A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was...
A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $95,000. During the year, Sales Revenue amounted to $80,000, Sales Returns and Allowances were $1,300, Sales Discounts were $2,700, Cost of Goods Sold was $40,000, and all other expenses totaled $13,000. The company paid $24,000 in withdrawals to the owner. The last step in the closing process would include ________.
Group of answer choices
A. a debit to Income Summary for $57,000
B. a credit to Income Summary for $80,000
C. a debit to the Owner, Capital account for $20,000
D.a debit to the Owner, Capital account for $24,000
Homework Answers
| The last step in the closing process is closure of owner's withdrawal account to owner's capital account. |
| The last step in the closing process would include a debit to the Owner, Capital account for $24,000 |
| Option D is correct |
Add Answer to:
A merchandiser uses a perpetual inventory system. The beginning
Owner, Capital balance of the merchandiser was...
explain, please how? *5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance...
explain, please how?
*5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $103,000. During the year, Sales Revenue amounted to $73,000, Sales Returns and Allowances were $2,000, Sales Discounts were $2,100, Cost of Goods Sold was $37,000, and all other expenses totaled $10,000. The company paid $19,000 in withdrawals to the owner. The last step in the closing process would include A. a debit to Income Summary for $51,100 a debit to...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $130,000. During the year, Sales Revenue amounted to $80,000, Cost of Goods Sold was $45,000, and all other expenses totaled $10,000. The company declared and paid $27,000 as dividends. The ending balance of Retained Earnings would be ________. A.) 128,000 B.) 155,000 C.) 182,000 D.) 130,000
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $120,000. During the year, Sales Revenue amounted to $80,000, Cost of Goods Sold was $45,000, and all other expenses totaled $10,000. The company declared and paid $27,000 as dividends. The ending balance of Retained Earnings would be ________. a. $118,000 b. $145,000 c. $120,000 d. $172,000
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $120,000. During the year, Sales Revenue amounted to $80,000, Cost of Goods Sold was $40,000, and all other expenses totaled $10,000. The company declared and paid $25,000 as dividends. The ending balance of Retained Earnings would be O A. $150,000 OB. $125,000 O C. $175,000 OD. $120,000
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B)...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
Identify the statements below that are correct regarding the closing entries for a merchandiser using the...
Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply.) Check all that apply. The Dividends account is closed to Income Summary Merchandise Inventory is closed with the expense accounts. The Dividends account is closed to Retained earnings. Sales Discounts is closed with the revenue accounts. Cost of goods sold is closed with the revenue accounts. Sales Returns and Allowances is closed with the expense accounts. Cost...
Efficient Office Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Office Systems...
Efficient Office Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Office Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Prepare Efficient's multi-step income statement for the year ended March 31, 2018. (Use a minus sign or parentheses to show other expenses.) Teai Lilueu Marcil JI, ZUT0 Net Income (Loss) Account Title Debit Credit Cash 2,700 Accounts Receivable 13,000 Merchandise Inventory 31,900 Office Supplies 7,100 Equipment 43,100 Accumulated Depreciation-Equipment 13,400...
Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company...
Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company at June 30, 2016, follows: Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Sylvia's multi-step income statement for the year ended June 30, 2016. 2. Journalize Sylvia's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2016 Data Table - X Sylvia's Music Company Adjusted Trial Balance June 30, 2016 Balance Debit Credit 4,200 38,700 17,600 300...
Capital tech inc stared 2017 with inventory of: Capital Tectroluyios inc. Leyar 2017 with inventory of...
Capital tech inc stared 2017 with inventory of:
Capital Tectroluyios inc. Leyar 2017 with inventory of $10,0CC. During the year. Capia purchased inventory cueling $100,000 and so good for $175,000, with al transactions on account. Capital ended the year with immertory of $38.000. Joumalize all the necessary transactions under the parede Inventory system. Requirement 1. Joumalze al the necessary transactions under the periodo inventory system. (Record debits first, then credits. Explanations are not required) Frs journaia ha rwantory purch Joumal...
1. 2. 3. 4. 5. A company that maintains a perpetual inventory system has an inventory...
1.
2.
3.
4.
5.
A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
explain, please how?
*5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $103,000. During the year, Sales Revenue amounted to $73,000, Sales Returns and Allowances were $2,000, Sales Discounts were $2,100, Cost of Goods Sold was $37,000, and all other expenses totaled $10,000. The company paid $19,000 in withdrawals to the owner. The last step in the closing process would include A. a debit to Income Summary for $51,100 a debit to...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $120,000. During the year, Sales Revenue amounted to $80,000, Cost of Goods Sold was $40,000, and all other expenses totaled $10,000. The company declared and paid $25,000 as dividends. The ending balance of Retained Earnings would be O A. $150,000 OB. $125,000 O C. $175,000 OD. $120,000
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply.) Check all that apply. The Dividends account is closed to Income Summary Merchandise Inventory is closed with the expense accounts. The Dividends account is closed to Retained earnings. Sales Discounts is closed with the revenue accounts. Cost of goods sold is closed with the revenue accounts. Sales Returns and Allowances is closed with the expense accounts. Cost...
Efficient Office Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Office Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Prepare Efficient's multi-step income statement for the year ended March 31, 2018. (Use a minus sign or parentheses to show other expenses.) Teai Lilueu Marcil JI, ZUT0 Net Income (Loss) Account Title Debit Credit Cash 2,700 Accounts Receivable 13,000 Merchandise Inventory 31,900 Office Supplies 7,100 Equipment 43,100 Accumulated Depreciation-Equipment 13,400...
Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company at June 30, 2016, follows: Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Sylvia's multi-step income statement for the year ended June 30, 2016. 2. Journalize Sylvia's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2016 Data Table - X Sylvia's Music Company Adjusted Trial Balance June 30, 2016 Balance Debit Credit 4,200 38,700 17,600 300...
Capital tech inc stared 2017 with inventory of:
Capital Tectroluyios inc. Leyar 2017 with inventory of $10,0CC. During the year. Capia purchased inventory cueling $100,000 and so good for $175,000, with al transactions on account. Capital ended the year with immertory of $38.000. Joumalize all the necessary transactions under the parede Inventory system. Requirement 1. Joumalze al the necessary transactions under the periodo inventory system. (Record debits first, then credits. Explanations are not required) Frs journaia ha rwantory purch Joumal...
1.
2.
3.
4.
5.
A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
Most questions answered within 3 hours.
-
Trace the following recursive methods:
a) isPal with the string “abccda”
b) isAnBn with the string...
asked 14 minutes ago -
1. Which of the following is false about photosynthesis?
A. ATP is the molecule used to...
asked 1 hour ago -
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 2 hours ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 2 hours ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 3 hours ago -
To buy a new house you must borrow $155,000. To do this you take
out a...
asked 3 hours ago -
Spacely Sprockets is evaluating the construction of a new plant
on land the company purchased for...
asked 4 hours ago -
1. Consider a linear regression model of y on K regressors and
an intercept.
(i) Describe...
asked 4 hours ago -
Enter a balanced equation for the reaction between hydrochloric
acid and sodium sulfite.
Express your answer...
asked 4 hours ago -
Give a regular expression describing the language
{x | x ∈ Σ* and x does not...
asked 4 hours ago -
Masses of 1.0 kg, 2.0 kg, and 3.0 kg are each separately subject
to a net...
asked 4 hours ago -
The mode of philosophical argumentation and thought. How do
philosophers think and write? What is important...
asked 5 hours ago