The adjusted trial balance for china tea company at december 31, 2021 is presented below: accounts debit credit cash $ 16,000 accounts receivable 152,000 prepaid rent 10,000 supplies 32,000 equipment 330,000 accumulated depreciation $ 128,000 accounts payable 12,000 salaries payable 3,300 interest payable 1,600 notes payable - due in two years 21,000 common stock 200,000 retained earnings 102,600 dividends 28,000 service revenue 450,000 salaries expense 182,000 advertising expense 75,000 rent expense 16,000 depreciation expense 40,000 interest expense 2,500 utilities expense 35,000 totals $ 918,500 $ 918,500 prepare the closing entries for china tea company for the year ended december 31, 2021. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Select the correct answers. mila is at a flea market. she has $50 in her wallet. she decides that she will spend $15 on jewelry, $20 on a pair of jeans, $5 on a t-shirt, and $10 on something to eat. she likes a one-of-a-kind t-shirt, but the seller is not ready to sell it for less than $8. she thinks of five ways to deal with this situation. which two choices indicate a trade-off?

Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na