High Step Shoes had annual revenues of $197,000, expenses of $109,700, and dividends of $22,800 during the current year. The retained earnings account before closing had a balance of $309,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:a. $87,300.
b. $64,500.
c. $197,000.
d. $396,300.
e. $373,500.

You are an employee of an u.s. firm that produces personal computers in thailand and then exports them to the united states and other countries for sale. the personal computers were originally produced in thailand to take advantage of relatively low labor costs and a skilled workforce. other possible locations considered at that time were malaysia and hong kong. the u.s. government decides to impose punitive 100% ad valorem tariffs on imports of computers from thailand to punish the country for administrative trade barriers that restrict u.s. exports to thailand. how do you think your firm should respond? what does this tell you about the use of targeted trade barriers?

Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers. customers pay a deposit for each container received. the deposit is equal to the container’s cost. they receive a refund when the container is returned. during 2018, deposits collected on containers shipped were $856,000. deposits are forfeited if containers are not returned within 18 months. containers held by customers at january 1, 2018, represented deposits of $587,000. in 2018, $811,000 was refunded and deposits forfeited were $41,000. required: 1. prepare the appropriate journal entries for the deposits received and returned during 2018. 2. determine the liability for refundable deposits to be reported on the december 31, 2018, balance sheet.

What is the state tax rate for a resident of arizona whose annual taxable income is $18,000?