Tara Westmont, the proprietor of Tiptoe Shoes, had annual profits of $185,000, prices of $103,700, and also withdrew $18,000 from the company in the time of the present year. The owner"s resources account before closing had actually a balance of $297,000. The Net Income for the year is:
You are watching: It is obvious that an error occurred in the preparation and/or posting of closing entries if:
The following indevelopment is obtainable for Zephyr Company type of prior to closing the accounts. After all of the cshedding entries are made, what will certainly be the balance in the Zephyr, Capital account? Net Income $115,000Zephyr, Capital 110,000Zephyr, Withdrawals 39,000
Temporary accounts incorporate all of the complying with except:Consulting revenue.Withdrawals.Rent cost.Prephelp rent.Income Outline.
Which of the following statements around a company"s operating cycle is not true:Non-current items are those meant to come due within one year or the company"s operating cycleThe operating cycle is the time expectancy from when cash is used to obtain goods and solutions until cash is got from the sale of items and services.The size of a company"s operating cycle counts on its tasks.For a merchandiser selling commodities, the operating cycle is the time expectations in between paying service providers for merchandise and also receiving cash from customers.
The complying with indevelopment is accessible for Brendon Company kind of before cshedding the accounts. What will be the amount in the Income Rundown account that have to be closed to Brendon, Capital? J. Brendon, Capital $ 112,000J. Brendon, Withdrawals 32,000Fees earned 187,000Depreciation Expense—Equipment 12,000Wperiods cost 71,400Interemainder cost 3,300Insurance expense 11,700Rent expense 24,200
It is noticeable that an error occurred in the preparation and/or posting of cshedding entries if:all revenue and expense accounts have zero balances.the owner"s funding account is debited for the amount of the net loss for the period.the earnings summary account is debited for the amount of net earnings for the duration.all balance sheet accounts have actually zero balances.just irreversible accounts show up on the post-cshedding trial balance.
The complying with indevelopment is obtainable for the Higgins Travel Agency. After closing entries are posted, what will certainly be the balance in the C. Higgins, Capital account? Net Income $ 42,500C. Higgins, Capital 130,000C. Higgins, Withdrawals 12,000
A agency purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it changed $200 worth of merchandise. On July 28, it phelp the complete amount due. The amount of the cash passist on July 28 equals:
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