BUSINESS COLLEGE

A merchandiser has four closing journal entries at the end of an accounting cycle. Select the correct entries below. (Check all that apply.) Close asset accounts. Close the dividends account. Close revenue accounts. Close expense accounts. Close the merchandise inventory account. Close the income summary account.

Answers

Answer 1

Answer:

Answer:

A Merchandiser

Closing Journal Entries:

i) Close the dividends account.

ii) Close revenue accounts.

iii) Close expense accounts.

iv) Close the income summary account.

Explanation:

Closing journal entries are closing entries made at the end of an accounting period to zero out all temporary accounts so that their balances are transferred to permanent accounts. To close temporary accounts is to set them at the end of the period to nil balances.

Temporary accounts are not permanent. They do not have running balances that continue from one period to the next, unlike permanent accounts. All temporary accounts are closed to the income statement and used to determine the financial performance of an entity. Permanent accounts are stated in the balance sheet (to determine the financial position of an entity) and appear as opening balances in the next period's accounts.

Answer 2

Answer:

A merchandiser has four closing journal entries: Close the dividends account. Close revenue accounts. Close expense accounts. Close the income summary account, hence options B, C, D, and F are correct.

Closing journal entries are entries made to close down all temporary accounts so that their balances may be transferred to permanent accounts at the conclusion of an accounting period.

Unlike permanent accounts, they don't have running balances that carry over from one month to the next. The income statement closes all temporary accounts, which is how an entity's financial success is assessed.

Learn more about dividends account, here:

brainly.com/question/16905667

#SPJ6

Related Questions

During the week ended May 15, 2019, Scott Fairchild worked 40 hours. His regular hourly rate is $15. Assume that all of his earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. He also has deductions of $32 for federal income tax and $22 for health insurance. What is his gross pay for the week? What is the total of his deductions for the week? What is his net pay for the week?
Lisa Frees and Amelia Ellinger had been operating a catering business for several years. In March 2014, the partners were planning to expand by opening a retail sales shop and decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March 2014: a. Received $80,000 cash from each of the two shareholders to form the corporation, in addition to $2,000 in accounts receivable, $5,300 in equipment, a van (equipment) appraised at a fair market value of $13,000, and $1,200 in supplies. Gave the two owners each 500 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $360,000, making a $72,000 cash down payment and signing a 10-year mortgage from a local bank for the rest. c. Borrowed $50,000 from the local bank on a 10 percent, one-year note. d. Purchased and used food and paper supplies costing $10,830 in March; paid cash. e. Catered four parties in March for $4,200; $1,600 was billed, and the rest was received in cash. f. Made and sold food at the retail store for $11,900 cash. g. Received a $420 telephone bill for March to be paid in April. h. Paid $363 in gas for the van in March. i. Paid $6,280 in wages to employees who worked in March. j. Paid a $300 dividend from the corporation to each owner. k. Purchased $50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $20,000 (added to the cost of the building); paid cash. Compute ending balances for Cash, Accounts Receivable, Supplies, Equipment, Building, Accounts Payable, Note Payable, Mortgage Payable, Common Stock, Additional Paid-in Capital, Retained Earnings, Food Sales Revenue, Catering Sales Revenue, Supplies Expense, Utilities Expense, Wages Expense, and Fuel Expense. 1. Prepare an income statement in good form for the month of March 2014. (Ignore retained earnings and 80,000 in the table just below)2. Operating (O), investing (I), and financing (F) activities affecting cash flows. Include the direction and invest of the effect
Ray’s Satellite Emporium wishes to determine the optimal order size for its best-selling satellite dish (Model TS111). Ray has estimated the monthly demand for this model to be 230 units. This model costs Ray $396 to purchase from his supplier. His annual cost to carry inventory is 10% and he estimates that orders cost $38 to process. If Ray used an order quantity of 2000 instead of the optimal order quantity, how much money would he be wasting each year?
The owners of a chain of fast-food restaurants spend $ 25 million installing donut makers in all their restaurants. This is expected to increase cash flows by $ 12 million per year for the next five years. If the discount rate is 6.6%, were the owners correct in making the decision to install donut makers? Round answer to the nearest million.
Identify an advertisement or commercial that targets only one of the generational groups. Describe the promotion in detail and identify the intended group.

When a parent uses the equity method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is false before making adjustments on the consolidated worksheet? A. Parent company net income equals controlling interest in consolidated net income.
B. Parent company retained earnings equals consolidated retained earnings.
C. Parent company total assets equals consolidated total assets.
D. Parent company dividends equals consolidated dividends.
E. Goodwill will not be recorded on the parent's books.

Answers

Answer: The correct answer is "C. Parent company total assets equals consolidated total assets".

Explanation: The statement "C. Parent company total assets equals consolidated total assets" is false before making adjustments on the consolidated worksheet when a parent uses the equity method because the parent company total assets are not equal to consolidated total assets.

Examine the experience of shopping online versus shopping in a traditional environment. Imagine that you have decided to purchase a digital camera (or any other item of your choosing). First, shop for the camera in a traditional manner. Describe how you would do so (for example, how you would gather the necessary information you would need to choose a particular item, what stores you would visit, how long it would take, prices, etc.). Next, shop for the item on the Web or via a mobile app. Compare and contrast your experiences. What were the advantages and disadvantages of each? Which did you prefer and why?

Answers

Answer:

Shopping in a traditional manner

If I had to buy, let’s say an iPad, I would visit the official store. First of all, I would take a closer look at the product, revising it carefully, if it feels right and if it meets my needs. Then I would ask for the price if they have a discount or any sale upcoming or payment plan. If everything meets my requirements I would buy the item. On the other hand, if there weren’t any official stores around the place I live in, I would visit three different department stores, preferably where they have the product of my interest displayed, also I would ask about the price and/or payment plan or discounts and availability. I must mention that cost is an important aspect to make a decision on where to buy the item. All of this process would take about 1 or 2 days at most.

Advantages

-You can see, feel, check the product to dissipate any doubts, there are people willing to answer any question and help to make a better choice.

Get the product at the same moment you are paying for it and if you want to you can use/wear it immediately.

Disadvantages

If they are out of stock of the item of your interest, there is a chance you will have to wait a long time for it, although it could happen the store won’t have the product available again.

The offers are not as wide as on the web sites.

Shopping on the web or via a mobile app

It is almost the same as shopping in a traditional manner, the greater differences are that there are more virtual places/shops online to compare prices and availability and sometimes they have great offers, because of the competition. Generally, the items are cheaper than a department store.

This process could take about a week, especially if you are waiting for a specific offer.

Advantages

There are lots of options, lots of different online stores, that increase the chances to get a good offer or an item with better characteristics at the same price; if you don’t find availability in one web you can find it in another in no time.

There is no need to leave your house or put on pause your busy schedule, as you will receive the item at your door.

Disadvantages

You can’t check the product given they only display a few pictures of it and a brief description, there is no one to answer your doubts about the item, basically, the decision relies on your research and recommendations of the product.
After making your purchase, you will have to wait a few days to receive your item at home or the workplace. Sometimes happens the store confuses your order sending a different product or other with different characteristics, resulting in having to return the item and wait days to get what you order in the first place.

Explanation:

Which did I prefer and why?

Considering the advances in technology, I prefer to shop online, there I can find what I'm looking for and of course, they have a great offers, too. Besides, with day to day occupations I barely have time to go to a department store, so is easier to access using a computer or an app on the smartphone.

1. Calculate the sales commission per unit sold. If required, round your answers to the nearest dollar. Use rounded answers in subsequent computations.

Answers

Answer: $20

Explanation:

The sales commission is 6% and the selling price per unit is $340.

The Sales commission per unit saved therefore is;

= 340 * 6%

= $20.40

= $20

If 19,000 units are produced, what are the per unit manufacturing overhead costs incurred

Answers

Answer:

$117,000

Explanation:

Manufacturing overhead is also known as the production overhead. It can be estimated by the adding the variable manufacturing overhead to the fixed manufacturing overhead. Therefore:

Fixed manufacturing overhead is equivalent to the cost of the fixed units (i.e. 15,000 units) = $4*15000 = $60000

Variable manufacturing overhead is equivalent to the cost of the variable units (i.e. 19000 units) = $3*19000 = $57000

Total manufacturing overhead = $60000 + $57000 = $117000

Ruth wants to set aside funds to take an around the world cruise in 4 years. Ruth expects that she will need $25500 for her dream vacation. If she is able to earn 9% per annum on an investment, how much will she have to set aside today so that she will have sufficient funds available?

Answers

Answer:

Amount invested (P) = $18,065 (Approx)

Explanation:

Given:

Total amount need (A) = $25,500

Number of year (n) = 4

Rate of interest (r) = 9% = 0.09

Find:

Amount invested (P)

Computation:

A = P(1+r)ⁿ

25,500 = P(1+0.09)⁴

25,500 = P(1.41158161)

P = 18,064.8429

Amount invested (P) = $18,065 (Approx)

The standard costs and actual costs for direct materials for the manufacture of 2,300 actual units of product are Standard Costs Direct materials (per completed unit) 1,040 kilograms @$8.65 Actual Costs Direct materials 2,300 kilograms @ $8.05 Round your final answer to the nearest dollar. The amount of direct materials price variance is