On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $ 27,200 Dr. 111 Accounts Receivable 15,800 Dr. 121 Supplies 2,000 Dr. 131 Prepaid Rent 38,600 Dr. 141 Equipment 44,000 Dr. 142 Accumulated Depreciation—Equip. 1,000 Cr. 202 Accounts Payable 6,500 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 45,620 Cr. 302 Emilio Gonzalez, Drawing 6,200 Dr. 401 Fees Income 112,400 Cr. 511 Advertising Expense 3,800 Dr. 514 Depreciation Expense—Equip. 800 Dr. 517 Rent Expense 2,600 Dr. 519 Salaries Expense 18,800 Dr. 523 Utilities Expense 5,720 Dr. Required: Journalize the closing entries in the general journal. Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Analyze: What is the balance of the Salaries Expense account after closing entries are posted?

Answers

Answer 1
Answer:

Answer:

Fees Income 112,400 debit

   Income Summary 112,400 credit

Income Summary 31,720 debit

    Advertising Expense 3,800 credit

    Depreciation Expense—Equip 800 credit

    Rent Expense 2,600 credit

    Salaries Expense 18,800 credit

   Utilities Expense 5,720 credit

income summary   80,680‬  debit

    Emilio Gonzalez, Drawing   6,200 credit

    Emilio Gonzalez, Capital    74,480 credit

Explanation:

We close the temporary account which are, reveneus and expenses against income summary then we close this account balance against Emilio Capital Account along with Emilio's drawings.


Related Questions

In computing the cost of common equity, if the dividend (D1) goes downward and market price (P0) goes up, required rate of return (Ke) will:_____.a. go up.b. go down.c. stay the same.d. slowly increase.
I'm having a difficult time with my accounting workbook. I post the adjusting entries, but my balance sheet never equalizes. Can someone point me where i'm going wrong? 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for the goods, as well as a bill for freight for $175, all dated 12/29/17. Goods were shipped FOB supplier’s warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno’s House of Bacon. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January. 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction. 5. Note about later borrowing financials will show loan from parents repaid and use of bank financing.PEYTON APPROVED TRIAL BALANCE As of December 31, 2017 Unadjusted trial balance Adjusting entries Adjusted trial balance Dr Cr ref Dr Cr ref Dr Cr Cash 67,520.04 67,520.04 Accounts Receivable 68,519.91 68,519.91 Other Receivable - Insurance Baking Supplies 15,506.70 15,506.70 Merchandise Inventory 1,238.07 1,238.07 Consignment Inventory Prepaid Rent 2,114.55 2,114.55 Prepaid Insurance 2,114.55 2,114.55 Misc. Supplies 170.49 170.49 Baking Equipment 14,000.00 14,000.00 Accumulated Depreciation 1,606.44 1,606.44 Customer Deposit - Accounts Payable 20,262.11 20,262.11 Wages Payable 3,383.28 3,383.28 Interest Payable 211.46 211.46 Notes Payable 5,000.00 5,000.00 Common Stock 20,000.00 20,000.00 Beginning Retained earnings 50,144.84 50,144.84 Dividends 105,000.00 105,000.00 Bakery Sales 327,322.55 327,322.55 Merchandise Sales 1,205.64 1,205.64 Cost of Goods Sold - Baked 105,834.29 105,834.29 Cost of Goods Sold - Merchandise 859.77 859.77 Rent Expense 24,549.19 24,549.19 Wages Expense 10,670.72 10,670.72 Misc. Supplies Expense 3,000.46 3,000.46 Business License Expense 2,045.77 2,045.77 Misc. Expense 1,363.84 1,363.84 Depreciation Expense 677.86 677.86 Insurance Expense 1,091.08 1,091.08 Advertising Expense 1,549.74 1,549.74 Interest Expense 818.31 818.31 Telephone Expense 490.98 490.98 Gain/Loss on disposal of equipment 429,136.32 429,136.32 - - 429,136.32 429,136.32
"Ursula is the most popular person in her apartment complex. Everyone knowsher face and where she lives. Given what we know about location and interactionpatterns, which of the following statements about Ursula‘s apartment is most likelytrue?"The apartment is in a back corner of the complex.The apartment has a door opening to a private hallway.The apartment is upstairs and far from a stairwell.The apartment is right next to the mailboxes.
A call option on MassComputer Corp. is trading with a strike price of $100 and an expiration date on November 18th at 4 pm in the afternoon. The premium paid on the call is $7.55. What is the net profit or loss from buying the call just prior to 4 pm on November 18 if at this time the stock price per share of MassComputer is:
In long-run competitive equilibrium SRATC = LRATC, because if SRATC > LRATC (at the quantity of output at which MR = MC) firms would _______.A. have an incentive to change their plant size to produce their current output.B. not be covering their total fixed costs.C. not be covering their total variable costs.D. a and b b and c

Nuzum Corporation has two divisions: Division M and Division N. Data from the most recent month appear below: Total Company Division M Division N Sales $557,000 $254,000 $303,000 Variable expenses 144,910 81,280 63,630 Contribution margin 412,090 172,720 239,370 Traceable fixed expenses 273,000 128,000 145,000 Segment margin 139,090 44,720 94,370 Common fixed expenses 94,690 43,180 51,510 Net operating income $ 44,400 $ 1,540 $ 42,860 Management has allocated common fixed expenses to the Divisions based on their sales. The break-even in sales dollars for Division N is closest to:

Answers

Answer:

$ 183,544.30 = $ 183,544

Explanation:

Nuzum Corporation

                                       Total             Division M         Division N          

Sales                              $557,000          $254,000      $303,000

Variable expenses          144,910             81,280             63,630

Contribution margin        412,090            172,720          239,370

Traceable fixed expenses 273,000        128,000          145,000

Segment margin                139,090          44,720            94,370

Common fixed expenses 94,690           43,180               51,510

Net operating income    $ 44,400          $ 1,540           $ 42,860

First we find the Segment CM ratio by the following formula:

Segment Contribution Margin Ratio= Segment Sales- Segment Variable Expenses/ Sales

Segment Contribution Margin Ratio= 303,000 -63630/303000

Segment Contribution Margin Ratio= 239370/303000=0.79

Then we find the break even sales in dollars.

Break Even Sales in Dollars= Traceable Fixed Expense/ Segment Contribution Margin Ratio

Break Even Sales in Dollars =145,000/0.79=  $ 183,544.303

An office manager is concerned with declining productivity. Despite the fact that she regularly monitors her clerical staff four times each day—at 9:00 AM, 11:00 AM, 1:00 PM, and again at 3:00 PM—office productivity has declined 30 percent since she assumed the helm one year ago. Would you recommend that the office manager invest more time monitoring the productivity of her clerical staff? Explain.

Answers

Answer:

Explanation: Employers have generally always found methods to monitor their employees. As software and tech advancements continue at break-neck speeds, employee monitoring is changing.

Software and tech platforms are being used to gather information on employees. Artificial Intelligence and Machine Learning (AI/ML) technologies used in these platforms are able to measure and analyze workforce performance. The use of data related to employees is referred to as Human Resource Analytics (HRA), or people analytics. There are many reasons to monitor employee behavior at work. For smaller businesses, the main reason for employee monitoring is to make sure that there is no unethical or illegal activity in the workplace while ensuring that technology provided is being used for the purpose it was intended. Practicing ethical employee monitoring reduces many unethical and illegal behaviors that cause small businesses to lose money. Monitoring encourages employees that would otherwise act immorally to act in an expected manner.Sometimes, there is more than enough stress at work. Employees may have to meet tight deadlines, deal with coworkers, and change work habit or style due to leadership changes. The constant monitoring of employee activities creates even more stress. If surveillance is felt to be a form of spying by employees, they will develop a feeling of mistrust from their employer. This feeling of being constantly watched will more than likely create an uncomfortable work environment and likely to decline performance .

lauren is 17 years old. She report earned income of $3,000 and unearned income of $6,200. Is it likely that she is subject to the kidie tax? Explain.

Answers

Answer:

Following are the solution to this question:

Explanation:

Yes, at the end of the year Lauren is now under the age of eighteen but her salary is much more than $2,100, and she's eligible to its Kiddie levy. Notice that perhaps the child's net unpaid wages are a kiddie tax base. Net income that is undeserved shall be less than total salary of even an unarned infant minus $2,100 or tax payable of the child. Here, Lauren's Tax Income is measured as gross income of $9,200, minus her $3,350 = $5,850. That gross taxes unattained minus 2,100 dollars was estimated as 6.200 dollars less 2,100 dollars = 4,100 dollars taxed to use a fide and interest deduction schedule. The other $1,750 is paid 10 percent of Lauren's cost.

What is the payback period for the following set of cash flows? (Round your answer to 2 decimal places, e.g., 32.16.) Year Cash Flow 0 –$ 5,500 1 1,525 2 1,725 3 2,125 4 1,625

Answers

Answer:

3.08 years

Explanation:

The computation of the payback period is shown below:

Year       Cash flows    Cumulative cash flows

0         -$5,500                -$5,500

1          $1,525                 -$3,975

2               $1,725                -$2,250

3               $2,125                   -$125

4               $1,625                   $1,500

Now the pay back period is

= 3 years + $125 ÷ $1,625

= 3.08 years

Final answer:

The payback period of the given cash flows is calculated by subtracting each year's cash inflow from the initial investment until the remaining amount is completely paid off. The payback period is found to be approximately 3.08 years.

Explanation:

The Payback Period is a capital budgeting method that calculates the time required to recoup the cost of an investment. In your case, the cash flow starts with an investment of $5,500 at Year 0, followed by cash inflows in subsequent years. Let's calculate the payback period in years.  

  • Year 1: $5,500 - $1,525 = $3,975 remaining
  • Year 2: $3,975 - $1,725 = $2,250 remaining
  • Year 3: $2,250 - $2,125 = $125 remaining

At the end of Year 3, there is still $125 remaining from the original investment that has not been recouped. We need a part of the Year 4 cash inflow to pay back the rest. Therefore, the payback period in years is: 3 + ($125 / $1,625) = 3.08 years.

Learn more about Payback Period here:

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California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $32 per share. Later in the year, the company decides to repurchase 100 shares at a cost of $35 per share. Record the transaction if California Surf reissues the 100 shares of treasury stock at $37 per share. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answers

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $3,700

      To Treasury Stock A/c $3,500

       To Additional Paid in Capital A/c $200

(Being the reissued shares are recorded)

The computation is shown below:

For cash account:

= 100 shares × $37 per share

= $3,700

For Treasury Stock Account

= 100 shares × $35 per share

= $3,500

And, for Additional Paid in Capital Account

= $3,700 - $3,500

= $200

For reissued shares, we debited the cash account and credited the treasury stock and Additional Paid-in Capital account

Mary Catherine is a recent employee who initially requires 17 minutes to complete a job task. If she experiences a learning rate of 77%, how much time will it take her to complete the sixth task?

Answers

Answer:

for sixth tasks, she will spend 77% of 5.98 minutes =`4.60 minutes

Explanation:

Mary Catherine is a recent employee

initial time requires 17 minutes to complete a task

as she get use to the task, her experiences a learning rate is found to be 77% for each task,

how much time will it take her to complete the sixth task?

Now, we need to calculate per task

the first task, she spend 17 minutes

for second tasks, she will spend 77% of 17 minutes =

 = 0.77 * 17 = 13.09 minutes

for third tasks, she will spend 77% of 13.09 minutes   =

 = 0.77 * 13.09 minutes =  10.08 minutes

for fourth tasks, she will spend 77% of 10.08 minutes =

 == 0.77 * 10.08 minutes =  7.76 minutes

for fifth tasks, she will spend 77% of 7.76 minutes =

 == 0.77 * 7.76 minutes =  5.98 minutes

for sixth tasks, she will spend 77% of 5.98 minutes =

 == 0.77 * 5.98 minutes =  4.60 minutes

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