Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the dividends account to retained earnings.

During the closing process, Retained Earnings is closed to the Dividends account.

Arkonic, Inc. issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Arkonic received $206,948 in cash proceeds. Which of the following statements is true?

Becky White is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee’s pay. The amount of federal income tax withheld from her earnings was $1,325.17. What is the total amount of taxes withheld from the Becky’s earnings? (Round your intermediate calculations to two decimal places.)

Asset accounts normally have debit balances and revenue accounts normally have credit balances.

Planning is a part of each business activity (Operating, investing, and financing), and gives each activity meaning and focus.

All of the following statements accurately describe the debt ratio except.

Another name for equity is:

J Daniels, Inc. reports net sales of $4,315 million; cost of goods sold of $2,808 million; net income of $283 million; and average total assets of $2,136. Compute its total asset turnover.

A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful life of 8 years and a salvage value of $2,000. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year?