Question I am confused as to how to close merchandise inventory account.The company does not use a cost of good sold account therefore Ihave to close all of the accounts of cogs too. These are the accounts… closing entry to debit income summary account Merchandise inventory BB. 88,829 EB. 71,992 Purchases 1000 Purchases returns  500 Purchase discounts 100 how do I close these accounts. what do i debit and what do Icredit ? Then it says closing entry to credit income summary account andit gives me merchandise inventory again. Do i debit or credit andthis option? and for what amount? […]

Question I am getting an answer of $160,000? Can someone show how to work this problem? An analysis of changes in selected balance sheet accounts of Johnson Corporation shows the following for the current year: plant and equipment accounts debit entries to asset accounts- $160,000 credit entries to asset accounts- $118,000 debit entries to accumulated depreciation accounts ( resulting from sale of plant assets) – $91,000 credit entries to accumulated depreciation accounts ( representing the depreciation for the current year) – $107,000 Johnson's income statement for the current year includes a $14,000 loss on disposal of plant assets. All payments […]

Question 1. Does Tootsie Roll Industries (TRI) use the indirect method ordirect method for preparing its statement of cash flows? How canyou tell? 2. How much cash was provided by (used in) the followingactivities in 2014 and 2013? Use parentheses to indicate use ofcash.   Operating activities2014:                                2013:                                      Investing activities2014:                               2013:  Financing activities2014:                               2013:                                      3. Does Tootsie Roll Industries adequately provide cash throughits operating activities? What is the significance of this? 4. Review the Investing Activities for 2014. What was the singlemost source of cash for 2014? What was the single most use of cashfor 2014? 5. Notice that there […]

40) It is best to view the entire page while making changes to the overall look and feel of the page. 41) Besides being a font type, serif refers to the extra details or hooks at the end of each stroke in a text character. 42) When the font size of text in newsletter columns is increased, the text that overflows from the first column to the second must be moved manually. 43) Use of the Justify text alignment option has the negative result of adding too much space between words. 44) Themes applied to text formatted in columns CANNOT […]

A) the Toy Store actually only borrowed $9,000. B) the Toy Store actually only borrowed $3,000. C) the actual interest rate is lower than the stated interest rate. D) none of the above are true. A) $77,400 B) $79,900 C) $82,900 D) $88,400 17) The beginning cash balance is $3,000, estimated cash receipts are $105,000, and estimated cash disbursements are $111,000. How much cash must be borrowed to have a desired ending balance of $5,000? A) $2,000 B) $6,000 C) $5,000 D) $8,000 A) $2,000 B) $4,000 C) $10,000 D) unknown 19) The Candy Factory has the following items: cash […]