Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019

Debit Credit
Cash $3,150
Accounts Receivable 5,650
Prepaid Insurance 4,480
Equipment 42,000
Accumulated Depreciation, Equipment $24,000
Accounts Payable 2,800
Salaries Payable 4,450
Unearned Service Revenue 3,875
Common Stock 8,000
Retained Earnings 2,255
Dividends 10,500
Service Revenue 99,800
Salaries Expense 49,400
Rent Expense 17,250
Insurance Expense 2,200
Depreciation Expense 4,950
Income Taxes Expense 5,600
Totals $145,180 $145,180

Required:
Prepare the closing entries for Sparrow at December 31, 2019.

Time value an iowa state savings bond can be converted to $750 at maturity 5 years from purchase. if the state bonds are to be competitive with u.s. savings bonds, which pay 5% annual interest (compounded annually), at what price must the state sell its bonds? assume no cash payments on savings bonds prior to redemption. ignore taxes.

Vintage fun reproduces oldminusfashioned style roller skates and skateboards. the annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. the company has traditionally used direct labor hours to allocate its overhead to products. roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. the total estimated overhead for the period is $114,300. the company is looking at the possibility of changing to an activityminusbased costing system for its products. if the company used an activityminusbased costing system, it would have the following three activity cost pools: the overhead cost per skateboard using the traditional costing system would be closest to: a. $9.31. b. $65.31. c. $25.05. your answer is not correct.d.

Select the correct answer the smith family adopted a child. the adoption procedure took about three months, and the family incurred various expenses. will the smiths receive and financial benefit for the taxable year? a) they will not receive any financial benefit for adopting the child b) their income tax component will decrease c) they will receive childcare grants d) they will receive a tax credit for the cost borne for adopting the child e) they will receive several tax deductions