Maury Jacobs, owner of Jacobs Furniture Company, notices the amount of time it takes the companys accountant
Question:
Maury Jacobs, owner of Jacobs Furniture Company, notices the amount of time it takes the company’s accountant to prepare closing entries. He suggests that the company could save time and money by not doing closing entries. He argues that only adjusting entries are needed to determine the company’s earnings. Explain the purposes of closing entries and why they are worth doing.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
Closing entries prepare the accounts for the next accounting period by clearing t...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
By measuring the amount of time it takes a component of a product to move from one workstation to the next, an engineer has estimated that the standard deviation is 5 seconds. a. How many...
-
The amount of time it takes a person to be served at a given restaurant is a random variable with the probability density Find the mean and the variance of this random variable. elsewhere
-
Suppose the amount of time it takes a Mr Rigg, a pilot for a national airline, to land a plane from announcement to touch down is uniformly distributed from 0 to 25 minutes. Find the probability...
-
It happens all too often. As a market researcher, you slave away for countless hours in pursuit of insightful data but, to your shock, your research report flops and your data are dead in the water....
-
In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated...
-
1. How have you managed discussions with the client or business partner? Who did you get organisational advice from?
-
Air flows in a 15-cm-diameter horizontal pipe. At section 1, \(p=600 \mathrm{kPa}, T=70{ }^{\circ} \mathrm{C}\), and \(V=35 \mathrm{~m} / \mathrm{s}\). At section 2: \(T=42^{\circ} \mathrm{C}\) and...
-
The Extron Oil Company is considering making a bid for a shale oil development contract to be awarded by the federal government. The company has decided to bid $110 million. The company estimates...
-
Suzy was killed on a rainy hot summer night. Her business partner, Don, waited behind a muddy dirt hill and shot Suzy as she was unlocking her home entrance door. The District Attorney charged Don...
-
As of January 1, 2017, the trial balance for Haven Hospital was as follows: During the fiscal year ended December 31, 2017, the following transactions occurred: 1. Patient service revenue amounted to...
-
Offshore Drilling Company provides services for drilling operations off the coast of Louisiana. The company has a significant amount of debt to Southern National Bank in Baton Rouge. The bank...
-
Way Heaters Company manufactures industrial heaters used in making candy. It sells its heaters to some customers on credit with generous terms specifying payment six months after purchase and an...
-
The width of the central bright fringe in a diffraction pattern on a screen is identical when either electrons or red light (vacuum wavelength = 661 nm) pass through a single slit. The distance...
-
Develop a program to store names in a one-dimensional array. The program should initially create a one-dimensional array which holds ten String values. As the user enters names one by one, each name...
-
How are first, second and percentage differences used to determine a model?
-
A company's taxable total profits for the year to 30 June 2017 are 800,000. In the nine months to 31 March 2018 , the company incurs a trading loss of 700,000 and has no other income or gains. There...
-
Based on what youve read in this chapterand the conversation with John Baker (and others throughout this book)what appeals to you most about a job as a planner? Do you think this would be a good fit...
-
You are to enter up the Purchases Day Book and the Returns Outwards Day Book from the following details, then to post the items to the relevant accounts in the Purchases Ledger and to show the...
-
What is cultural convergence? Is it good or bad? Make your arguments.
-
Study the pictures/images below. Obviously these was focus on LT sociology, anthropology and poltical science. Try to do some analysis by finding clues that are synonymous with the main concepts....
-
The hydrolysis of an organic nitrile, a compound containing aCN group, in basic solution, is proposed to proceed by the following mechanism. Write a complete balanced equation for the overall...
-
The state of Idaho needs to raise $50,000,000 for highway repairs. Officials are considering issuing zero coupon bonds, which do not require periodic interest payments. The current market interest...
-
Norris Corporation issued $2,000,000 in 10.5 percent, 10-year bonds on February 1, 2014, at 104. Semiannual interest payment dates are January 31 and July 31. Use the straight-line method and ignore...
-
Waterbury Corporation issued $16,000,000 in 8.5 percent, five-year bonds on March 1, 2014, at 96. The semiannual interest payment dates are September 1 and March 1. Prepare the journal entries to...
-
Give the worst-case Big O running time of this function and explain in detail how you arrived at this answer. public static int f1(int [] a) { int maxSum = 0, this Sum = 0; for(int j = 0; j maxSum )...
-
1. Explain how to set up user and group account in the active directory, in addition, please explain how to have file and folders sharing. Please give examples. 2. List 3 situations that printers in...
-
8=0 for i 1 to n MAT MAP Give an estimate for the number of operations used in this segment of an algorithm. Use your estimate to find the time complexity. 20 City Tec MA for j1 tonti =s+1 if i = j...
Study smarter with the SolutionInn App