(Answered) Question - nixit companys ledger on july 31 its fiscal

Accounting

Question - Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system).

Merchandise inventory	$44,800	Sales returns and allowances	$5,100
Retained earnings	129,300	Cost of goods sold (excluding shrinkage)	109,200
Dividends	7,000	Depreciation expense	11,700
Sales	161,600	Salaries expense	39,500
Sales discounts	4,300	Miscellaneous expenses	5,000

A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,950.

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93061662
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - the following information is available for the

Question - The following information is available for the Starr Air Corporation: Sales - $750,000 Cost of goods sold - 410,000 Gross profit - 340,000 Operating Income - 85,000 Net Income - 42,000 Inventory, beginning yea ...

Question - solar power inc had the following transactions

Question - Solar Power Inc. had the following transactions during 2105. Sales revenue $15,000 Equipment rental revenue 420 Cost of sales 6,200 Selling and administrative expenses 3,500 Interest expense 560 Gain on sale o ...

Question - the structure of a typical organization is

Question - The structure of a typical organization is similar to a pyramid, with different levels that require one consistent type of information to assist with all managerial decision making. Explain a typical corporati ...

Question - nancy gives her grandson sean 20 acres of land

Question - Nancy gives her grandson, Sean, 20 acres of land. Her tax basis in the land is $25,000. Nancy's marginal tax rate for the current year is 45%; her grandson's is 25%. Its fair market value was $575,000 at the d ...

Question - the following data pertain to last years

Question - The following data pertain to last year's operations at Tredder Corporation, a company that produces a single product: Units in beginning inventory 0 Units produced 20,000 Units sold 19,000 Selling price per u ...

Questions 1did the employees know of the lost inventory2why

Questions: 1 Did the employees know of the lost inventory? 2 Why the auditor did not take any action against the insurance company? 3 Was there any conspiracy involved in between the insurance company and the auditor? 4 ...

Question - milo corp has a beta of 13 the us government

Question - Milo corp has a Beta of 1.3. The U.S. government T-Bill is expected to yield 0.04, and the S&P 500 is expected to yield 0.11 in the near future. What is Milo's required rate of return?

Question - during 2016 gorilla corporation has net

Question - During 2016, Gorilla Corporation has net short-term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years' transactions included the ...

Question - little known tax ltd prepares tax returns for

Question - Little Known Tax, Ltd prepares tax returns for clients. The firm employs six bookkeepers who cost the firm £10,000 in total each week. Each bookkeeper is expected to charge 30 hours per week to client jobs. At ...

Discussion your new client barbara has just formed a new

Discussion: Your new client, Barbara, has just formed a new corporation that provides consulting services to couples contemplating marriage. She has learned from her accountant that there will be items in her business th ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert