Closing entries with net loss summit services co. offers its services to individuals desiring to improve their personal images. after the accounts have been adjusted at may 31, the end of the fiscal year, the following balances were taken from the ledger of summit services:

fees earned $1,150,000
dividends 5,000 rent
expense 200,000
retained earnings 450,000
supplies expense 19,300
wages expense 915,000
miscellaneous expense 31,900

journalize the four entries required to close the accounts.

What is the most important type of decision that the financial manager makes?

1. the healthy pantry bought new shelving and financed $7,300 with 36 monthly payments of $267.65 each. suppose the firm pays the loan off with 13 payments left. use the rule of 78 to find the amount of unearned interest. 2. the healthy pantry bought new shelving and financed $7,300 with 36 monthly payments of $267.65 each. suppose the firm pays the loan off with 13 payments left. use the rule of 78 to find the amount necessary to pay off the loan. ! i entered 967.82 for question 1 and 5,455.78 for question 2 and it said it was

Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.