Brueser Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary.

Q: Use the following information:   Account Debit Credit Dividends $45,000   Sales Revenue…

A: Journal: Recording of a business transactions in a chronological order.

Q: Blue Company has the following account balances: Sales Revenue $223,700, Sales Discounts $2,710,…

A: At the end of the period, all the expenses and revenues are closed to the income summary account.…

Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…

A: The income statement is one of the essential parts of the financial statements used for reporting…

Q: The following information of ABC Merchandise Business for the year ended 31st December 2020 Account…

A: Total income summary represents the amount of income generated by the company through various…

Q: From the following balances extracted from the books of paul and Dell. Calculate the amount of: (a)…

A: Labor, salary, and benefits of employees who generate billable hours are factored into the cost of…

Q: The following selected account balances appeared on the financial statements of the Washington…

A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…

Q: At the beginning of the year, Midtown Athletic had an inventory of P400,00o. During the year, the…

A: Cost of goods sold : Opening inventory + Purchases - closing inventory Therefore COGS :…

Q: On 1/1, the Bicycle Vending Machine Company purchased $10,000 of inventory on account. When the…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: statement of 2 companies: Company ABC…

A: Inventory turnover ratio = Cost of good sold / Average inventory = $1709406/356394 = 4.8 times

Q: The adjusted trial balance of Splish Brothers at December 31 shows Inventory $20,500, Sales Revenue…

A: Closing entries are used to close the temporary accounts. These are expense revenue accounts.

Q: The following selected accounts and their current balances appear in the ledger of Kanpur Co. for…

A: Income statement is defined as one of the financial statements of the firm and states the revenues…

Q: Presented below is information related to Bonita Co. for the month of January 2017. Beginning…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: The following amounts appeared on the Mendelsteln Company's adjusted trial balance as of October 31,…

A: Net Sales = Sales - Sales return and allowances - Sales discount = 103400 - 8200 - 1195 = 94005

Q: Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold…

A: Multi-step income statement: The income statement represented in multi-steps with several subtotals,…

Q: Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is…

A: Cash Transactions - From the Beginning and Ending Ledgers of Expenses provided for the period then…

Q: The following is a listing of some of the balance sheet accounts and all of the income statement…

A: Solution: Net Sales revenue = Sales revenue  -Sales discounts - sales returns and allowances =…

Q: Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as…

A: Income Statement: An income statement is a financial statement prepared by a company to report their…

Q: Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as…

A: An option in contrast to the single-step income explanation is the multi-step income statement since…

Q: Pina Company had the following adjusted account balances at year-end: Cost of Goods Sold $60,410,…

A: Journal: Recording of a business transactions in a chronological order.

Q: The following are ABM Store's year-end balances of selected accounts: Cash, P200,000.00; Sales,…

A: Net Sales = Sales - Sales Discount Gross Profit = Net Sales - Cost of Goods sold Net Income = Gross…

Q: The records of BRACKISH SALTY Co. showed the following information: Accounts receivable, net, Jan.…

A: Gross income refers to the money that a corporation earns by subtracting the expenses involved with…

Q: Presented below is information for Carla Vista Co. for the month of January 2017. Cost of goods…

A: Prepare an income statement using the multistep format.

Q: Answer the following questions by using the following data taken from the financial statement of 2…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Flounder Company had the following adjusted account balances at year-end: Cost of Goods Sold…

A: Closing entries are those journal entries which are made at the end of the accounting years that…

Q: Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,877,000. Dogwood…

A: Introduction: Inventory turnover ratio = Cost of goods sold / Average Inventory. Division of Average…

Q: Sellall Department Stores reported the following amounts in its adjusted trial balance preparedas of…

A: Multi step income statement:   There are two ways to present and income stamen: Single-step and…

Q: Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as…

A: Meaning of income statement: This is a statement which show the all expense and income during the…

Q: The merchandise business had earned sales revenue of OMR 50,000 and Interest revenue of OMR 25,000…

A: Journal entry          Accounts…

Q: Presented below is information for Blossom Company for the month of January 2017. Cost of goods sold…

A: Following is the income statement:

Q: Orlaida Company has the following accounts balances: Sales Revenue $192,000, Sales discounts $…

A: All the transactions of the company will be recorded in the books of accounts. The company will…

Q: Which of the following statements is correct with respect to how this transaction should be shown on…

A: Account payable is a balance sheet item that comes under the head current liability account. It…

Q: PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION

A: Income statement and statement of owner's equity are the financial statements which are prepared for…

Q: The following data were taken from the financial statements of Tokyo Corporation: Annual Sales -…

A: Inventory is part of current assets as it can be converted into cash in a short time period.…

Q: The adjusted trial balance of Cullumber Company shows the following data pertaining to sales at the…

A: Net sales can be calculated by deducting sales return and allowance and sales discount from the…

Q: Keiasia Coates Company sold merchandise for $2,000. The cost of the merchandise was $1,500. Five…

A: Balance sheet: A statement shows the status of all assets, liabilities and shareholder’s equity of…

Q: Using the following information, what is the amount of income from operations? Purchases $ 34,358…

A: Income from operations: Income from operations or Operating income refers to the income generated…

Q: The following account information is from ABC's Hair Products 12/31/20xx Partial Adjusted Trial…

A: The gross profit and loss is the difference between the sales and cost of goods sold, the gross…

Q: The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end…

A: Given information is: The adjusted trial balance of Lopez Company shows the following data…

Q: The following selected account balances appeared on the financial statements of the Washington…

A: The cash flow statement consists of 3 activities which are enumerated as below: 1. Cash flow from…

Q: The following data were taken from the records of PRAISEWORTHY Company for the year ended December…

A: Account receivables means that when credit sales is made and amount is collected after some days.…

Q: On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will…

A: Estimated Returns = sales x 2% = $80,000 × 0.02 = $1,600

Q: For the year 2018, a company sold 400 units for $100 per unit. The cost of goods sold is $62.50 per…

A: Operating activities: These include all the activities and functions performed by the business that…

Q: Below is a partial listing of the adjusted account balances of Atlantic Department Store at year end…

A: Multi-step Income Statement: It shows a detailed bifurcation of the revenues and expenses and shows…

Q: Presented below is information related to Tamarisk Corporation for the month of January 2020. Cost…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: MDTB Company provided the following information: Net accounts receivable, beginning P 900,000 Net…

A: Inventory Turnover is calculated to estimate the average inventory level hold by the business in…

Q: The following information of ABC Merchandise Business for the year ended 31st December 2020 Account…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold…

A: Multiple income statement is prepared to segregate the income and expenses into different…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is