At December 31, Ortiz Corporation reports net income of $480,000. Prepare the entry to close net income.
Question:
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (6 reviews)
Dec 31 Inco...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Accounting questions
-
At December 31, Jimbo Corporation reports net income of $450,000. Prepare the entry to close net income.
-
At December 31, Kunkel Corporation reports net income of $450,000. Prepare the entry to close net income.
-
The entry to close the owners drawing account would include a debit to the : a. owners capital account qnd a credit to owners drawing account. b. onwers drawing account and a credit to cash. c....
-
If a pure discount three-year bond sells for $782 and a pure discount four-year bond sells for $733, what is the expected 12-month interest rate in three years time? Both have a face value of $1000....
-
The pH of microscopic vesicles (compartments) in living cells can be estimated by infusing an indicator (HIn) into the compartment and measuring the quotient [In-]/[HIn] from the spectrum of the...
-
Derive (1.3.4.5) from (1.2.2). n P(Bk.n) = = (x^)^ * = *. n! P k! (n-k)! P^ q (1.2.2)
-
Marilyn Miller opened a floral shop using \($5,000\) of her own cash savings and with \($15,000\) in cash borrowed from her parents. She signed a lease on a small store for one year, agreeing to pay...
-
Sharon Feldman, president of Allied Company, considers $20,000 to be a minimum cash balance for operating purposes. As can be seen from the following statements, only $15,000 in cash was available at...
-
Edelman Engineering is considering including two pieces of equipment, a truck and an overhead pulley system, in this year's capital budget. The projects are independent. The cash outlay for the truck...
-
A police officer spots a car illegally parked on a dark street, with license plate LCN5339.Query the database and list any crimes or other violations that are linked to this license plate.
-
Angie Baden is studying for her accounting midterm examination. Identify for Angie the advantages and disadvantages of the corporate form of business organization.
-
On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.
-
The cliff divers at Acapulco, Mexico, jump off a cliff 26.7 m above the ocean. Ignoring air resistance, how fast are the divers going when they hit the water?
-
Mr. Ribaya would like to save Php. 500, 000 for his son's college education. How much should he deposit in a savings account every 6 months for 12 years if interest is at 1% compounded semi -...
-
Design a logic circuit which receive two unsigned integers, X and Y as inputs (0 X,Y a input, opr. It an output, z as follows: Z= X+Y .if opr=0 X* Y ... if opr = 1 ... Implement your design using...
-
1.Simplify using the correct arithmetic order of operations. 52 - 16.5 + (19 - 11) 2 2. A 128-pound person is holding 5 identical bags of potatoes and, when he stands on a scale, it reads 191 pounds....
-
Find the amount of interest earned on $3700 invested at simple interest rate of 5% for 8 years. 5. There are 45 red balls and 15 white balls in a bag. If you reach into the bag and select one ball at...
-
(Please add more information to this product than what I have put in the our product section!) and list the websites you used :) Product: Absolute Dahlia Our Product: we are going to create for our...
-
Exercise 5 discusses a short-run equilibrium in the health care market. With entry and exit into and from the market, graph and discuss the long-run equilibrium. Exercise 5 Assume that in Figure...
-
A sprinkler head malfunctions at midfield in an NFL football field. The puddle of water forms a circular pattern around the sprinkler head with a radius in yards that grows as a function of time, in...
-
Convert the following instantaneous currents to phasors, using \(\cos (\omega t)\) as the reference. Give your answers in both rectangular and polar form. (a) \(i(t)=500 \sqrt{2} \cos (\omega t-30)\)...
-
Texas Company owns 25% of Plano Company. For the current year, Plano reports net income of $180,000 and declares and pays a $50,000 cash dividend. Record Texass equity in Planos net income and the...
-
Texas Company owns 25% of Plano Company. For the current year, Plano reports net income of $180,000 and declares and pays a $50,000 cash dividend. Record Texass equity in Planos net income and the...
-
The cost of the trading securities of Hardy Company at December 31, 2012, is $62,000. At December 31, 2012, the fair value of the securities is $59,000. Prepare the adjusting entry to record the...
-
D Question 34 The following are the assets and liabilities of a government security dealer - Assets: $ 150 million 30 day Treasury bills S 275 million 91 day Treasury bills S 90 million 180 day...
-
A project manager at COMSOFT corporation has collected statistics on the organization's software development process. She has the size of each project in number of lines of code for the past 20...
-
Calculate the purchase price of the $1,000 face value bond using the information given below. (Do not round the intermediate calculations. Round your final answer to 2 decimal places.) Issue date Dec...
Study smarter with the SolutionInn App