User Account

All Pages

Prepare the entries to close income summary

Assignment Help Accounting Basics
Reference no: EM132463310

At April 1, 2020, Spiderland Company reported a balance of $20,000 in the Owner's Capital account. Spiderland Company earned revenues of $50,000 and incurred expenses of $32,000 during April 2020. The company had owner drawings of $10,000 during the month.

Question 1: Prepare the entries to close Income Summary and the Owner's Drawings account at April 30, 2020

Question 2: What is the balance in Owner's Capital on the April 30, 2020 post-closing trial balance?

Reference no: EM132463310

Questions Cloud

Create an annotation for paragraph : Observe the label "1 HIDDEN" displayed after paragraph 305-10-15-1 indicating the hidden annotation that is associated with the paragraph.
Identify ways content in the printer friendly window : Identify at least three ways in which the content in the Printer Friendly window is displayed differently from the content in the browser window
Preparing a contribution format income statement : ,Preparing a Contribution Format Income Statement ,The sales volume increases by 200 units.The sales volume declines by 200 units.
Compute the present values of periodic amount : Compute the present values of the following periodic amounts due at the end of the designated periods. $51,970 payable at the end of the seventh, eighth, ninth
Prepare the entries to close income summary : Prepare the entries to close Income Summary and the Owner's Drawings account at April 30, 2020.What is the balance in Owner's Capital on the April 30, 2020
Design of a can communication network for a car : Describe each step in the design of a CAN communication network for a car that consists of a central unit (ECU) and four monitoring systems.
Discuss why companies may be reluctant to press : Discuss any differences between accounting for Internally generated intangible assets and acquired intangible assets - Discuss why companies may be reluctant.
What interest payments do bondholders receive each year : What interest payments do bondholders receive each year?If the yield to maturity falls to 6.4% will the current yield be less or more than the yield to maturity
Computing pension expense for the year : Computing pension expense for the year 2016. Recording 2016 journal entry for pension expense.SuperSports provides you the following pension data

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain how income tax expense and any deferred income

explain how income tax expense and any deferred income taxes should be disclosed on the financial statements under

  Calculate the company inventory turnover

The following information is available for the McCartney Corporation: Sales: $750,000. Calculate company's inventory turnover and its days' sales in inventory

  What is the companys contribution margin ratio

What is the company's contribution margin (CM) ratio? Estimate the change in the company's net operating income if it were to increase its total sales by $1,000.

  Their accounting department estimates the incremental

a manufacturer of business copier workstations has a 75 percent customer retention rate. their accounting department

  July 1 began business by making a deposit in a company bank

during its first month of operation the parkview landscaping corporation which specializes in residential

  Determining opportunity cost of purchase of land

A business is considering a cash outlay of $500,000 for the purchase of land, which it could lease for $40,000 per year. If alternative investments are available which yield a 21% return, the opportunity cost of the purchase of the land is:

  Calculate the net present value and profitability index

SRB Corp. is considering purchasing one of two new diagnostic machines. Calculate the net present value and profitability index of each machine

  How many units were completed and transferred out

Cameron Company uses the weighted-average method in its process costing system. How many units were completed and transferred out

  What is the difference between dss and knowledge management

What is the difference between DSS and knowledge management?

  What are the potential negative effects of decentralization

Ladue, Inc. has used a decentralized form of organizational structure for the past five years. What are the potential negative effects of decentralization

  Observations of commuter traffic

Have harsher penalties and ad campaigns increased seat-belt use among drivers and passengers? Observations of commuter traffic have failed to find evidence of a significant change compared with three years ago. Explain what the study's P-value of ..

  Rate of roa during the three-year period

What are the likely reasons for the changes in Walmart's rate of ROA during the three-year period? Analyze the financial ratios to the maximum depth possible.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd