Presented below are selected account balances for Homer Winslow Co as of December 31, 2014.
Instructions: Prepare closing entries for Homer Winslow Co on December 31,2014. (Omit explanations)
Inventory 12/31/14 $60,000 Cost of Goods Sold $225,700
Common Stock 75,000 Selling Expenses 16,000
Retained Earnings 45,000 Administrative
Expenses 38,000
Dividends 18,000 Income Tax
Expense 30,000
Sales Returns
and Allowances 12,000
Sales Discounts 15,000
Sales Revenue 410,000

Answer the following questions with true or false and provide a brief explanation (2- 3 sentences) a) economies of scale in production give rise to multi-product firms. b) ace hardware corporation is an example of economies of scale in production.

1. is the act of declaring a drivers license void and terminated when it is determined that the license was issued through error or fraud.

Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.