Please answer the whole thing M Question 4 - HOMEWORK CHAPTER 3 - ConnectC Rent/Buy Books on Chegg -Save UpK CHAPTER 3 iSavedUse the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).Retained EarningsDateMay 31DividendsGeneral LedgerAccount Number 318 Salaries ExpenseBalance93,000Account Number 622Balance46,500Account Number 637Balance4,680Account Number 640Balance9,960Account Number 901BalancePRG2DebitCreditDateMay 31PRG2DebitCreditAccount Number 319 Insurance ExpenseCreditDateMay 31Services RevenueDateMay 31Depreciation ExpensePRDebitBalance59,000Account Number 403 Rent ExpenseBalance163,866Account Number 603 Income SummaryDateMay 31PRDebitCreditG2G2PRG2DebitDateMay 31CreditPRDebitCreditG2DateMay 31PRDebitCreditBalanceDatePRDebitCreditG218,000(a) Prepare closing journal entries from the above ledger accounts.(b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) asthe date.esComplete this questions by entering your answers in the tabs below.Required ARequired BPrepare closing journal entries from the above ledger accounts.View transaction listJournal entry worksheetAC DB< Prev4 of 8Next >MacBook Air%23&**234568ERYSKCVLL RK CHAPTER 3 GSavedRequired ARequired BPrepare closing journal entries from the above ledger accounts.View transaction listJournal entry worksheetABD<>Record the entry to close expense accounts.ntNote: Enter debits before credits.encesTransactionGeneral JournalDebitCreditRecord entryClear entryView general journalKRequired ARequired Baw< Prev4 of 8Next >MacBook Air888F2F3F4F6F7#$&23478.WYFG

e May 31 fiscal year-end information from the following ledger accounts (assume that all accour General Ledger ained Earnings Date Account Number 318 Salaries Expense Credit PR G2 Debit Balance 93,000 Date PR G2 Account Number 319 Insurance Expense Del May 31 idends Date May 31 vices Revenue Date May 21 May 31 PR G2 Debit Credit Balance 59,000 Account Number 403 Rent Expense Balance Date PR G2 Deb May 31 PR Debit Credit Date PR Deb

e May 31 fiscal year-end information from the following ledger accounts (assume that all accour General Ledger ained Earnings Date Account Number 318 Salaries Expense Credit PR G2 Debit Balance 93,000 Date PR G2 Account Number 319 Insurance Expense Del May 31 idends Date May 31 vices Revenue Date May 21 May 31 PR G2 Debit Credit Balance 59,000 Account Number 403 Rent Expense Balance Date PR G2 Deb May 31 PR Debit Credit Date PR Deb

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Gibson Corporation’s balance sheet indicates that the company has $580,000 invested in operating assets. During the year, Gibson earned operating income of $67,280 on $1,160,000 of sales. Required Compute Gibson’s profit margin for the year. Compute Gibson’s turnover for the year. Compute Gibson’s return on investment for the year. Recompute Gibson’s ROI under each of the following independent assumptions:(1) Sales increase from $1,160,000 to $1,392,000, thereby resulting in an increase in operating income from $67,280 to $76,560.(2) Sales remain constant, but Gibson reduces expenses, resulting in an increase in operating income from $67,280 to $69,600.(3) Gibson is able to reduce its invested capital from $580,000 to $464,000 without affecting operating income.
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