The following is the income statement for the period ending December 31, Year 1, for Manatee Construction Company:
Manatee Construction Company Income Statement
Sales $8,000,000
Cost of goods sold (6,500,000)
Gross profit 1,500,000
Salaries expense (300,000)
Other administrative expenses (100,000)
Interest expense (900,000)
Advertising expense (450,000)
Total expenses (1,750,000)
Operating loss (250,000)
Gain from the sale of investments 100,000
Total net loss $(150,000)
Based on this information, perform the adjusting journal entry to close Manatee’s books at the end of Year 1. To prepare each required journal entry: Enter the corresponding debit or credit amount in the associated column. Round all amounts to the nearest whole number.
Account Name Debit Credit
1. Sales
2. Cost of goods sold
3. Salaries expense
4. Other administrative expenses
5. Interest expense
6. Advertising expense
7. Gain from the sale of investments
8. Retained earnings
Answers: 2
Business, 21.06.2019 14:00, thelordoftheknowwjo4
Forty-two percent of federal revenue comes from . income taxes paid by businesses and corporations make up about of federal revenue. taxes collected for social security and medicare make up of federal revenue.
Answers: 1
Business, 21.06.2019 23:30, 2936131
Minneapolis federal reserve bank economist edward prescott estimates the elasticity of the u. s. labor supply to be 3. given this elasticity, what would be the impact of funding the social security program with tax increases on the number of hours worked and on the amount of taxes collected to fund social security?
Answers: 2
Business, 22.06.2019 01:30, fatlenny
Elliott company produces large quantities of a standardized product. the following information is available for its production activities for march. units costs beginning work in process inventory 2,500 beginning work in process inventory started 25,000 direct materials $ 3,725 ending work in process inventory 5,000 conversion 11,580 $ 15,305 status of ending work in process inventory direct materials added 185,750 materials—percent complete 100 % direct labor added 182,375 conversion—percent complete 30 % overhead applied (140% of direct labor) 255,325 total costs to account for $ 638,755 ending work in process inventory $ 62,530 prepare a process cost summary report for this company, showing costs charged to production, unit cost information, equivalent units of production, cost per eup, and its cost assignment and reconciliation. use the weighted-average method. (round "cost per eup" to 2 decimal places.)
Answers: 1
The following is the income statement for the period ending December 31, Year 1, for Manatee Constru...
Spanish, 12.08.2020 04:01
Business, 12.08.2020 04:01
Mathematics, 12.08.2020 04:01
English, 12.08.2020 04:01