on july 31, 2016, the balances of the accounts appearing in the ledger of serbian interiors company, a furniture wholesaler, are as follows:Accumulated Depreciation-Building $365,000Administrative Expenses 440,000Building 810,000Cash 78,000Common Stock 75,000Cost of Merchandise Sold 775,000Dividends 15,000Interest Expense 6,000Merchandise Inventory 115,000Notes Payable 100,000Retained Earnings 455,000Sales 1,437,000Sales Tax Payable 4,500Selling Expenses 160,000Store Supplies 16,000Store Supplies Expense 21,500Prepare the July 31, 2016, closing entries for Serbian Interiors Company.
Answers
Closing entries are entries that are passed at the end of the fiscal year to transfer temporary account balances to permanent accounts.
At the end of an accounting period, temporary accounts like revenues, expenses, and dividends are closed to prevent them from mixing with the upcoming period's account transactions.
Hence, to prepare the July 31, 2016, closing entries for Serbian Interiors Company, we need to transfer the balance of temporary accounts to Retained Earnings. The given ledger accounts do not contain an Income Summary account. Hence, we need to make use of Retained Earnings account to record closing entries.
The closing entries for the Serbian Interiors Company are given below:
1. Debit each of the revenue accounts for their respective credit balance amount.
Sales: $1,437,000
Store Supplies Expense: $21,500
Selling Expenses: $160,000
Administrative Expenses: $440,000
Interest Expense: $6,000
Total Debit: $2,064,5002.
Credit Income Summary account with the debit total of all revenue accounts. Income Summary account: $2,064,5003.
Debit Income Summary account for the total of all debit balances in expense accounts.
Income Summary account: $644,500
Cost of Merchandise Sold: $775,000
Store Supplies: $16,000
Total Debit: $791,0004.
Credit Income Summary account for the total of all credit balances in expense accounts.
Income Summary account: $791,000
Selling Expenses: $160,000
Administrative Expenses: $440,000
Interest Expense: $6,000
Total Credit: $606,0005.
Debit Retained Earnings account with the balance of Income Summary account.
Retained Earnings: $1,458,500
Income Summary account: $1,458,5006.
Credit Dividends account with the balance of Dividends paid.
Dividends: $15,000
Cash: $15,000
Hence, these are the July 31, 2016, closing entries for Serbian Interiors Company.
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Related Questions
Who gets a FICO score and how is it generated?
Answers
A FICO score is a credit score generated by the Fair Isaac Corporation, which is widely used by lenders to evaluate a borrower's creditworthiness.
Anyone who has credit history can have a FICO score, including individuals, businesses, and even non-profit organizations. The score is generated based on several factors, including payment history, credit utilization, length of credit history, types of credit accounts, and recent credit inquiries. These factors are weighted differently based on their level of impact on credit risk. FICO scores range from 300 to 850, with higher scores indicating better creditworthiness. Generally, a score above 700 is considered good, while a score below 600 is considered poor.
Therefore, it is important to regularly check your FICO score and credit report for accuracy and take steps to improve your credit health if necessary.
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the motivation theory that holds that employee motivation is determined by the belief that a valued outcome will result from effort is called:
Answers
Instrumentality is the motivation theory that holds that employee motivation is determined by the belief that a valued goal will result from effort.
In order to attain desired goals, a person needs to be motivated, which is a state of mind characterised by vigour and excitement. Even when things are against them, motivation propels people to work with a high level of devotion and focus. Motivation causes people to act in particular ways. In a nutshell, motivation is what propels people to take certain acts. Our motives are influenced by a wide range of diverse factors. It's crucial to make sure that every team member in a company is driven and works toward the greatest project management course objectives. As a result of their research into human behaviour, numerous psychologists have structured their findings as diverse motivational theories.
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Why is it not a good idea to make early withdrawals from your 401(k)
Answers
Answer:
- Fees
-Early termination cost
-Loss of interest
What is the cost price if the selling price is R12800 and the profit margin is 33\(\frac{1}{3}\) percent
Answers
the cost price of the product is 9639.10 if the selling price is R12800 and the profit margin is 33%.
If the selling price of a product is R12800 and the profit margin is 33%, we can calculate the cost price by using the following formula:Cost Price = Selling Price / (1 + Profit Margin)Substituting the given values, we get:
Cost Price = 12800 / (1 + 0.33)
Cost Price = 12800 / 1.33
Cost Price = 9639.10 (rounded to two decimal places)Therefore, the cost price of the product is R9639.10 if the selling price is R12800 and the profit margin is 33%.It is important to note that the profit margin is calculated as a percentage of the cost price, not the selling price. So, if the profit margin is 33%, the cost price is 67% of the selling price
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What makes Jaden an effective group discussion?
Answers
He has looked over the materials that are available for the discussion. He can uphold his viewpoints with realities from past science fairs. He can control the conversation and is self-assured in his opinions.
What is a good method for having a productive group discussion?Five Ways to Have a Good Discussion in a Group Pose open-ended inquiries. Reiterate, summarize, and summarize again. Questions to Follow-Up Accept silence.
What makes a person a good participant in a group?They are open to fresh concepts, different points of view, and the variety of people in the group. They get ideas from other people by listening to them. They know how to adjust the requirement for union inside a gathering with the requirement for individual articulation.
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Which statement best illustrates an example of economic specialization?
O A. A country attempts to become self-sufficient by producing all the
cars it needs on its own.
O B. A country promotes businesses that create many different
products despite high opportunity costs.
O C. A country focuses on growing a specific type of crop for export
instead of a wide variety of crops.
O D. A country reduces its division of labor by encouraging all workers
to develop many different skills.
Answers
Answer:
C. A country focuses on growing a specific type of crop for export
instead of a wide variety of crops.
Explanation:
They specialize in growing one thing instead of growing all of the crops.
The statement best illustrates an example of economic specialization A country focuses on growing a specific type of crop for export instead of a wide variety of crops. Thus the correct option is C.
What is Export?When a country sends goods to other countries with the objective of selling and receiving funds in exchange is refer as exports. When any country exports more goods the economy will become stronger.
Economic specialization indicates any expertise in any specific field which helps to produce unique things or unique business operations to achive a better flow of funds in the economy.
As exports help in improving the economy due to the inflow of cash so when a country focuses on growing a specific type of crop for export instead of a wide variety of crops reflects the economic specialization of a country which helps them in achieving success.
Therefore, option C is appropriate.
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Based on gender, research on leader behaviors has found that ________.A) male and female managers tend to differ in their effectiveness as leadersB) female managers engage in more consideration and initiating structure than male managersC) male and female managers do not differ significantly in their propensities to perform different leader behaviorsD) women engage in more consideration than men
Answers
C) Male and female managers do not differ significantly in their propensities to perform different leader behaviors.
Research on leader behaviors has found that there is no significant difference between male and female managers in their propensities to perform different leader behaviors. This means that gender is not a determining factor in how leaders behave or the effectiveness of their leadership style. It suggests that both male and female managers are equally capable of exhibiting a wide range of leadership behaviors, such as consideration and initiating structure, and their effectiveness as leaders is not influenced by their gender. This finding promotes gender equality in leadership positions and highlights the importance of evaluating leaders based on their individual qualities and skills rather than stereotypes associated with gender.
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Do you think business practices will become standardized across cultures as the global marketplace continues to flourish? Why or why not?
Answers
Answer:
Most likely yes
Explanation:
Business practices do depend on local cultures, but they are also very sensitive to standardization since business across the world have the base basic objective: to increase economic value, and this value is measurable.
As globalization advances, firms all over the world will seek the best financial, operative, and human resource practices in order to increase economic value, and this practices will be available to a global audience mainly in the form of quantitative data and strategies that can be adapted to any firm no matter where it is located.
Use the graph to answer the question that follows.
Which statement describes the shift from D1 to D2?
Demand for the product increased.
Less of the product is being produced.
Demand for the product decreased.
More of the product is being produced.
Answers
The statement that describes the shift from D1 to D2 is the demand for the product increased.
What does the shift from D1 to D2 signify?The graph represented in the image is that of a demand curve. A demand curve is a curve that shows the relationship between price and quantity demanded.
The demand curve is negatively sloped because the higher the price, the lower the quantity demanded. This is in line with the law of demand.
When the demand curve shifts to the right, it indicates an increase in demand. When the demand curve shifts to the left, it indicates a decrease in demand.
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Answer:
Demand for the product increased!
Explanation:
option A
1. in which type of loan would you use your house for collateral? balloon mortgage 15-year fixed adjustable rate home equity
Answers
The type of loan where you use your house as collateral is called a home equity loan. The correct answer is option d.
A home equity loan is a type of loan where you borrow against the equity you have built in your home. Equity is the difference between the market value of your home and the amount you still owe on your mortgage.
By using your house as collateral, you provide the lender with security in case you default on the loan. In a home equity loan, you receive a lump sum of money and typically have a fixed interest rate and repayment term.
On the other hand, the other options listed are different types of mortgages that do not necessarily involve using your house as collateral:
a. Balloon mortgage: A balloon mortgage is a short-term loan with lower monthly payments for a fixed period, usually 5-7 years. At the end of the term, the remaining balance of the loan becomes due in a lump sum payment, which could be refinanced or paid off using other means.
b. 15-year fixed: A 15-year fixed mortgage is a loan with a fixed interest rate and monthly payments for a term of 15 years. While the house serves as collateral, the focus is on the fixed term and interest rate rather than using the house's equity.
c. Adjustable rate: An adjustable-rate mortgage (ARM) is a loan with an interest rate that adjusts periodically based on market conditions. Although the house is collateral for the loan, the primary feature of an ARM is the interest rate adjustment rather than the use of equity.
Therefore, the correct answer is option d. Home equity.
The complete question is -
In which type of loan would you use your house for collateral?
a. balloon mortgage
b. 15-year fixed
c. adjustable rate
d. home equity
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4. the junkbuyers company travels from home to home, looking for opportunities to buy items that would otherwise end up with the garbage, but which the company can resell or recycle. which will be larger, the private or the social benefits?
Answers
The Junkbuyers Company visits different residences in search of possibilities to perform below tasks.
The extra money paid for the already-discarded goods constitutes the private advantages. In addition, the societal advantages include the reduction of expenditures related to waste management, pollution, environmental degradation, and any other risks involved with the transportation of waste items to landfills or other disposal sites.
Consumer pleasure plus or minus the overall environmental and social costs or benefits is referred to as the marginal social benefit.
Tasks:
purchase goods that would otherwise be discarded with the trash but which the firmcan recycle or resale. Which benefit—private or social—will be greater?Market-based recycling will result in greater social benefits.Learn more about social benefits Visit: brainly.com/question/3951300
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Workplace diversity describes differences among workers in any of the following areas:
attitude
education
ethnicity
industry
Answers
Answer:
industry because here based the all the business in whole world
PLEASE ANSWER QUICKLY
What does the FLSA prescribe?
A.
regular audits of a company’s financial accounts
B.
employment of people with disabilities
C.
standards for the basic minimum wage and overtime pay
D.
granting paid leaves to individuals to practice religious beliefs
Answers
Answer:
C.
standards for the basic minimum wage and overtime pay
Explanation:
Hope this helps you
Pls mark me the brainliest
Answer:
C.
standards for the basic minimum wage and overtime pay
Explanation:
Correct on Edmentum
i need help ASAP!!!! Generally, parties of 8 or more require many restaurants to include gratuity of 18% on the check before presenting to the guest. For a party of 12 and a total check in the amount of $191.40, what is the gratuity amount added to the check for this large party?a) $18.00 b)$34.45 c)$43.54 d)$191.40
Answers
Answer:
b)$34.45
Explanation:
Gratuity is similar to a service charge.
If the bill is $191.40, and gratitude of 18 percent will be added.
The actual gratitude amount that will be added will be equal to
18% of the $191.40 bill.
=18/100 x $191.40
=0.18 x 191.40
= $34.45
when a manufacturer saturates the market by selling to any intermediary of good financial standing that is willing to stock and sell the product, the manufacturer is engaged in select .
Answers
When a manufacturer saturates the market, the manufacturer is engaging in intensive distribution.
Intensive distribution can be define as the way in which companies or manufacturer made available or distribute their products from retail outlet to wholesaler outlet.
Most companies use intensive distribution marketing strategy to increase sales and to sell out the products in their warehouse so as to restock or restore new products.
Intensive distribution help to create product awareness to those people that are not aware of the products due to the fact that the products can be find everywhere.
Inconclusion the manufacturer is engaging in intensive distribution.
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how much lower (expressed in $’s) is, on average, the inventory cost for dirt cheap compared to kwiki-mart of a house hold cleaner valued at $15?
Answers
The inventory cost for dirt cheap and kwiki-mart of a household cleaner valued at $15 can vary depending on various factors, including the quantity purchased, shipping costs, and the suppliers' pricing strategies. However, assuming everything else remains constant, we can make an estimate based on industry averages.
Dirt cheap is known for offering products at lower prices compared to other retailers, while kwiki-mart is a convenience store that operates in different regions. Dirt cheap's inventory cost for a household cleaner valued at $15 is likely to be lower than kwiki-mart. On average, Dirt cheap could purchase the same household cleaner for $10-12 while kwiki-mart may have to purchase it for $13-15.
This difference in inventory cost could be due to Dirt cheap's bulk purchasing and lower overhead costs, which allow them to sell products at lower prices. Additionally, Dirt cheap may also purchase products at lower prices through supplier negotiations and sourcing products directly from manufacturers.
In conclusion, the inventory cost for dirt cheap compared to kwiki-mart of a household cleaner valued at $15 is likely to be $3-5 lower on average, but this is just an estimate based on industry averages and other factors may impact the cost.
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Sylvester is 57 and his company is downsizing. He knows that his position is one that will be cut so he has started to prepare his resume to look for a new job. Hunter tells him not to bother, as he will not get another job, at least not one that is equivalent to his current job. He tells Sylvester that things have changed since Sylvester went to college and that he couldn’t realistically offer too much in the workforce today. Hunter is demonstrating a(n)
Answers
Answer:Age Stereotype
Explanation:
suggest any 5 methods by which the condition of technical education can be improved
Answers
Answer:
Acknowledge and address overcrowding.
Make funding schools a priority.
Address the school-to-prison pipeline.
Raise standards for teachers.
Put classroom-running and curriculum-building decisions in the hands of the community.
Explanation:
Technology can be utilized to improve teaching and learning and help our students be successful. ... Through the use of learning management systems (LMS) students can access online resources to get assistance on demand beyond the physical reach of their teacher. Technology can also extend education in another way.
assisted projects aimed at improving technical and vocational education. Introduction ... priorities as defined by aid recipients (see, for example, Gray &.
Technical education is a term applied to schools, institutions, and educational programs that specialize in the skilled trades, applied sciences, modern technologies.
the cause of the gulf war was the ______.
A.conflict between isreal and the palestinian arabs
B.iraqi citizens' desire for a democracy
c.september 11, 2001 terroit attacks
d.iraqi invation of kuawit
Answers
Answer:
D..................
Answer:
D
Explanation:
how can you solve circle geometry in a simple way
Answers
Answer: by using the formula A=pi(3.14) R(radius) squared
Explanation:
Hope that helped
The area is equal to pi multiplied by the square of the radius: a=π⋅r2.
The perimeter of a circle (called the circumference) is equal to pi times the diameter: C=π⋅d.
carl patterson likes investing in stocks that pay dividends. carl owns 45 shares of a local utility company. the stock pays a regular annual dividend in the amount of $1.75 per share, and the company has indicated that the dividend will stay the same for a long time. if carl reinvests his dividends each year and the dividends earn a return of 6 percent each year, how much will carl accumulate in 14 years? use exhibit 1-b. (round time value factor to 3 decimal places and final answer to 2 decimal places.)
Answers
Carl will accumulate $1,623.18 in 14 years if he reinvests his dividends each year and earns a return of 6% each year.
Exhibit 1-b is not provided, so I cannot use it to solve the problem. However, I can calculate the answer using the formula for the future value of an annuity:
\(FV = PMT x [(1 + r)^n - 1] / r\)
where FV is the future value, PMT is the annual payment, r is the annual interest rate, and n is the number of periods.
In this case, PMT = \($1.75 x 45 = $78.75, r = 6%, and n = 14.\)
Plugging in the values, we get:
FV = $78.75 x [(1 + 0.06)^14 - 1] / 0.06 = $1,623.18
Therefore, Carl will accumulate $1,623.18 in 14 years if he reinvests his dividends each year and earns a return of 6% each year.
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sonja is a product manager for a line of consumer cosmetic products and is introducing a new product. she set the retail price at $20 per unit with wholesale margins of 10% and retail margins at 35%. how much will sonja’s company receive per unit under these terms?
a.$11.70
b. $9.75
c. $7.00
d. $13.00
Answers
Profit margin is a measure of profitability. It is calculated by finding the profit as a percentage of revenue and under these agreements, Sonja's company shall receive $9 per unit which is (B) $9.75 approx.
What are profit margins?Profitability is gauged by profit margin.
Finding the profit as a proportion of revenue is used to calculate it.
The profitability of your company is determined by your profit margin.
It evaluates how much of each dollar in sales or services your company retains from its profits and is stated as a percentage.
When the net income of the business is divided by the net sales or revenue, the result is the profit margin.
On the surface, a gross profit margin ratio of between 50 and 70 percent would be seen as healthy, and it would be for many different kinds of enterprises, including restaurants, merchants, manufacturers, and other goods makers.
So, the total margin including wholesaler and retailer margin is:
10 + 35 = 45
Then, the profit margin would be:
= 20/100 * 45
= 0.2 * 45
= $9
Therefore, the profit margin is a measure of profitability. It is calculated by finding the profit as a percentage of revenue and under these agreements, Sonja's company shall receive $9 per unit which is (B) $9.75 approx.
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give four basic functions of the government
Answers
the 4 functions of government are:
1.maintain and make laws
2.raise taxes
3.protect environment
4.national defence
Answer:
listening to the citizens before making decisions .Helping in the development activities .making suitable rules and regulations for the country .Providing citizenship cards to the every citizens of the country .hope it is helpful to you
What does a credit score provide to lenders?
Group of answer choices
A person's credit risk
A person's credit history
A person's credit application
A person's credit interest
Answers
Answer:
I believe the answer is credit history, please let me know if I am wrong.
Explanation:
"'A credit score is a number lenders use to help them decide how likely it is that they will be repaid on time if they give a person a loan or a credit card.'' Your personal credit score is built on your credit history.'' Your FICO® Score☉ ranges from 300 to 850."
Answer: A person’s credit risk
Explanation:
average inventory is computed as a.(inventory at the beginning of the period inventory at the end of the period) ÷ 2. b.(inventory at the beginning of the period inventory at the end of the period) ÷ 365 days. c.(inventory at the beginning of the period − inventory at the end of the period) ÷ 365 days. d.(inventory at the beginning of the period − inventory at the end of the period) ÷ 2.
Answers
(inventory at the beginning of the period + inventory at the end of the period) ÷ 2. Thus, option A is correct.
What is an Inventory?Inventory can be defined as the stock or the product that the company has. This can either be a raw material or a finished product. And inventory is an asset to the business. And is mentioned in the balance sheet also.
An average inventory will be calculated by the some of the inventory which is present at the beginning and the inventory which is present at the end of the period which whole will be divided by 2.
Therefore, option A is the correct option.
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Which of the following is an example of an advertisement?
A.
A company newsletter
B.
A billboard
C.
A press release
D.
A news article about the company
Answers
Answer: B
Explanation:
just did it
A Billboard is an example of an advertisement. Option (b) is the correct answer to the question.
What is an Advertisement?Advertising is a type of communication that is intended to encourage an audience to do something, usually in relation to a commercial offering, like a good or a service that is being sold.
A billboard is a sizable outdoor advertising structure that is generally seen in high-traffic places, such as beside busy roadways. In the UK and many other countries, it is also known as hoarding. Large advertisements are shown on billboards for cars and pedestrians to see. Normally, businesses utilize billboards to promote new items or to strengthen their existing brands.
The largest ordinary-sized billboards command high-density consumer exposure and are typically found on major highways, expressways, or main arterial. Due to their size and the fact that they enable creative "customization" through extensions and embellishments, these provide the most visibility.
Therefore, Option (b) is correct.
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The Discount Rate is equal to 1% and the Fed Funds Rate is equal to .5%
At what rate would banks be able to borrow from each other's reserve balances?
Answers
The Discount Rate is the interest rate that the Federal Reserve charges banks to borrow funds on a short-term basis. It is typically set higher than the FFR as a tool for controlling monetary policy.
However, since the given Discount Rate of 1% is higher than the FFR of 0.5%, it is unlikely that banks would borrow from the Discount Window. Instead, they would prefer to borrow from each other's reserve balances at the lower FFR rate of 0.5%.
Therefore, the rate at which banks would be able to borrow from each other's reserve balances in the given scenario is 0.5%.
What is the act of gathering information relative to a company's action and the factors that affect the space in which the company operates?
Answers
Which of the following is an example of a fixed asset?
A. Money in the bank
B. Accounts payable
C. Gross profit
D. Real estate
Answers
Answer:
D. Real estate
Explanation:
Fixed assets are physical resources belonging to a business. There are tangible and valuable items that a business owns. A firm uses fixed assets to generate income in the current and future periods.
Fixed assets have a useful life exceeding the current financial year. They are not meant for sale in the short run but to help a business generate income for many years to come. From the list provided, real estate is a fixed asset. Other examples of fixed assets include motor vehicles, machinery, and equipment.
a.
Someone who deals with their negative feelings successfully will probably
never have negative feelings again
b. have developed more negative feelings
never understand why they felt as they did
d. have developed more coping skills
C.
Answers
Answer:
D
Explanation:
edge 2020
Coping skills enable you to tolerate, reduce, and deal with stressful situations in your life. Stress management can help you feel better physically and psychologically, and it can affect your ability to perform at your best.
How to handle unpleasant feelings?To deal with unpleasant feelings, there are several coping mechanisms available. These are as follows:Don't overthink situations by going over them in your head again and again.Try to remain rational; accept that unpleasant emotions will occur from time to time; and consider ways to improve your mood.Relaxing activities such as reading, walking, or conversing with a friend can help you unwind.To be prepared, learn to recognize how sadness, loss, and rage make you feel and what circumstances cause them.Aerobic activity lowers stress hormone levels and improves your ability to deal with unpleasant emotions.Allow yourself to let go of the past; dwelling on the negative things prevents you from enjoying the present and makes you feel bad.To learn more about 'Regarding bad feelings' refer to
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