From the list that follows, identify the accounts that should be closed to the owner’s capital account at the end of the fiscal year: a.  Accounts Receivable   b.  Accumulated Depreciation   c.  Building   d.  Depreciation Expense   e.  Fees Earned   f.  Jackie Lindsay, Capital   g.  Jackie Lindsay, Drawing   h.  Land   i.  Supplies

Question

From the list that follows, identify the accounts that should be closed to the owner’s capital account at the end of the fiscal year:

a.  Accounts Receivable  
b.  Accumulated Depreciation  
c.  Building  
d.  Depreciation Expense  
e.  Fees Earned  
f.  Jackie Lindsay, Capital  
g.  Jackie Lindsay, Drawing  
h.  Land  
i.  Supplies  
j.  Supplies Expense  
k.  Unearned Rent  
l.  Wages Expense

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Final Accounts

Accounting theory

Accounting Functions

Accounting Principles

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: As of December 31, 2023, Ajax Corporation reported the following: Salaries payable $25,000; Treasury...

A: Equity share capital refers capital which is raised by a corporation by offering shares.

Q: A company manufactures various sized plastic bottles for its medicinal product. The manufacturing co...

A: Variable costs = Total manufacturing costs - fixed costs =  56 - 18 = $38

Q: In an economy, it has the following monetary asset information as of December 2019. Cash in the hand...

A: Meaning Of M1 and M2 :-  M1 money supply includes coins and currency in circulation—the coins and bi...

Q: Required: 1. Prepare the appropriate journal entries for The Madrid Telephone Co. to record the leas...

A: Lease: An agreement between two persons where the right to use asset are transferred from one person...

Q: Under the perpetual system of inventory, the Inventory account is debited at each purchase and credi...

A: There are 2 methods of maintaining inventory records: 1. Perpetual inventory system 2. Periodic Inve...

Q: Computing Pension Expense, Gain/Loss Amortization, PBO, and Plan Asset Balances The following data r...

A: Defined benefit plan defines a retirement plan provided by the employer to employee. The benefits ar...

Q: Condensed comparative balance sheets of Branch Company at December 31, Years 1 and 2, are as follows...

A: Click to see the answer

Q: Product Cost Markup Percentage Greenhouse Garden Tools Inc. produces and sells home and garden tools...

A: MARKUP PERCENTAGE ON PRODUCT COST : ( SELLING AND ADMINISTRATION COST + DESIRED ROFIT  / PRODUCT COS...

Q: Emma, a lawyer at Leaseonic Corp., is evaluating the company's current lease agreements. Emma recent...

A: In Revenue Procedures 2001-28/29, the IRS stated that in respect of a tax lease, at inception a leas...

Q: During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss ...

A: The question is based on the concept of taxation accounting

Q: The following information relate to the records of MAHAL CO.Authorized Ordinary Shares , 500,000 sha...

A: Share capital refers to the amount that is invested by the shareholders in the business entity.

Q: 1. Define elements of financial statements.

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: TOOLAD Company agreed agreed to pa share) ordinary share on September 30, addition, TOOLAD agreed th...

A: Purchase Consideration can be in the form of Assets like cash or stock or in the form of Equity.

Q: na payment of $3,940 lance in 130 days. If mo nple interest, what is the ont? LUco 130 davs from

A: simple interest is a method of computed interest where the base is principal amount only interest is...

Q: Mr. Garcia sold his machine for P20,000 after using it for 6 years. He bought a new machine worth 75...

A: Cash Flow is a part of the Financial Statement of a company. It literally means a report that shows ...

Q: Norris Co. purchase and sales data is as follows:         Units   Cost per Unit Aug. 1 Inventor...

A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for yo...

Q: 18. Which additional areas in the guidance are considered "required reading" for a researcher who ha...

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question s...

Q: Q. 3 From the following particulars ascertain the bank balance as per the cash book of Naveed & Co. ...

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...

Q: 5. The DN Company, which engages in the fabrication of automobile engine part with production capaci...

A: Production capacity = 700,000 units Current production level = 700,000 × 65%= 455,000 units Annual i...

Q: Broussard Skateboard's sales are expected to increase by 15% from $7.2 million in 2019 to $8.28 mill...

A: Additional Funds Needed (AFN) can be defined as the accounting concept that is used by a business fi...

Q: On January 1, Luther Co. issued a $1,000,000, 8%, 5-year installment note payable. The first note pa...

A: Notes Payable:- It is a Current liability where one person is liable to pay and another one is recei...

Q: Jan. 1, 2019, Anatalio, Yecyec, Guzon, and Calimpusan formed Butuan Trading Co., a partnership, with...

A: Solution- In the question given Anatalio receive 5 % interest and salary 5000. So Interest of Anatal...

Q: Selected balances from ABC Co's Branch A and Branch B are: A Branch B Branch Beginning Inventory Pet...

A: The question is based on the concept of Branch Accounts

Q: 4. Use AW method to calculate the benefit/cost ratio at i = 6% for a new library. The first cost is ...

A: Calculation of AW of initial cost which os given by  AW = I/AF    Where I = initial or first cost = ...

Q: TOOLAD Company agreed agreed to pay P850,000 cash and issue 50,000 shares of its P10 par (20 current...

A: A business combination occurs when an entity acquires control over an organization. Control means po...

Q: On March 1, Wayne Michaels bought 10 bonds from a particular company with a coupon rate of 9.625%. T...

A: The question is based on the concept of Financial Accounting

Q: Hajia Mamáta, a sole trader started business on 1/ 4/ 2013 and keeps accounts to 31/3 each year. She...

A: Financial Year :A Financial Year (FY) is the period between 1 April and 31 March - the year in which...

Q: 

A: Equivalent units of production: In manufacturing process, all inputs are not converted into finished...

Q: Assume that Social Security promises you $30,000 per year starting when you retire 45 years from tod...

A: The calculated value after 45 years from now will be considered future value for the calculation of ...

Q: If answered within 30mins,it would be helpful.surely will upvote The Village of Bensonville has a p...

A: The amount of expense incurred during the year is charged to Profit and loss account. The expense in...

Q: f the value implied by the purchase price of an acquired company exceeds the fair values of identifi...

A: Goodwill refers to an intangible form of asset which arises when a verified buyer acquires  or takes...

Q: Answer the following: a. Give at least five examples of revenue from contracts to customer. b. What ...

A:  “Since you have asked multiple questions, we will solve the first question for you. If you want any...

Q: 17. The partnership agreement of Carlos, Niza, and Usop provided for the following terms on distribu...

A: Partnership refers to the formal agreement between two or more person who are agreed to carry out th...

Q: a. Differentiate between periodic inventory system and perpetual inventory system from an accounting...

A: Inventory is the term which is defined as the goods and materials which the business holds for the f...

Q: what is income statement? cash $14,785.00   A/R $100.00   Packing and office supplies $370.00...

A: Income Statement is prepared for the calculation of net income or net losses of the business. 

Q: please answer it with a solution. REQUIRED: DETERMINE THE FAIR VALUE OF THE SHARES ISSUED BY BENI CO...

A: Fair value is the term which is defined as the actual value of the asset, which could be a security,...

Q: Hardhat Construction Company has a contract to construct a €4,500,000 bridge at an estimated cost of...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratiorespectively after Tatu...

A: Partnership business means where two or more person comes together to  do the business and share the...

Q: Azlita bought a refrigerator with marked down 14% during a clearance sale. The selling price is RM50...

A: Selling price: It is the price at which product or service is sold in the market by a seller to a cu...

Q: Activity-Based Costing Quality Cuts Inc. has total estimated factory overhead for the year of $204,0...

A: Overhead per unit cost is calculated as total cost divided by activity units.

Q: Nicole smith's yearly salary is $95500. During the week she worked 46 hours and is entitled to time ...

A: Nicole's Salary in a year: $95,500 Normal work-hours in a week: 40 hours Normal work-hours in a year...

Q: On the first day of the fiscal year, a company issues a $900,000, 9%, 5-year bond that pays semiannu...

A: Given, Face value = $900,000 Issue price = $884,176

Q: When the bank statement is received on July 3, it shows a balance, before reconciliation, of $5,200 ...

A: Bank reconciliation statement is used to reconcile the balance as per books (bank ledger) and balanc...

Q: The income statement for Hudson Company reported net income of $345,000 for the year ended December ...

A: Click to see the answer

Q: Steve is the librarian in his city's library. The library provides group disability insurance where ...

A: Tax Benefit:-It is a reduction in the tax liability which individual enjoy as per taxation law. It p...

Q: The balance sheet for Lauren Inc. shows the following: total paid-in capital and retained earnings $...

A: Given, Total paid-in capital and retained earnings= $877,000 Total stockholders’ equity = $817,000 C...

Q: Flora Company has recorded the following cash flows at the end of each year for a project. If the di...

A: Present value: It can be defined as today’s worth of an investment that will be received in the futu...

Q: Comparing ABC and Plantwide Overhead Cost Assignments Wellington Chocolate Company uses activity-bas...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions)...

A: The Numerical has covered the concept of Gross Profit Rate. Gross Profit is the difference between S...

Q: part of a natio - $52,600. She proceeds with opening the restaurant, and it begins operations on May...

A: A tax deduction is declared by the taxable assessee for which the tax is being determined and he wil...