All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and the Dividends account has a balance of $48,000.
Required:
a. Journalize the entries required to complete the closing of the accounts.
b. Prepare a retained earnings statement for the year ended December 31, 2015.
Answers: 2
Business, 21.06.2019 19:30
Which of the following is an example of the use of fiscal policy by the u.s. government? a. congress makes it illegal for the police union to go on strike. b. the federal reserve bank lowers the interest rate on loans to corporations. c. the department of transportation increases spending on highway repairs. d. the supreme court rules that unions have the right to collective bargaining. 2b2t
Answers: 1
Business, 22.06.2019 11:10
Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na
Answers: 1
Business, 22.06.2019 17:00
Oliver is the vice president of production at his company and has been managing the launch of new software systems. he worked with a team of individuals who were tasked to create awareness about a specific product and also to approach potential purchasers of the product. which department managers were part of oliver’s team?
Answers: 3
Business, 22.06.2019 19:00
15. chef a insists that roux is the traditional thickener for bisque. chef b insists that it's rice. which chef is correct? a. neither chef is correct. b. both chefs are correct. c. chef b is correct. d. chef a is correct.
Answers: 1
All revenue and expense accounts have been closed at the end of the calendar year for Patton Company...
Mathematics, 05.03.2021 21:40
Mathematics, 05.03.2021 21:40
Mathematics, 05.03.2021 21:40
Mathematics, 05.03.2021 21:40
English, 05.03.2021 21:40
Social Studies, 05.03.2021 21:40
Mathematics, 05.03.2021 21:40
Mathematics, 05.03.2021 21:40
Mathematics, 05.03.2021 21:40
Mathematics, 05.03.2021 21:40
History, 05.03.2021 21:40