The worksheet for Tsai Company shows the following in the financial statement columns. Owners drawings ......... $22,000
Question:
Owner’s drawings ......... $22,000
Owner’s capital .......... 70,000
Net income ........... 41,000
Prepare the closing entries at December 31 that affect owner’s capital.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
Dec 31 Income Summary ...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Accounting questions
-
The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2019: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and...
-
The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and...
-
The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2020: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and...
-
Write a program, in Java, to convert from binary to decimal andfrom from binary to hexadecimal. Please use instance variables,preferably strings. The program must do the conversion withoutusing any...
-
A newspaper headline reads, U.S. TEENS TRUST, FEAR THEIR PEERS and the article explains that a telephone poll was conducted of 1055 persons 13 to 17 years old. Identify a statistical population and...
-
Use the one-to-one property of logarithms to find an exact solution for ln(5) + ln(5 x2 5) = ln(56). If there is no solution, write no solution.
-
How is $t$ test conducted for two independent samples?
-
Starwood Hotels (Starwood) owns and operates many hotel properties under well-known brand names, including Sheraton, W, Westin, and St. Regis. Starwood focuses on the upper end of the lodging...
-
1. What are some specific factors that make countries unattractive to firms looking to do business there? 2. What are some of the factors that firms must consider before deciding to begin...
-
11. Is it appropriate to insist that a financial ratio, such as the current ratio, exceed a certain absolute standard (e.g., 2:1)? Why? 12. Which firm is more profitable Firm A with a total asset...
-
Bradley Decker is preparing a worksheet. Explain to Bradley how he should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet. Service Revenue...
-
Ryan Newton recently received the following information related to Ryan Companys December 31, 2014, balance sheet. Inventory ...............$ 2,900 Cash ................. 4,300 Equipment...
-
Under which circumstances do managers find it profitable to increase the quality of their products? Do the benefits always exceed the costs? Why or why not?
-
A boy and a girl are resting on separate rafts \(10 \mathrm{~m}\) apart in calm water when the girl notices a small beach toy floating midway between the rafts. The girl and her raft have twice the...
-
A small stone is fastened to the top of a standard cart of inertia \(1 \mathrm{~kg}\) to form a combination of unknown inertia \(m_{1}\). A second standard cart is then launched with an initial...
-
Beth Schulman makes the point that workers in nursing homes, retail stores, hotels, and child care are _______. a) well paid considering that their work is not very important b) lucky they have jobs...
-
Let us consider the CAL with different borrowing and lending rates. In practice, you may borrow money only at a rate \(r_{f}^{B}>r_{f}\). What is the shape of the CAL in this setting?
-
Ball 1 is moving toward you at \(10 \mathrm{~m} / \mathrm{s}\), and you decide to throw ball 2 at it to make it reverse its velocity. The balls collide head-on, and the coefficient of restitution for...
-
Every week, Kate plays tennis for two hours, and her grade on each math test is 70 percent. Last week, after playing for two hours, Kate considered playing for another hour. She decided to play for...
-
The area of a rectangle is 30 cm 2 and its perimeter is 26 cm. Find the length and width of the rectangle.
-
Discuss the ways in which entrepreneurs can exit their firms.
-
Which is the better investment common stock with a par value of $5 per share or common stock with a par value of $20 per share?
-
Indicate whether each of the following statements is true or false. ______1. The corporation is an entity separate and distinct from its owners. ______2. The liability of stockholders is normally...
-
If your school has a subscription to the FASB Codification, go to aaahq.org/ ascLogin.cfm to log in and prepare responses to the following. (a) What is the stock dividend? (b) What is a stock split?...
-
Explore the concept of principal quantum numbers in quantum mechanics and atomic structure. How do principal quantum numbers, denoted by the symbol "n," define the energy levels and electron...
-
1. How many electrons make up a charge of 1.0 MC? 2. What is the total charge on 1.0 kg of electrons?
-
What frequency of sound would have a wavelength the same size as a 0.81 m -wide window? (The speed of sound is 344m/s at 20 o C .)
Study smarter with the SolutionInn App