Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

19 Para Westmont the proprietor of Titoe Shoes, had annual revenues of $188,000, expenses or $105,200, and withdrew $19,200 from the business during the current

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
19 Para Westmont the proprietor of Titoe Shoes, had annual revenues of $188,000, expenses or $105,200, and withdrew $19,200 from the business during the current year The owner's capital account before closing had a balance of $300,000. The Net Income for the year is: NO Muito o 8 EO 00:56:06 Multiple Choice O $188,000 O $82,800 O $63,600 O $382,800 O $363,600 For the year ended December 31 a company had services revenue of $205,000 and wages expense of $123,000. The owner withdrew $41,000 20 during the year which of the following entries could not be a closing entry? Muito Choice 00:55:59 Multiple Choice O Debit Services Revenue $205,000; credit Income Summary $205,000. O Debit Income Summary $82,000; credit Owner's, Capital $82,000. O Debit Income Summary $123,000, credit Wages Expense $123,000. Debit Income Summary $205,000; credit Services Revenue $205,000. Debit Owner'e

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 23 - Internal Control

Authors: Kate Mooney

1st Edition

0071719458, 9780071719452

More Books

Students also viewed these Accounting questions

Question

Identify ways to increase your selfesteem.

Answered: 1 week ago