Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013. Sales revenue $ 492,000
Salaries expense 80,000
Interest revenue 6,000
Advertising expense 10,000
Gain on sale of investments 8,000
Cost of goods sold 284,000
Insurance expense 12,000
Interest expense 4,000
Income tax expense 30,000
Depreciation expense 20,000

Required:
Prepare the necessary closing entries at December 31, 2013
Record the closure of revenue accounts.
Record the closure of expense accounts.
Record the transfer of the net profit.

Answer and Explanation:

The journal entries are shown below:

Sales Revenue $492,000  

Interest Revenue $6,000  

Gains on Sale of Investment $8,000  

        To Profit or Loss $506.000

(being the closing of revenue accounts is recorded)  

Profit or Loss $440,000  

   To Salaries Expense      $80,000

   To Advertising Expense $10,000

   To Cost of Goods Sold  $284,000

   To Insurance Expense  $12,000

   To Interest Expense  $4,000

   To Income Tax Expense  $30,000

   To Depreciation Expense $20,000

(being the closing of expenses accounts is recorded)  

Net Income $66,000    ($506,000 - $440,000)

   To Profit or Loss $66,000

(being Recording of profit earned)

bd = 9 cm

step-by-step explanation:

in a 30°-60°-90° triangle, the ratio of side lengths is 1 : √3 : 2. that is, the longest side (hypotenuse) is twice the length of the shortest side.

all of the triangles in your geometry are 30°-60°-90° triangles. ac is the hypotenuse of δacd, and the short side of δabc.

the short side ad of δacd will be half the length of ac, so 3 cm. the hypotenuse ab of δabc will be twice the length of ac, so 12 cm. segment bd is the difference of the lengths ab and ad, so is

bd = ab -ad

bd = 12 cm - 3 cm = 9 cm

comment on side length ratios

you can figure the ratios of side lengths in a 30°-60°-90° triangle by considering the trig ratios of the angles. or you can figure the length of the altitude of an equilateral triangle of side length 2 using the pythagorean theorem.