Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5]
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The Sky Blue Corporation has the following adjusted trial balance at December 31.
Debit Credit
Cash $1,230
Accounts Receivable 2,000
Prepaid Insurance 2,300
Notes Receivable (long-term) 3,000
Equipment 12,000
Accumulated Depreciation $ 2,600
Accounts Payable 5,420
Salaries and Wages Payable 1,000
Income Taxes Payable 2,900
Deferred Revenue 600
Common Stock 2,400
Retained Earnings 1,000
Dividends 300
Sales Revenue 42,030
Rent Revenue 300
Salaries and Wages Expense 21,600
Depreciation Expense 1,300
Utilities Expense 4,220
Insurance Expense 1,400
Rent Expense 6,000
Income Tax Expense 2,900
Total $58,250 $ 58,250
M4-17
Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

The main difference in the way that "earned income" and "capital gains (or portfolio income)" are acquired is:

Salary, bonuses, commissions, and tips that you receive from an employer or the company are examples of earned money.

Capital gains are funds received as a result of the sale of an investment such as stocks or real estate. Earned income is often taxed more heavily than gains from investments, which are taxed less heavily.

As a result, the significance of the main difference in the way that "earned income" and "capital gains (or portfolio income)" are acquired are the aforementioned.

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Answer:

An increase in supply, all other things unchanged, will cause the equilibrium price to fall; quantity demanded will increase. A decrease in supply will cause the equilibrium price to rise; quantity demanded will decrease.

If supply increases while all other factors remain constant, the equilibrium price will fall. The quantity demanded will rise. A decrease in supply raises the equilibrium price while decreasing the quantity demanded.

Supply is a fundamental economic concept that describes the total amount of a specific good or service that consumers have access to.

If displayed on a graph, supply can refer to the amount available at a specific price or the amount available across a range of prices. Changes in the supply curve shift the equilibrium price and quantity. If supply grows, equilibrium price falls and quantity grows.

Therefore, an increase in the supply will cause a reduction in equilibrium price and an increase in the quantity of a good.

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Answer:

Explanation:

25 months

Once sales reach the break-even point, each additional unit sold will increase profit by an amount equal to the per unit contribution margin.

Breakeven point is the point at which net income is zero. It is the point at which total cost is equal to total revenue.

Once the breakeven point has been exceeded, the company starts to earn a profit. Profit is earned when total revenue is greater than total cost.

Breakeven quantity = fixed cost / price – variable cost per unit

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Answer:

The annual depreciation = $8250

Explanation:

based on the formula (cost-salvage value)/useful life

The annual depreciation using straight line method:

($42,000-$9000)/4 = $8250

Answer:

Explanation:

fears of reverse discrimination

A monopolist is an individual, gathering, or organization that controls each of the business sectors for a specific decent or administration. The profit in market 1 is $1,600,  The profit in market 2 is $450 and  Demand is more elastic in market 2

(A) Profit = Total revenue - total cost = P*Q - MC*Q = (P-MC)*Q

Profit in market 1

P1 = $60, Q1 = 40, and MC = $20

So, Profit in market 1 = (60-20)*40 = 40*40 = $1,600

(B) Profit in market 2

P2 = $35, Q2 = 30, and MC = $20

So, Profit in market 2 = (35-20)*30 = 15*30 = $450

(C) Demand is more elastic in market 2 as a monopolist charges a lower price in the more elastic market so as P2 < P1 then market 2 is more elastic.

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This question is not complete, Here I am attaching the complete question: also, attaching the diagram

Suppose a monopolist produces in a market with two distinct segments: market 1, which is denoted as M1 on the graph, and market 2, denoted as M2. The firm's marginal and average costs are $20.

(A) What is the profit of market 1?

(B)  What is the profit of market 2?

(C) In which market is demand more elastic?

Answer:

Before, during, and after preparing food. Before and after eating food. Before and after caring for someone at home who is sick with vomiting or diarrhea. Before and after treating a cut or wound.

wash your hands before and after always and preferably with antibacterial soap

Answer:

1) 1387 Years

2) 142 Years

3) 87 Years

Explanation:

Answer:

d. Profits

Explanation:

Financial statement is a statement written in accordance to the conceptual framework for financial reporting which shows the financial position, performance and profit or loss of an entity.

The statements that would reflect in the financial statement of an entity are:

i. statement of profit or loss

ii. statement of change in equity

iii. statement of cash flow

iv statement of financial position

v. notes to the financial statement

All these statements are written considering the assets, liabilities, equity, income and expenses of the entity.

Answer:

inspect

Explanation:

plato

Answer:

The correct answer is UPDATING

Explanation:

Answer:

≈ 9644 quantity of card

Explanation:

given data:

n = 4 regions/areas

mean demand = 2300

standard deviation = 200

cost of card (c) = $0.5

selling price (p) = $3.75

salvage value of card ( v ) = $ 0

The optimal production quantity for the card can be calculated using this formula below

= u + z (0.8667  ) * б

= 9200  +  1.110926 * 400

≈ 9644 quantity of card

First we have to find u

u = n * mean demand

 = 4 * 2300 = 9200

next we find the value of Z

Z = ( \(\frac{p-c}{p-v}\) )

   = ( 3.75 - 0.5 ) / 3.75   = 0.8667

Z( 0.8667 ) = 1.110926 ( using  excel formula : NORMSINV (0.8667 )

next we find б

б = 200\(\sqrt{n}\) = 400

Economic integration typically results in lower trade costs, increased availability of goods and services, and efficiency gains that lead to increased purchasing power.

The challenges are as follows: (a) port and customs quality, (b) trade and investment barriers, (c) development gaps, and (d) nascent regional economic governance.

Economic integration is the collaboration of two or more countries to reduce or eliminate trade barriers and promote political and economic cooperation.

The benefits include:-

The disadvantages are as follows:

Therefore, opportunities and challenges when participating in international economic integration are mentioned above.

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As given that the taxable state income for the year is $70,000, the applicable tax rate is 5.5%, thus, the tax payable is $3,850.

A progressive tax is one in which the tax rate rises in proportion to the taxable amount. The term progressive refers to the manner in which the tax rate rises from low to high, resulting in a taxpayer's average tax rate being less than the person's marginal tax rate. The term can refer to either individual taxes or an entire tax system.

We are given that the taxable state income for the year is $70,000. Note that for this salary range, the tax rate of 5.5% is applicable.

Tax payable is computed as:

= $70,000 * 5.5%

= $3,850

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IRAC method is used in outsource the human resource department for the company, as it helps the company to understand the types of employees they needs with the issue, rule, analyze and go to conclusion with the hiring the human resource department.

Human resource department is the department in the organization that facilitates the company to employee the best and suitable candidate for the vacancy.

They take the interview before finalizing the candidate and check the capability of the candidate and evaluate the skills according to the demand of company.

Thus,IRAC method is used in outsource the human resource department for the company.

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Answer:

I’m pretty sure it’s B. interest rate

Answer:

B is the answer

Explanation:

Flexibility fosters invention and creativity.

If we take corporate work into consideration.

Instead, workplace flexibility is fostering an environment where workers may balance work and personal obligations while still performing at a high level. Options for when, where, and how the work is completed are part of flexible work arrangements.

Creative thinking demands flexibility, which makes it easier to come up with original and creative ideas. If someone is flexible, they will have creative thoughts.

In that we are working with ideas, flexibility is similar to fluency. Yet, while fluency focuses on producing as many ideas as possible, flexibility focuses on producing concepts that are unique from one another.

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"The amount of income before deductions for interest expense and income taxes is the amount available to pay interest. The ratio takes this income divided by interest expense to determine the risk for creditors. " True

Generally,The amount of income before deductions for interest expense and income taxes is commonly referred to as earnings before interest and taxes (EBIT), and it represents the amount of income available to pay interest on debt obligations.

The interest coverage ratio is a financial metric that measures a company's ability to meet its interest payments on debt, and it is calculated by dividing EBIT by the interest expense.

A higher interest coverage ratio indicates a lower risk for creditors, as the company has more income available to pay its interest expenses.

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Yes, Is it ever okay to disagree with your boss in a case whereby the ethics of the organization is not followed.

As it investigates what is morally right or wrong, just or unjust, ethics looks at the intellectual justification for our moral judgements.

The study of ethics, often known as moral philosophy, "involves systematizing, defending, and endorsing conceptions of good and bad action," according to Wikipedia. Axiology is a subfield of philosophy that consists of the fields of ethics and aesthetics. These fields are concerned with issues of value.

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A requested task is subject to be reported when it requires payment from the Workers in order to proceed with the task. The appropriate response is option D.

A task is an action that must be finished by a specific date or time in order to advance professional objectives. It is a minor but crucial task that helps to distinguish between different project components.

Work that needs to be done is referred to as a task, duty, job, chore, stint, or assignment. Task connotes work that is required by an employer, a higher authority figure, or other external factors. assigned a variety of duties. Duty denotes responsibility for performance or an obligation to perform.

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A firm has a lower inventory turnover, a longer ACP, and a lower fixed-asset turnover than the industry averages. You should not be surprised to find that this firm has:

I. Lower ATO than the industry average

II. Lower ROA than the industry average

III. Lower ROE than the industry average

The Risk Management Association's Annual Statement Studies are the primary source for industry ratios (RMA). The print editions are located in the reference section of the library. RMA ratios can be found in the IBISWorld database online as well. Sector averages are frequently used as benchmarks or tools to assist businesses compare their performance to others in the industry and assess their financial success. It aids in decision-making and is a helpful tool for investors and company managers.

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The type of account that Tim should set up would be A. A savings account.

Individuals seeking to save their finances over a certain period and earn interest on them may opt for the savings account type. These savings accounts often feature lower interest rates, yet compensate through easy availability of funds and absence or minimal fees.

In Tim's case, his objective to save up for college expenses could be easily achieved with such an account thanks to its potential to earn returns while also allowing him quick access to his money without excessive charges.

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Answer:

Business risk usually occurs in one of four ways: strategic risk, compliance risk, operational risk, and reputational risk.

Explanation:

The answer is True, bank fees for use of an automated teller machine (atm) do not need to be considered when choosing a bank since fees are set by the federal government and are the same for all banks are true.

When used as a noun, "bank" can refer to a location where people deposit money or to a lengthy mound or slope, such as a riverbank. The word "to bank" can also indicate to rebound off of something. The term "word bank" is used frequently and can be used in both noun and verb senses.

Since Italian merchants in the Renaissance established negotiations to borrow and lend money next to a bench, the word bank is derived from the Italian word banco, which means bench. They put the cash on that bench. Basic accounting records have existed since the dawn of time.

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Answer:

i) 15  ii) 177

Explanation:

Number of people with business = 60

Number of people with farming = 125

Number of people with government jobs = 45

Number of people with business only = 27

Number of people with government jobs only = 15

10 have business and government  job only, 5 have government job and farming only.

i) Let x represent the number of people with all three jobs. Hence:

Number of people with government jobs = number of people with all three jobs + number of people with government and farming job + number of people with government and business + number of people with government job only

45 = x + 10 + 5 + 15

45 = x + 30

x = 15

15 people have all three profession.

ii)

Number of people with business jobs = number of people with all three jobs + number of people with business and farming job + number of people with government and business + number of people with business job only

60 = 15 + number of people with business and farming job + 10 + 27

number of people with business and farming job = 60 - 52 = 8

Number of people with farming jobs = number of people with all three jobs + number of people with business and farming job + number of people with government and farming + number of people with farming job only

125 = 15 + 8 + 5 + number of people with farming job only

number of people with farming job only = 125 - 28 = 97

Number of people surveyed = number of people with all three jobs + number of people with business and farming job + number of people with government and farming + number of people with farming job only +  number of people with government and business + number of people with business job only + number of people with government job only

Number of people surveyed = 15 + 8 + 5 + 97 + 10 + 27 + 15

Number of people surveyed = 177

Marketers need to focus on creating value for their customers. The Option D.

Creating value for customers is crucial for marketers as it directly impacts customer satisfaction and loyalty. When marketers prioritize creating value, they focus on understanding customer needs and preferences, developing products or services that meet those needs and delivering exceptional customer experiences.

By doing so, they differentiate themselves from competitors, build strong customer relationships and drive business growth. When customers perceive value in what a company offers, they are more likely to make repeat purchases.

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Answer:

its verey important because its our privacy