour (the MPL) and each call earns the company $3, then the MRPL is $24.
How does the trade adjustment assistance program attempt to help domestic firms and workers who are displaced as a result of import competition
Answers
What will be the total cost of Marla's ARM If the term of the loan were 25 or 20 years Instead of 30? Use the variable-rate loan calculator to find the answers. Write them In the spaces below.
Compare the values you just obtained with the total cost of Marla's 30-year variable-rate mortgage. Write down your observations and conclusions.
Answers
Answer:
25 years= $410,601.07
20 years= $305,131.67
Explanation:
Answer:
25 years- $410,601.07
20 years- $350,131.67
Explanation:
If a sale is made to a customer on credit, the account credited is?
Revenue
Account receivable
Supplies
Equipment
Answers
Answer:Account receivable
Explanation:
what are the core secret to success
Answers
Answer:
#Secret 1 – Be Passionate About Goals.#secret 2 – Set Your Mind On Positive Mode.#Secret 3 – Create Your Own Strategies.#Secret 4 – Value Your Time.#Secret 5 – Make Your Mission Enthusiastic.
Explanation:
This can help you to be good.
2) Don’t Be Great. Be Consistently Good.
3) Use Rejection As Motivation
4) Working Hard Is The Best Way To Network
5) Don’t Wait For Permission
6) If You Can’t Be #1, Be Clever
"In my opinion, we ought to stop making our own drums and accept that outside supplier's offer," said Wim Niewindt, m
anaging director of Antilles Refining, N.V., of Aruba. "At a price of 96 florins per drum, we would be paying 10 florins less than it costs us to manufacture the drums in our own plant. (The currency in Aruba is the florin, denoted by Afl.) Since we use 220,000 drums a year, we would save 2,200,000 florins on an annual basis." Antilles Refining's present cost to manufacture one drum follows (based on 220,000 drums per year):
Answers
1-a. The calculation of the total costs and costs per drum assuming 220,000 drums are needed each year by Antilles Refining is as follows:
Per Unit Costs Total Costs (220,000)
Make Buy Make Buy
Outside supplier's price Afl 196.00 Afl 43,120,000
Direct materials Afl 30.70 Afl 6,754,000
Direct labor 15.40 3,388,000
Variable overhead 9.10 2,002,000
Total variable costs Afl 55.20 Afl 196.00 Afl 12,144,000 Afl 43,120,000
Depreciation expense Afl 495,000 495,000
Supervision cost 2,530,000 2,530,000
Total relevant costs Afl 15,169,000 Afl 43,120,000
1-b. The company should make the drums.
2-a. The calculation of the total costs and costs per drum assuming 250,000 drums are needed each year by Antilles Refining is as follows:
Per Unit Costs Total Costs (250,000)
Make Buy Make Buy
Outside supplier's price Afl 196.00 Afl 49,000,000
Direct materials Afl 30.70 Afl 7,675,000
Direct labor 15.40 3,850,000
Variable overhead 9.10 2,275,000
Total variable costs Afl 55.20 Afl 196.00 Afl 13,800,000 Afl 49,000,000
Depreciation expense Afl 495,000 495,000
Supervision cost 2,875,000 2,875,000
Total relevant costs Afl 17,170,000 Afl 49,000,000
2-b. The company should make the drums.
2-c. The calculation of the total costs and costs per drum assuming 2,530,000 drums are needed each year by Antilles Refining is as follows:
Per Unit Costs Total Costs (2,530,000)
Make Buy Make Buy
Outside supplier's price Afl 196.00 Afl 495,880,000
Direct materials Afl 30.70 Afl 77,671,000
Direct labor 15.40 38,962,000
Variable overhead 9.10 23,023000
Total variable costs Afl 55.20 Afl 196.00 Afl 139,656,000 Afl 495,880,000
Depreciation expense Afl 495,000 495,000
Supervision cost 2,875,000 29,095,000
Total relevant costs Afl 169,246,000 Afl 495,880,000
2-d. The company should make the drums.
What is a buy-or-make decision?A buy-or-make decision involves the choice of alternatives depending on relevant costs (avoidable costs).
Question Requirements:Required: 1-a. Calculate the total costs and costs per drum under the two alternatives. Assume that 220,000 drums are needed each year. (Round "Cost Per Drum" answers to 2 decimal places.)
1-b. Should the company make or buy based on analysis in part (1-a)
2-a. Calculate the total costs and costs per drum under the two alternatives. Assume that 250,000 drums are needed each year. (Round "Cost Per Drum" answers to 2 decimal places.)
2-b. Should the company make or buy based on analysis in part (2-a)?
2-c. Calculate the total costs and costs per drum under the two alternatives. Assume that 2,530,000 drums are needed each year. (Round "Cost Per Drum" answers to 2 decimal places.)
2-d. Should the company make or buy based on analysis in part (2-c)?
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The interest on a $5,400, 3%, 45-day note is ______________.
a. $2.03
b. $19.97
c. $20.25
d. $202.50
Answers
7. Prepaid expenses require what type of adjusting entry?
A. Matched
B. Accumulated
C. Accrued
D. Deferral
Answers
Answer:
Positive feedback occurs to increase the change or output: the result of a reaction is amplified to make it occur more quickly. Negative feedback occurs to reduce the change or output: the result of a reaction is reduced to bring the system back to a stable state.
Explanation:
a matced with cs for you are the most
Identical products in fixed quantities can be produced in....
A . Job Production
B . Batch Production
C . Flow Production
D . Lean Production
Answers
Identical products in fixed quantities can be produced in B . Batch Production.
What is batch production?Batch production is a production method whereby a group of identical products is produced at the same time.
The batch size and frequency are predetermined. As a batch, units go through the different stages of the manufacturing process together.
The idea of batch production can be differentiated from Job Production, Flow or Continuous Production, and Lean Production by the emphasis that each production method places.
Thus, when identical products are produced in fixed quantities, they are described as undergoing Batch Production.
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Preston, founder and president of a successful software development company, took a look around the office at his 15 employees. Rent was high in the city, and most of their clients were spread out over the United States. Preston and his business partner have strategically decided to give up their office and to adopt __________, so his employees can work remotely via computer. Multiple Choice interfirm communication teleportation just-in-time systems telecommuting
Answers
Preston and his business partner have strategically decided to give up their office and to adopt telecommuting, so his employees can work remotely via computer.
What is telecommuting?Telecommuting can be defined as a communication channel that enables company employees to work remotely through the use of:
Computer systemVideo applicationmobile phoneEmail among othersBased on the given scenario Preston and his partner want to make use of telecommuting so as to make it possible for their employee to work remotely or to work outside their workplace.
Inconclusion they have decided to give up their office and to adopt telecommuting, so his employees can work remotely via computer.
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Greg got in over his head and kept buying things on his credit card that he couldn’t really afford. He ended up not being able to make payments on his card. What will happen because Greg failed to pay on his account?
Answers
Answer:
His account will be in default.
Explanation:
Defaulting on a loan means you've stopped making payments as agreed. How delinquent an account must become to be considered in default depends on the lender and the type of account.
Answer:
If you do not pay your credit card bill, you will have to pay late fees, have your interest rate increased, and it will damage your credit score.
Explanation:
Your debt could be sold to a collection agency and the collector of your debt could even sue you. You could even have your wages garnished.
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance.
COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2021
Debit
Credit
Cash
$1,230
Accounts Receivable
910
Supplies
360
Prepaid Insurance
1,260
Equipment
1,200
Accumulated Depreciation—Equipment
$40
Accounts Payable
80
Salaries and Wages Payable
58
Interest Payable
15
Unearned Service Revenue
310
Notes Payable
2,100
Owner’s Capital
830
Owner’s Drawings
520
Service Revenue
4,623
Salaries and Wages Expense
1,046
Utilities Expense
130
Advertising Expense
170
Supplies Expense
1,065
Depreciation Expense
40
Insurance Expense
110
Interest Expense
15
$8,056
$8,056
Using the information in the adjusted trial balance, do the following.
(a1)
Prepare an income statement for the 2 months ended December 31, 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
COOKIE CREATIONS
Income Statement
choose the accounting period
For the Year Ended December 31, 2021
select an opening name for section one
Total Expenses
enter an income statement item
total expenses
$enter a dollar amount
8056
select an opening name for section two
Total Revenues
enter an income statement item
Total revenues
$enter a dollar amount
8056
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
select a closing name for section two
enter a total amount for section two
select a closing name for this statement
$enter a total net income or loss amount
eTextbook and Media
List of Accounts
Attempts: 0 of 3 used
(a2)
(a3)
(b)
(c)
Answers
The preparation of the Income Statement for COOKIE CREATIONS for the year ended December 31, based on the adjusted Trial Balance, is as follows:
COOKIE CREATIONS
Income StatementFor the year ended December 31,
Service Revenue $4,623
Expenses:
Salaries and Wages Expense 1,046
Utilities Expense 130
Advertising Expense 170
Supplies Expense 1,065
Depreciation Expense 40
Insurance Expense 110
Interest Expense 15 $2,576
Net income $2,047
What is an income statement?An income statement is a financial statement that summarizes a company's revenue and expenses in order to determine the net income or loss.
Income statements are usually prepared based on the adjusted trial balance at the end of a financial period.
Data and Calculations:COOKIE CREATIONS
Adjusted Trial BalanceDecember 31, 2021
Debit Credit
Cash $1,230
Accounts Receivable 910
Supplies 360
Prepaid Insurance 1,260
Equipment 1,200
Accumulated
Depreciation—Equipment $40
Accounts Payable 80
Salaries and Wages Payable 58
Interest Payable 15
Unearned Service Revenue 310
Notes Payable 2,100
Owner’s Capital 830
Owner’s Drawings 520
Service Revenue 4,623
Salaries and Wages Expense 1,046
Utilities Expense 130
Advertising Expense 170
Supplies Expense 1,065
Depreciation Expense 40
Insurance Expense 110
Interest Expense 15
Totals $8,056 $8,056
Thus, the preparation of COOKIE CREATIONS' Income Statement shows a net income of $2,047.
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Match each term in column A with it’s definition in column B Column A 1. barter 2. money 3. currency 4. monetary unit 5. depositor 6. Bureau of the Mint 7. electronic funds transfer (EFT) 8. Federal Revenue System Column B a. The use of computers to receive and make payments. b. The standard unit of value of a country’s currency. c. A person who places money in an account in a bank for safety and earnings. d. Anything generally excepted in payment for goods and services. e. Money that is easy to carry because it is paper. g. An organization that regulates the nations banks and its money supply. h. An organization that manufactures US coins.
Answers
Matching each monetary term in Colum A with its definition in Column B is as follows:
Column A Column B
(Monetary Terms) (Definitions of the monetary terms)
1. Barter f. the exchange of goods for goods.
2. Money d. Anything generally excepted in
payment for goods and services.
3. Currency e. Money that is easy to carry because it
is paper.
4. Monetary unit b. The standard unit of value of a
country’s currency.
5. Depositor c. A person who places money in an
account in a bank for safety and earnings.
6. Bureau of the Mint h. An organization that manufactures the
US coins.
7. Electronic funds transfer (EFT) a. The use of computers to receive and
make payments.
8. Federal Revenue System g. An organization that regulates the
nation's banks and its money supply.
What is a monetary term?A monetary term is a description of economic knowledge or activity involving the use of money.
Examples of other monetary terms are:
InflationPriceTime value of moneyPurchasing powerProfitWages.Thus, the monetary terms have been matched correctly with their definitions.
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Alice lee worked 40 hours this week at $8.00 per hour. What is alice’s gross pay for this week
Answers
Answer:
320$
Explanation:
Answer:320
Explanation:
Scott's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,500 (cost of sales $975) was made to Shannon Allen on February 1. The company uses the gross method of recording sales discounts.
Required:
1. Give the journal entry to record the credit sale. Assume use of the perpetual inventory system.
2. Give the journal entry, assuming that the account was collected in full on February 9.
3. Give the journal entry, assuming instead that the account was collected in full on March 2. On March 4, the company purchased bicycles and accessories from a supplier on credit, invoiced at $9,000; the terms were 3/10, n/30. The company uses the gross method to record purchases.
Answers
1. The journal entry to record the credit sale by Scott's Cycles, using a perpetual inventory system, is as follows:
February 1:
Debit Accounts Receivable $1,500
Credit Sales Revenue $1,500
To record the credit sales, terms 2/15, n/30.Debit Cost of goods sold $975
Credit Inventory $975
To record the cost of goods sold.2. The journal entry to record the collection of the account by Scott's Cycles is as follows:
February 9:
Debit Cash $1,470
Debit Cash Discounts $30
Credit Accounts Receivable $1,500
To record the collection of the account and cash discounts allowed.3. The journal entry to record the collection of the account by Scott's Cycles is as follows:
March 2:
Debit Cash $1,500
Credit Accounts Receivable $1,500
To record the collection of the account.2. The journal entry to record purchase on account by Scott's Cycles is as follows:
March 4:
Debit Inventory $9,000
Credit Accounts Payable $9,000
To record the purchase of bicycles and accessories, terms 3/10, n/30.What are the journal entries?Journal entries are the accounting records kept by an entity about its daily transactions.
Journal entries identify the accounts involved in each transaction and whether they will be debited or credited.
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Amazon is headed back to the office after letting people work from home for the past year. Analyse the article above and critically discuss the challenges managers would have faced during Amazon’s period of remote working.
Answers
offices provide a better environment for
1. tracking worker performance
2. crowd think
3. boss' leadership skills
4. monitoring cancellable behavior
You just won the lottery, which promises you $440,000 per year for the next 20 years. You receive the first payment today (hint: annuity due). If your discount rate is 9.00%, what is the present value of your winnings?
Answers
Answer:
You sell the money for more
Explanation: