Presented below is information related to Russell AG for the month of January 2019. Instructions Prepare the
Question:
Instructions
Prepare the necessary closing entries.
Transcribed Image Text:
Cost of goods sold €202,000 Salaries and wages expense 7,000 Sales discounts 12,000 Sales returns and allowances 20,000 Sales revenue € 61,000 8,000 Delivery expense Insurance expense 13,000 Rent expense 340,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
Sales Revenue 340000 Income Summary 340000 Income Summary 323000 ...View the full answer
Answered By
Hemstone Ouma
"Hi there! My name is Hemstone Ouma and I am a computer scientist with a strong background in hands-on experience skills such as programming, sofware development and testing to name just a few. I have a degree in computer science from Dedan Kimathi University of Technology and a Masters degree from the University of Nairobi in Business Education. I have spent the past 6 years working in the field, gaining a wide range of skills and knowledge. In my current role as a programmer, I have had the opportunity to work on a variety of projects and have developed a strong understanding of several programming languages such as python, java, C++, C# and Javascript.
In addition to my professional experience, I also have a passion for teaching and helping others to learn. I have experience as a tutor, both in a formal setting and on a one-on-one basis, and have a proven track record of helping students to succeed. I believe that with the right guidance and support, anyone can learn and excel in computer science.
I am excited to bring my skills and experience to a new opportunity and am always looking for ways to make an impact and grow as a professional. I am confident that my hands-on experience as a computer scientist and tutor make me a strong candidate for any role and I am excited to see where my career will take me next.
5.00+
8+ Reviews
22+ Question Solved
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Managerial Accounting questions
-
Presented below is information related to Russell Corporation for the month of January 2012. InstructionsPrepare the necessary closingentries. Cost of goods sold Freight-out Salaries and wages...
-
Presented below is information related to Brokaw Corp. for the year 2012. Instructions(a) Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are...
-
Presented below is information related to Hurley Co. for the month of January 2012. Instructions(a) Prepare the necessary adjusting entry for inventory.(b) Prepare the necessary closingentries....
-
Nu-Look Design, Inc., operated as a residential home improvement company. During calendar years 1996, 1997, and 1998, Ronald A. Stark not only was Nu-Looks sole shareholder and president but also...
-
Given the dimensions and the mass m of the thin conical shell shown, determine the moment of inertia and the radius of gyration of the shell with respect to the x axis.
-
(b) The table below provides values of f(x) for 5 points x = [0,2] with step size h=0.5. Use the table to approximate f(x)dx using the following methods. x 0 0.5 1 1.5 2 f(x) 1 1.7737 3.7183 7.8567...
-
Following are errors, frauds, or other circumstances that an auditor might encounter as a result of applying year end substantive tests of details to fixed assets as of December 31, 1999: a. During...
-
In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows. 1. Using the periodic inventory system, compute the cost of ending inventory , cost...
-
B Company applies fixed factory overhead at the rate of $7 per machine hour. The fixed overhead budget is $28,000 per month. The standard machine hours allowed is 5 hours per finished unit. Last...
-
Assuming that Nations 1 and 2 are both large, and starting from the equilibrium level of national income and equilibrium in the trade balance in Nation 1, and given that MPS1 = 0.20, MPS2 = 0.15,...
-
The adjusted trial balance of Faulk Ltd. shows the following data pertaining to sales at the end of its fiscal year, October 31, 2019: Sales Revenue 800,000; Delivery Expense 12,000; Sales Returns...
-
Presented below are selected account balances for Alistair Co. as of December 31, 2019. Instructions Prepare closing entries for Alistair Co. on December 31, 2019. (Omit explanations.) $ 60,000 Cost...
-
If you double a blackbodys temperature, by what factor does its radiated power increase?
-
Reservation wages In the mid-1980s, a famous supermodel once said that she would not get out of bed for less than \(\$ 10,000\) (presumably per day). a. What is your own reservation wage? b. Did your...
-
The TV networks in the late 1940s, Microsoft in the 1990s, and Apple, most recently, have all created ecosystems of thousands of dependent fi rms, while raising a strong barrier to competition, which...
-
Give an example of a bank balance sheet with a leverage ratio of 20. If the value of the banks assets rises by 2 percent, what happens to the value of the owners equity in this bank? How large a...
-
Preferred dividends Jane Motors has an outstanding issue of preferred stock with a 20 par value and an 6% annual dividend. a. What is the annual dividend amount paid? If it is paid quarterly, how...
-
For the following changes in economic policy, explain how the growth rate and the level of output in the future would be affected. Distinguish between short-run effects and long-term effects. a. The...
-
WTI is planning to launch a new component. Production volume will be limited, with only 128 components to be produced in total. WTI expects the manufacture of the first component to take 25 direct...
-
Imagine that your best friend knows you are taking a psychology course and wonders what psychology is all about. How would you define psychology for your friend? Write an essay on the discipline of...
-
What is the nature of research and development costs?
-
Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese. Some of the initial costs involved were...
-
Discuss the accounting treatment or disclosure that should be accorded a declared but unpaid cash dividend; an accumulated but undeclared dividend on cumulative preferred stock; a stock dividend...
-
How does inflation impact the value of money over time? Discuss in detaills.
-
You decide to travel by car for your holiday visits this year. You leave early in the morning to avoid congestion on the roads. This enables you to drive at a comfortable speed of v = 67.1 mph for t...
-
The figure below shows three Gaussian surfaces and the electric flux through each. If q = 38.68nC. = A -gleo (91) What is the charge of q? Submit Answer Tries 0/10 What is the charge of 92? Submit...
Study smarter with the SolutionInn App