Solution-What entry is made to close the nominal accounts

What entry is made to close the nominal accounts

Assignment Help Cost Accounting

Reference no: EM13535127

At the end of the year, the business counts and inspects its ending inventory of products on hand, which is stored in its warehouse and retail sales areas. Usually, employees discover some damaged and spoiled products that can't be sold. This year is no exception. The cost of spoiled and damaged products that will have to be thrown away is $26,300. What adjusting entry is made?

At the end of the year, after all year-end adjusting entries have been made and posted, the balances in the revenue and expense accounts of the business are as follows:

Cost of Goods Sold Expense
$2,725,000

Sales Revenue
	$4,526,500

Selling & Administrative Expenses
$1,228,500

Interest Expense
$175,000

Income Tax Expense
$138,000

What entry is made to close the nominal accounts and enter the profit or loss for the year?

Reference no: EM13535127

Questions Cloud

Explain which monatomic ion has a charge of the electron : Which monatomic ion has a charge of 1+ and the electron configuration [kr] 4d10 5s2. write the element symbol and charge

What adjusting entry is made at the end of the year : What adjusting entry is made at the end of the year and what is the amount of interest expense reported in its annual income statement

Evaluate the velocity of the target ball after the collision : A softball of mass 0.220 kg that is moving with a speed of 5.5 m/s (in the positive direction) collides head-on and elastically with another ball initially at rest. Calculate the velocity of the target ball after the collision

Newspaper publisher : Newspaper publisher

What entry is made to close the nominal accounts : What entry is made to close the nominal accounts and enter the profit or loss for the year -

Estimate the rate at which work is done by you : You exert a force as shown in the diagram to push a large crate of books (about 1 m high, m = 45.0 kg) across a rough floor at constant speed v = 0.650 m/s. Find the rate at which work is done by you

Solution contains twice as many moles of dissolved nacl : The solution contains twice as many moles of dissolved NaCl as dissolved mgso4, and three times as many moles of LiCl as NaCl. These are the only solutes. what masses of NaCl, MgSO4, and LiCl are contained in 7500 kg of this solution

Evaluate the crankshafts angular acceleration : The crankshaft in a race car goes from rest to 3300{\rm rpm} in 2.7{\rm s}. What is the crankshaft's angular acceleration

Explain how much work does a gas system : How much work does a gas system do on its surroundings at a constant pressure of 1.00 atm if the volume of gas triples from 250.0 mL to 750.0 mL

User Account

All Pages

What entry is made to close the nominal accounts

Reference no: EM13535127

Reference no: EM13535127

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT