The accompanying data represent the monthly rate of return of a certain​ company's common stock for the past few years. Complete

Answer:

Services revenue: 44,000 debit

      Income Summary: 44,000 credit

--to finalize revenue accounts--

Income Summary: 33,100 debit

Depreciation expense—Equipment: 3,000 credit

Salaries expense: 22,000 credit

Insurance expense: 2,500 credit

Rent expense: 3,400 credit

Supplies expense: 2,200 credit

--to finalize expense accounts--

Income Summary: 7,000 debit

     A. Cruz, Withdrawals: 7,000 credit

--to finalize withdrawals account--

Income Summary: 3,900 debit

      A. Cruz, Capital Account: 3,900 credit

--to adjust Income Summary against Cruz’s capital account--

Cash: 19,000

Supplies: 13,000

Prepaid insurance: 3,000

Equipment: 24,000

Accumulated depreciation—Equipment: 7,500

A. Cruz, Capital: 51,500

Totals: 59,000 59,000

Explanation:

To complete the accounting cycle, we utilize the income summary to close off revenues, expenses, and withdrawals accounts. The resulting balance will be allocated to Cruz Capital Account.

Income summary balance: 44,000 - 33,100 - 7,000 = 44,000 - 40,100 = 3,900

Finally, we will prepare the trial balance, recognizing that assets carry a debit balance while liabilities and equity are credited.

This verification ensures that everything aligns with Debit = Credit.

Answer:

The cost of goods manufactured equals 650,000.

Explanation:

Based on the following details:

Beginning inventory= $250,000

Cost accumulated during the period= $500,000

Ending work in process inventory= $100,000.

To find the cost of goods manufactured, apply this formula:

cost of goods manufactured= beginning WIP + cost incurred - Ending WIP

cost of goods manufactured= 250,000 + 500,000 - 100,000

cost of goods manufactured= 650,000

Answer:

To achieve a strong credit score, one must consistently manage debt repayments since they began borrowing.

Your friend is mistaken in thinking that everyone who made all payments on time within a single year has a high credit score, as this view overlooks prior years' activities.

Some individuals might have missed payments on earlier loans but managed to maintain timely payments in 2015. Although this can enhance their credit score, the score would still reflect a lower value due to previous behaviors that negatively impacted it.

Answer:

The correct answer is "600000".

Explanation:

The values provided are:

Cost of office furniture,

= $100,000

Cost of the computer system,

= $500,000

• The revised MACRS allows a corporation to gradually reduce the mortgage balance of such depreciating assets.
• In the initial years, MACRS permits accelerated depreciation but then slows down the process. This is advantageous for businesses from a taxation perspective.

Now,

The cost recovery deduction is calculated as:

=

Substituting the values gives us

=

=