The journal entry to close revenues would be:
a. debit Income Summary, 155,000; credit Fees Earned, 155,000
b. debit C. Finley, Capital, 155,000; credit Fees Earned, 155,000
c. debit Fees Earned, 155,000; credit Income Summary, 155,000
d. credit Fees Earned, 155,000; credit C. Finley, Capital, 155,000
Question 2
How many units of Prime watches must be produced in 2016?
Meridian Industries manufactures and sells two models of watches, Prime and Luxuria. It expects to sell 3,000 units of Prime and 1,000 units of Luxuria in 2016.The following estimates are given for 2016:
Prime Luxuria
Selling price 200 500
Direct materials 20 50
Direct labor 40 150
Manufacturing overhead 40 100
Meridian had an inventory of 200 units of Prime and 75 units of Luxuria at the end of 2015. It has decided that as a measure to counter stock outages it will maintain ending inventory of 350 units of Prime and 200 units of Luxuria.
Each Luxuria watch requires one unit of Crimpson and has to be imported at a cost of 10. There were 100 units of Crimpson in stock at the end of 2015.The management does not want to have any stock of Crimpson at the end of 2016.
A) 3,350 units
B) 3,150 units
C) 3,000 units
D) 2,800 units
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