Business, 18.07.2020 18:01 angie249

Nix'it Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual inventory system). Merchandise inventory $46,800 Sales returns and allowances $4,700
Retained earnings 133,300 Cost of goods sold 110,400
Dividends 7,000 Depreciation expense 12,100
Sales 163,600 Salaries expense 41,500
Sales discounts 4,700 Miscellaneous expenses 5,000
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.

Prepare journal entries to close the balances in temporary revenue and expense accounts Remember to consider the entry for shrinkage.

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Answer from: angelequej1167

First we must adjust COGS due to shrinkage in inventory:

July 31, 202x

Dr Cost of goods sold 2,050

Cr Merchandise inventory 2,050

Now we close expense accounts:

July 31, 202x

Dr Income summary 171,050

Cr Cost of goods sold 112,450

Cr Depreciation expense 12,100

Cr Salaries expense 41,500

Cr Miscellaneous expenses 5,000

Now we must determine net sales revenue:

July 31, 202x

Dr Sales revenue 9,400

Cr Sales returns and allowances 4,700

Cr Sales discounts 4,700

We then close sales revenue:

July 31, 202x

Dr Sales revenue 154,200

Cr Income summary 154,200

In this case, we must determine the loss which will decrease retained earnings:

July 31, 202x

Dr Retained earnings 16,850

Cr Income summary 16,850

Finally, we must also close dividends:

July 31, 202x

Dr Retained earnings 7,000

Cr Dividends 7,000

Answer from: Quest

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Answer from: Quest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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