For the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The company paid $56,000 in dividends during the year. The balance in the Retained earnings account before closing is $96,000. Which of the following entries would be used to close the dividends account? A. Debit Income Summary $56,000 credit Retained earnings $56,000.
B. Debit Retained earnings $56.000; credit Dividends $56,000.
C. Debit Retained earnings 596,000: credit.

Standardization is associated with which of the following management orientations? a) ethnocentric orientation b) polycentric orientation c) regiocentric orientation d) geocentric orientation

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.

Owns a machine that can produce two specialized products. production time for product tlx is two units per hour and for product mtv is four units per hour. the machine’s capacity is 2,100 hours per year. both products are sold to a single customer who has agreed to buy all of the company’s output up to a maximum of 3,570 units of product tlx and 1,610 units of product mtv. selling prices and variable costs per unit to produce the products follow. product tlx product mtv selling price per unit $ 11.50 $ 6.90 variable costs per unit 3.45 4.14 determine the company's most profitable sales mix and the contribution margin that results from that sales mix.