Reference no: EM133106692
Question - The F. Mercury, Capital account has a credit balance of $46,000 before closing entries are made. Total revenues for the period are $64,200, total expenses are $44,300, and withdrawals are $12,600. What is the correct closing entry for the revenue accounts?
a. Debit Income Summary $46,000; credit F. Mercury Capital $46,000.
b. Debit Revenue accounts $64,200; credit Income Summary $64,200.
c. Debit Revenue accounts $64,200; credit F. Mercury, Capital $46,000.
d. Debit Revenue accounts $46,000; credit F. Mercury, Capital $46,000.
e. Debit Income Summary $64,200; credit Revenue accounts $64,200.
|
What is the amount of the disbursement float
: Back Woods Lodges has a book balance of $1,680, $1,470 in uncollected deposits, and $2,130 in outstanding cheques. What is the amount of the disbursement float
|
|
What is the maximum amount finley inc should pay
: The applicable daily interest rate is .05%. What is the maximum amount Finley, Inc. should pay to completely eliminate the collection float
|
|
Journalize the lump-sum purchase of the three assets
: Journalize the lump-sum purchase of the three assets for a total cost of $180,000, the amount for which the business signed a note payable
|
|
What is the ending balance in the f mercury capital account
: The F. Mercury, Capital account has a credit balance of $29,750 before closing entries are made. What is the ending balance in the F Mercury Capital account
|
|
What is the correct closing entry for the revenue accounts
: Total revenues for the period are $64,200, total expenses are $44,300, and withdrawals are $12,600. What is the correct closing entry for the revenue accounts
|
|
What is the depreciation charge for the year ended december
: The financial statements for the year ended 31 December 20X7 are being prepared. What is the depreciation charge for the year ended 31 December 20X7
|
|
How might healthcare teams achieve therapeutic goals
: How might healthcare teams achieve therapeutic goals for individual clients and What factors might lead to the future of the CC/IC delivery model
|
|
Explain the main conclusions of the capm
: Consider the Capital Asset Pricing Model - Explain the main conclusions of the CAPM. Describe the equation of the Security Market Line (SML hereafter)
|
|
Calculate the expected share price and the p-e ratio
: A firm projects an ROE of 18%; it will maintain a payout ratio of 40%. Calculate the expected share price and the P/E ratio of the firm
|