Presented below are selected account balances for Tamarisk Co. as of December 31, 2020. Inventory 12/31/20 $60,770
Cost of Goods Sold $229,017
Common Stock 74,170
Selling Expenses 16,133
Retained Earnings 45,080
Administrative Expenses 37,525
Dividends 17,873
Income Tax Expense 30,300
Sales Returns and Allowanes
11,908
Sales Discounts 15,070
Sales Revenue 408,750
Prepare closing entries for Tamarisk Co. on December 31, 2020.

Uppose that the federal reserve purchases a bond for $100,000 from donald truck, who deposits the proceeds in the manufacturer’s national bank. what will be the impact of this purchase on the supply of money? the money supply will increase by $100,000. the money supply will increase by $80,000. the money supply will increase by $500,000. this action will have no effect on the money supply. if the reserve requirement ratio is 20 percent, what is the maximum amount of additional loans that the manufacturer’s bank will be able to extend as the result of truck’s deposit? the maximum additional loans is $100,000. the maximum additional loans is $80,000. the maximum additional loans is $20,000. the maximum additional loans is $500,000. given the 20 percent reserve requirement, what is the maximum increase in the quantity of checkable deposits that could result throughout the entire banking system because of the fed’s action? this action will have no effect on the money supply. the money supply will eventually increase by $80,000. the money supply will eventually increase by $500,000. the money supply will eventually increase by $100,000.