Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system).
Merchandise inventory $ 37,800
Sales returns and allowances $ 6,500
T. Nix, Capital 115,300
Cost of goods sold 105,000
T. Nix, Withdrawals 7,000
Depreciation expense 10,300
Sales 160,200
Salaries expense 32,500
Sales discounts 4,700
Miscellaneous expenses 5,000
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900.
Required:
1. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage.

Martha is the head of the accounts department in a small manufacturing company. the company follows the accrual-basis method of accounting. it recently purchased raw materials worth $5,000 from its vendors. however, the company paid only $3,000 to its vendors. it plans to pay the remaining amount after three months. considering this information, which entry should martha record in the company’s accounts? a. $5,000 as accounts receivable b. $3,000 as accounts payable c. $2,000 as accounts payable d. $2,000 as accounts receivable

Lindon company is the exclusive distributor for an automotive product that sells for $30.00 per unit and has a cm ratio of 30%. the company’s fixed expenses are $162,000 per year. the company plans to sell 20,200 units this year. required: 1. what are the variable expenses per unit? (round your "per unit" answer to 2 decimal places.) 2. what is the break-even point in unit sales and in dollar sales? 3. what amount of unit sales and dollar sales is required to attain a target profit of $72,000 per year? 4. assume that by using a more efficient shipper, the company is able to reduce its variable expenses by $3.00 per unit. what is the company’s new break-even point in unit sales and in dollar sales? what dollar sales is required to attain a target profit of $72,000?

Last week paul, ceo of quality furniture in south carolina, traveled to europe to visit customers. while overseas, paul checked his e-mail daily and showed his company's website to customers, explaining how the website will them place orders and receive merchandise more quickly. after visiting the last customer friday morning, paul was able to return to the corporate office in south carolina to meet with his board of directors that night. is the "shrinking" of time and space with air travel and electronic media.