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What are the four closing journal entries?
The four closing journal entries are: 1. Close revenue accounts to Income summary 2. Close the expenses accounts to Income summary 3. Close income summary to retained earnings 4. Close dividends and retained earnings. [ ]
Expert answered|andrewpallarca|Points 19261|
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Asked 2/8/2013 1:16:11 PM
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What are the four closing journal entries, why are these necessary? ?
Weegy: The four closing journal entries are: 1. Close revenue accounts to Income summary 2. Close the expenses accounts to Income summary 3. Close income summary to retained earnings 4. Close dividends and retained earnings. [ They are necessary because closing entries made in the accounting cycle bring the income statement accounts to zero so that the new reporting period will start with zero balances. ] (More)
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Asked 2/8/2013 1:19:02 PM
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How would you calculate cost of goods sold?
Weegy: Instructions 1 Calculate the business' beginning inventory. Determine the inventory amount at the beginning of the month. This amount is also the ending balance for the previous month. For example, the beginning balance of $500 for Feb. [ 1 is usually the same $500 ending balance for Jan. 31. 2 Total the amount of inventory purchased throughout the month. If your business bought $100, $200, $350 and $250 in consecutive weeks, the total inventory purchased for the month would be $900. 3 Add the beginning inventory to the amount of inventory purchased in the month. Using the $500 from Step 1 and the $900 from Step 2, the sum would be $1,400. 4 Determine the ending inventory balance for the month. The ending inventory is the value of the inventory left at the end of the month after all sales have been recorded. If you end the month with $350 in inventory, this would be your ending inventory balance. 5 Subtract the ending inventory from the sum of the beginning inventory and inventory purchased during the month. In the example, subtract the $350 ending inventory balance from the $1,400. The balance, Read more: How to Calculate the Cost of Goods | eHow.com ] (More)
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Asked 2/12/2013 3:22:12 PM
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What items make up cost of goods sold and How would you calculate cost of goods sold?
Weegy: To calculate cost of goods sold you would add up how much the goods you bought to sell, the cost to ship them to and from your business, the cost of employees working with them basically all of the costs that you incurred to sell a certain item. [ ] (More)
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Asked 2/13/2013 10:55:13 AM
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What items make up cost of goods sold?
Weegy: Cost of goods sold refers to the cost of products manufactured and sold or purchased and re-sold by the company. [ Cost of goods sold includes the direct cost of producing the product or the wholesale price of goods resold and the direct labor costs to produce the product. Specifically, it can include: Cost of raw materials, Cost of items purchased for resale, cost of parts used to construct a product. Source: ] (More)
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Asked 2/12/2013 3:21:16 PM
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How would you calculate cost of goods sold?
Weegy: COGS includes the direct costs attributable to the production of the goods sold by a company. This amount includes the materials cost used in creating the goods along with the direct labor costs used to produce the good. [ It excludes indirect expenses such as distribution costs and sales force costs. COGS appears on the income statement and can be deducted from revenue to calculate a company's gross margin. Basically, take everything it costs to make the product(say $50) and subtract it from what you sold the item for ($100), COGS = $50. Now you need to subtract the costs of the sales, distribution, insurance, vehicles, rent, packaging, etc. and then you can tell if you are making a living (different from making a profit). ] (More)
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Asked 2/12/2013 3:10:56 PM
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