Presented below are selected account balances for Sunland Co. as of December 31, 2020. Inventory 12/31/20 $59,550 Cost of Goods Sold $222,005
Common Stock 76,250 Selling Expenses 15,964
Retained Earnings 44,780 Administrative Expenses 37,422
Dividends 18,160 Income Tax Expense 30,070
Sales Returns and Allowances 11,865 Sales Discounts 15,140
Sales Revenue 405,210

Required:
Prepare closing entries for Homer Winslow Co. on December 31, 2020.

Answer and Explanation:

The closing entries are as follows

1. Sales Revenue A/c Dr $405,210

           To Income Summary $405,210

(Being revenue account closed)

2. Income summary A/c Dr $332,466

            To Cost of Goods Sold $222,005

            To  Selling Expenses 15,964

            To Administrative Expenses $37,422

            To Income Tax Expense 30,070

             To Sales Returns and Allowances 11,865

             To Sales Discounts 15,140

(Being expenses accounts are closed)

3. Income summary A/c Dr $72,744

        To Retained earning $72,744

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $18,160

            To Dividend A/c $18,160

(Being dividend account is closed)

ans.

heterothermic organisms include those organisms that can switch between homeothermic (having body temperature higher than environment) and poikilothermic (having variation in internal body temperature) strategies.

some migratory birds show heterothermy as they decrease their metabolic rate during cold nights to keep their body temperature low. drop in metabolic rate allows increase in production efficiency of birds that reduces the internal body temperature to make it equal to external cold temperature during cold nights.

thus, the correct answer is 'birds allow their temperature drop in order to increase their production efficiency.'