Presented below are selected account balances for Alistair Co. as of December 31, 2022. Instructions Prepare closing
Question:
Presented below are selected account balances for Alistair Co. as of December 31, 2022.
Instructions
Prepare closing entries for Alistair Co. on December 31, 2022. Omit explanations.
Transcribed Image Text:
$ 60,000 Cost of Goods Sold Inventory 12/31/22 Share Capital-Ordinary $235.700 75,000 Selling Expenses 16,000 Retained Earnings 45,000 Administrative Expenses 38,000 Dividends 18,000 Income Tax Expense 30,000 Sales Returns and Allowances 12,000 Sales Discounts 15,000 Sales Revenue 390,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
Particulars Amount Amount Closing stock 60000 Trading account 60000 To close closing stock to trad...View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Business questions
-
Presented below are selected account balances for Homer Winslow Co. as of December 31, 2008. Instructions Prepare closing entries for Homer Winslow Co. on December 31, 2008. (Omitexplanations.)...
-
Presented below are selected account balances for Homer Winslow Co. as of December 31, 2020. Instructions Prepare closing entries for Homer Winslow Co. on December 31, 2020. (Omit explanations.)...
-
Listed below are selected account balances for Hemmingway Company for June 30, 2004. Determine each of the following amounts. a. Current assets b. Current liabilities c. Property, plant, and...
-
4. Papo and Pepe are two barbers from a small barbershop. Theyhave their two court chairs plus two waiting chairs. The followingresults were found: P0 = 1/16 P1 = 4/16 P2 = 6/16 P3 = 4/16 a. What is...
-
In a seasonal-growth model, a periodic function of time is introduced to account for seasonal variations in the rate of growth. Such variations could, for example, be caused by seasonal changes in...
-
In Exercises, find the derivative of each function. y = (2x 3 + 9x) 5
-
1. Continuing the analysis from above, what could the producer of Brand 1 do to persuade customers to switch away from Brand 2 and to Brand 1? 2. Apply the above analysis to a consumer choosing...
-
Schmidt Electronics produces two products: CD105 and HD210. Relevant costing information for each product is as follows: Manufacturing overhead costs and associated ABC allocation bases are as...
-
1. You are given the following data Year HPR of Stock A HPR of Stock B 2019 12% 35% 2020 15% 7% 2021 10% 40% 2022 23% 10% (1) Calculate expected rate of return for each stock . (2) Calculate standard...
-
5) 15 points) Zuckerman Wiring and Electric is a company that installs wiring and electrical fixtures in residential construction. John Zuckerman has been concerned with the amount of time that it...
-
Corinne Dunbar, M.D., maintains the accounting records of Dunbar Clinic on a cash basis. During 2022, Dr. Dunbar collected 142,600 from her patients and paid 60,470 in expenses. At January 1, 2022,...
-
Presented below is financial information for two different companies. Instructions Compute the missing amounts. Shabbona Company Jenkins Company Sales revenue $90,000 (d) Sales returns and allowances...
-
Crook was employed as the scrap manager for Canada Labs Inc (Canlab). In that capacity, Crook regularly sold waste gold generated by the experimental work conducted by Canlab to Golden Corona Mines...
-
How do advancements in synthetic biology and genome editing technologies, such as CRISPR-Cas systems and base editing tools, expand the capabilities of recombinant DNA technology to engineer complex...
-
A sum of $1250 is to be divided between two people in the ratio of 2 to 3. How much does each person receive? Please include steps
-
In many work environments, employees can engage in organizational citizenship behaviors (acts that help coworkers or the organization, even though they are not part of their job), such as staying...
-
Heated Tools Ltd. uses activity-based costing. It has identified three cost pools and their drivers as follows: Purchasing Quality Control Dispatch Purchase Orders Stores issues Deliveries Cost pool...
-
Information graphics should be aesthetically pleasing but many designers think about aesthetics before they think about structure, about the information itself, about the story the graphic should...
-
Describe an algorithm that will count the number of 1s in a bit string by examining each bit of the string to determine whether it is a 1 bit.
-
Define the essential properties of the following types of operating systems: a. Batch b. Interactive c. Time sharing d. Real time e. Network f. Parallel g. Distributed h. Clustered i. Handheld
-
What is the call feature of a bond issue? How does the call feature affect the amortization of bond premium or discount?
-
Why would a company wish to reduce its bond indebtedness before its bonds reach maturity? Indicate how this can be done and the correct accounting treatment for such a transaction.
-
What is done to record properly a transaction involving the issuance of a non-interest-bearing long-term note in exchange for property?
-
The following are partial balance sheets for the Bank of Canada and the 14 LVTS Participants: BANK OF CANADA 14 LVTS Participants / Primary Dealers Consolidated Assets($BS): Liabilities ($Bs):...
-
The following are partial balance sheets for the Bank of Canada and the Federal Government: Bank of Canada Government Assets ($Bs): Liabilities ($Bs): Assets ($BS): Liabilities ($ BS): Securities...
-
Learn strategies, tips, and tools to stick to your budget and achieve A. Shopping for Insurance your financial goals. B. Debt Management Learn some tips for navigating the student experience on a...
Study smarter with the SolutionInn App