In the closing entries to close the drawing account, what entry would be made?

Assume that the MUST Co. pays a weekly payroll, and the company pays 1 1/2 times the regular rate for overtime.  What would be the gross earnings for an employee whose regular earnings are $20 per hour, and this employee worked 40 hours this pay period?

On September 30, 2005, Dart Co.’s bank statement showed a balance of $8,510, and the checkbook showed a balance of $7,540.  When preparing the bank reconciliation it was determined that a debit memorandum for $25 for service charges was included with the bank statement but had not been recorded in Dart Co.’s books.  Which of the following statement correctly details what should be done with this $25 service charge when preparing the reconciliation?

What is the book value of a piece of equipment that cost $60,000 and has accumulated depreciation of $20,000?

On September 30, 2005, Dart Co.’s bank statement showed a balance of $8,510, and the checkbook showed a balance of $7,540.  When preparing the bank reconciliation it was determined that $1,125 of outstanding checks had not been included in the September 30 bank statement.  Which of the following statement correctly details what should be done with these outstanding checks when preparing the reconciliation?

When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Adjusted Trial Balance contains the following accounts and balances: Sales Salaries Expense, $90,000; Depreciation Expense-Store Equipment, $8,500; Miscellaneous Selling Expense $1,500; Office Salaries Expense, $40,000; Depreciation Expense-Office Equipment, $19,000; Miscellaneous Administrative expense, $1,000. What is the Total Operating Expenses amount on the Multiple-Step Income Statement?

In the closing entries to close the drawing account, what entry would be made?

When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Adjusted Trial Balance contains the following accounts and balances:  Sales Salaries Expense, $90,000; Depreciation Expense-Store Equipment, $8,500; Miscellaneous Selling Expense $1,500; Office Salaries Expense, $40,000; Depreciation Expense-Office Equipment, $19,000; Miscellaneous Administrative expense, $1,000.  What is the Total Selling Expenses amount on the Multiple-Step Income Statement? Operating expenses:          Selling expenses:                 ________              Total selling expense   ?

Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 5, the company received cash for job completed $10,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account for the $10,000 amount.  Date Description P.Ref. Debit Credit July 5 (1)   $10,000          (2)     $10,000

When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Adjusted Trial Balance contains the following accounts and balances: Sales Salaries Expense, $90,000; Depreciation Expense-Store Equipment, $8,500; Miscellaneous Selling Expense $1,500; Office Salaries Expense, $40,000; Depreciation Expense-Office Equipment, $19,000; Miscellaneous Administrative expense, $1,000. What is the Total Operating Expenses amount on the Multiple-Step Income Statement?