Closing Entries with Net Income Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000. a. Journalize the entry required to close the Teresa Schafer, Drawing account. b. Determine the amount of Teresa Schafer, Capital at the end of the period. $
Answers: 3
Another question on Business
Business, 21.06.2019 16:10
Aldrich and co. sold goods to donovan on credit. the amount owed grew steadily, and finally aldrich refused to sell any more to donovan unless donovan signed a promissory note for the amount due. donovan did not want to but signed the note because he had no money and needed more goods. when aldrich brought an action to enforce the note, donovan claimed that the note was not binding because it had been obtained by economic duress. was he correct? [aldrich & co. v. donovan, 778 p.2d 397 (mont.)]
Answers: 1
Business, 22.06.2019 04:00
Which law would encourage more people to become homeowners but not encourage risky loans that could end in foreclosure? options: offering first time homebuyers tax-free accounts to save for down payments requiring all mortgages to be more affordable, interest-only loans outlawing home inspections and appraisals by mortgage companies limiting rent increases to less than 2% a year
Answers: 2
Business, 22.06.2019 07:30
When the national economy goes from bad to better, market research shows changes in the sales at various types of restaurants. projected 2011 sales at quick-service restaurants are $164.8 billion, which was 3% better than in 2010. projected 2011 sales at full-service restaurants are $184.2 billion, which was 1.2% better than in 2010. how will the dollar growth in quick-service restaurants sales compared to the dollar growth for full-service places?
Answers: 2
Business, 22.06.2019 20:20
Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.
Answers: 3
You know the right answer?
Closing Entries with Net Income Assume that the entry closing total revenues of $3,190,000 and total...
Questions
Computers and Technology, 07.12.2019 06:31
