High Step Shoes had annual revenues of $192,000, expenses of $107,200, and dividends of $20,800 during the current year. The retained earnings account before closing had a balance of $304,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

Answer:

Debit Income Summary $84,800, Credit High Step Shoes, Capital $84,800

Explanation:

Preparation of what The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

Debit Income Summary $84,800

Credit High Step Shoes, Capital $84,800

($192,000-$107,200)

(To close the Income Summary account )

when establishing corporate entrepreneurship and an organization rewards should:​

When a Sally assesses the external competitive environment facing her firm, she labels anything that would make it harder for her firm to be successful as a(n)

A department adds all raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory; 89100 units were started into production in January; and there were 19200 units that were 50% complete in the ending work in process inventory at the end of January. What were the equivalent units of production for materials for the month of January?

Where can you find detailed information about your registration, classes, finances, and other personal details

Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price

Martin's coin collection contains hundred 1960 silver dollars. Her grandparents purchased them at their face value ($50 each) in 1960. These coins have appreciated by 3.2 percent annually. How much will the collection be worth in 2020

Total quality management focuses on ______. Group of answer choices kaizen instant rework continuous inspection frequent inspection

Babble, Inc., buys 405 blank cassette tapes per month for use in producing foreign language courseware. The ordering cost is ​$15.00. Holding cost is ​$0.25 per cassette per year. a. How many tapes should Babble order at a​ time?

On January 1, 2016, Wade Corporation had 24,000 shares of common stock outstanding. On April 1, it reacquired 2,400 shares; on July 1, it issued 10,800 shares; on October 1, it issued another 9,600 shares; and on December 1, it reacquired 900 shares. What was the weighted average number of common shares outstanding for 2016

On January 2, 2020, Howdy Doody Corporation purchased 17% of Ranger Corporation's common stock for $53,000. Ranger's net income for the years ended December 31, 2020, and December 31, 2021, were $17,000 and $54,000, respectively. During 2020, Ranger declared and paid a dividend of $63,000. On December 31, 2020, the fair value of the Ranger stock owned by Howdy Doody had increased to $68,000. How much should Howdy Doody show in the 2020 income statement as income from this investment

Three major segments of the transportation industry are motor carriers, such as YRC Worldwide (YRCW); railroads, such as Union Pacific (UNP); and transportation logistics services, such as C.H. Robinson Worldwide, Inc. (CHRW). Financial statement information for these three companies follows (in thousands): YRC Union Pacific C.H. Robinson Sales $4,697,500 $19,941,000 $13,144,413 Average total assets 1,824,700 55,159,000 3,436,058 a. Determine the asset turnover for all three companies. Round to one decimal place. YRC Worldwide fill in the blank 1 Union Pacific fill in the blank 2 C.H. Robinson Worldwide fill in the blank 3 b. The ratio of sales to assets measures the number of sales dollars earned for each dollar of assets. The greater the number of sales dollars earned for every dollar of assets, the efficient a firm is in using assets.

Weekly News, Inc., publishes a weekly newspaper 52 weeks out of the year. The company sells one-year subscriptions to its newspaper for $52 collected in advance. During its first year of operations, the company sold subscriptions to 1,000 customers. By the end of that first year, on average, customers had received 13 weekly copies. What is the amount of subscription revenue that should be reported on the income statement for that first year of operations

In the best-selling book, Good to Great, the author examined the characteristics of eleven successful companies by studying the full context of each organization, using multiple sources of information and identifying the relationship between managerial decisions and success. This is an example of a(n) _______.

doug purchased a new factory building on january 15 2001 for 400,000. on march 1 2020 the building was sold. determine the cost recovery percentage for the year of the sale

The private equity firm Clarence Partners is looking at a leveraged buyout
opportunity on the Longo Trattoria restaurant chain. Longo today (Year O) has a
capital structure of 75% equity, 25% debt. Its free cash flow last year (FCFO) was
$1 Million and it is expected to grow at constant rate of 8% per year. All its assets
are operating assets. Its WACC equals 14%. If Clarence invests in the deal (it
would acquire 100% of the company), it plans to exit at the end of Year 5, at
which point Longo's capital structure will be 90% equity and only 10% debt, and
its enterprise value (EV) will be estimated at 20 times its FCF in Year 5 (FCF5). All
interim cash flows will be used to pay down debt. Clarence has a minimum 35%
IRR hurdle rate.
1. What is Longo's value of equity today?
2. What will be Longo's value of equity at the end of Year 5?
3. How much equity should Clarence invest today if it is to meet exactly its
hurdle rate?
4. How much debt should Clarence contract, in addition to its equity
investment, in order to close the deal with Longo today?

Growing, Inc. is a firm that is experiencing rapid growth. The firm yesterday paid a dividend of $3.40. You believe that dividends will grow at a rate of 19.0% per year for two years, and then at a rate of 7.0% per year thereafter. You expect the stock will sell for $17.17 in two years. You expect an annual rate of return of 22.0% on this investment. If you plan to hold the stock indefinitely, what is the most you would pay for the stock now

Each sneaker requires 2 hours of direct labor time. Direct labor wages average $15 per hour. Monthly overhead averages $10 per direct labor hour plus fixed overhead of $4,500. What is the direct labor cost budgeted for September

Henry had to change the grades of four different students. He did so using his query that was calculating his grades. When he went back to the table, he should expect that

A. the new data was missing.
B. the table was also changed.
C. the new data was added to the table along with the old data.
D. the table required a new query to continue calculations.

a project has a beta of 1/07, the risk free rate is 2.1% and the market risk premium is 8.4% the projected expected rate o return is

Tidy Service Company performed cleaning services during December 2019, but had not collected any cash from its customers as of December 31, 2019. What impact did performing these services have on the accounting equation

if potential output declines while actual output remains unchanged, what does the Taylor rule imply that policymakers should do to the fed funds rate

A closeout report is primarily used to

Coronado Company has the following equivalent units for July: materials 19000 and conversion costs 18800. Production cost data are: Materials Conversion Work in process, July 1 $ 7800 $ 2000 Costs added in July 53000 45000 The unit production costs for July are: Materials Conversion Costs

Drag each label to the correct location on the image.
Match each adjustment for reconciling a checking account to the correct document.
Adjust Bank Statement
Adjust Check Register
deduct bank
deduct
add interest earned
add outstanding
deposits
service
outstanding
charges
checks

January 2, 2018, Cullumber, Inc. purchased a patent for a new consumer product for $810000. At the time of purchase, the patent was valid for 15 years; however, the patent’s useful life was estimated to be only 10 years due to the competitive nature of the product. On December 31, 2021, the product was permanently withdrawn from the market under governmental order because of a potential health hazard in the product. What amount should Cullumber charge against income during 2021, assuming amortization is recorded at the end of each year?

The Robinson Company reported net income of $90,000 in 2010. Additional information follows:Depreciation expense$18,000Loss on sale of equipment 10,000 Gain on sale of land 17,000 Given just this information, what was the Robinson Company's net cash provided by operating activities in 2010

A welding company specializes in custom steel frames and uses job costing to account for its operations. The following information is available as of May 1 for the work-in-process inventory account:

Job# Direct Materials Direct Labor Man. Overhead Total Cost
304 $3,000 $1,800 $2,520 $7,320
306 4,000 2,100 2,940 9,040
Total Cost 7,000 3,900 5,460 16,360

Welding Company pays an hourly rate of $15 for direct labor. Manufacturing overhead costsare applied to jobs based on the direct labor hours used. During the month of May, Jacob Welding spends $5,800 to purchase materials and $4,650 for manufacturing overhead. The operations in May are summarized below.

Job# Material Requisition summary Time Card Summary (Hours)
304 $1,100 40
306 900 30
307 2,800 110
308 750 25
Total 5,550 205


Jobs 304, 306, 307 are completed in May but only Jobs 304 and 307 are delivered to customers.
Required:
Calculate the predetermined overhead rate used.

The annual inventory of The Bike Shop Inc. shows the following information for mountain bikes: DATE QUANTITY COST TOTAL January 15 Beginning Inventory 80 $126 $10,080 March 20 Purchase 30 120 3,600 June 21 Purchase 20 126 2,520 October 12 Purchase 15 122 1,830 December 29 Purchase 10 122 1,220 Total available for sale 155 $19,250 If 36 mountain bikes were on hand on December 31, what is the value of the ending inventory using the LIFO method of inventory pricing

Vista Company is consideringt two new projects, each requiring an equipment investment of $97,000. Each project will last for three years and produce the following cash inflows:

Year Cool Hot
1 $38,000 $42,000
2 43,000 42,000
3 48,000 42,000
129,000 $126,000

The equipment will have no salvage value at the end of its three-year life. Vista Company uses straight-line depreciation and requires a minimum rate of return of 12%.

Present Value of 1 Present Value of an Annuity of 1

Period 12% Period 12%
1 0.893 1 0.893
2 0.797 2 1.690
3 0.712 3 2.402

Required:
a. Compute the net present value of each project.
b. Compute the profitability index of each project.
c. Which project should be selected? Why?

We have a $500,000 line of credit with a 10% compensating balance. The quoted interest rate is 4.5%. We need $200,000 for inventory for one year. What is the effective interest rate we are paying on this credit line