What are closing entries and why are they necessary? Discuss.
Question:
What are closing entries and why are they necessary? Discuss.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (16 reviews)
Cost Salvage Value Depreciable Cost 3000 0 3000 Depreciable Cost U...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
What are closing entries and why are they necessary?
-
What are adjusting entries and why are they necessary? What are accruals? Provide examples of accruals. Why do accruals require adjusting entries? What are deferrals? What are some examples of...
-
What are closing journal entries and why are they necessary? When do closing entries have to be prepared?
-
Kiki purchases a $16,000 bond from Green Corp. on January 1, 2021. The bond has a 10% annual interest rate. On December 1, 2021, Kiki gifts the bond to her son, Branson. How much income is reported...
-
Go to the Web site of the Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/) and find the most recent monthly values and values from the same month 5 years and 10 years earlier...
-
Ashley purchased a dining room set for $5000 and insured the furniture on an actual cash value basis. Three years later, the set was destroyed in a fire. At the time of loss, the property had...
-
The stockholders' equity LOS, 6,8 accounts of Cooper Corporation at January 1 follow: During the year, the following transactions occurred: Jan. 5 Issued 20,000 shares of common stock for \(\$ 15\)...
-
Hartford Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. Jun. 20 Purchased inventory of $5,400 on account from Surry Diamonds,...
-
Sam wants to know how effective p90x Is at weight loss relative to a control group. Consequently he goes to a local gym and measures the bmi of participants in several p9ox classes.
-
Suppose you have a theory that Education Level is related to Income Level (in $) by means of an intervening (mediator) variable (the number of hours per week spent online). You measure Education...
-
What are adjusting entries and why are they necessary?
-
Selanne Enterprises made the following entry on December 31, 2005. Dec. 31, 2005 Interest Expense ...................................... 10,000 Interest Payable...
-
Some makes of older cars have 6.00-V electrical systems. (a) What is the hot resistance of a 30.0-W headlight in such a car? (b) What current flows through it?
-
Please create summary using the requirement below https://www.ivey.uwo.ca/media/961760/Berdytch-Clothing-Ltd.pdf Specific to your case Analyze the business environment Successes and/or failures...
-
Calculating initial cash flow Vastine Medical, Inc., is considering replacing its existing computer system, which was purchased 2 years ago at a cost of $324,000. The system can be sold today for...
-
Assuming the average (estimated) rooftop can have 40 m 2 of solar panels and the population of Santa Barbara is approximately 92,000 people, justify whether or not it is possible for Santa Barbara to...
-
The Cobalt Company needs you to compute for the missing items using the following information: Using a 2-way variance method: the standard Factory overhead is P7,500, Controllable variance of P500...
-
I m not sure we should lay out $ 3 7 0 , 0 0 0 for that automated welding machine, said Jim Alder, president of the Superior Equipment Company. That s a lot of money, and it would cost us $ 9 8 , 0 0...
-
Describe the six-step IT strategic planning process.
-
Use the formula to determine the value of the indicated variable for the values given. Use a calculator when one is needed. When necessary, use the key on your calculator and round answers to the...
-
In general, what is the minimum number of exchangers required to design a heat exchanger network above the pinch that consists of n hot streams and m cold streams?
-
Izzy Inc. purchased a patent for $350,000 which has an estimated useful life of 10 years. Its pattern of use or consumption cannot be reliably determined. Prepare the entry to record the amortization...
-
Explain the difference between artistic-related intangible assets and contract-related intangible assets .
-
Under what circumstances is it appropriate to record goodwill in the accounts? How should goodwill , properly recorded on the books, be written off in order to conform with generally accepted...
-
A mortgage of $34,000 is repaid by making payments of $280 at the end of each month for 14 years. What is the nominal annual rate of interest compounded semi-annually? The nominal annual rate of...
-
A debt of $ 1 , 0 0 0 , 0 0 0 is being paid in quarterly payments over 2 years, with interest of 4 2 % per year compounded quarterly. Immediately after making the third quarterly payment, the debtor...
-
An investment will pay $353 two years from now, $901 four years from now, and $1,803 five years from now. You are going to reinvest these cash flows at a rate of 8.84 percent per year. What is the...
Study smarter with the SolutionInn App