Income tax expense $139,200
Sales $1,348,000
Selling Expense $383,100
Interest Expense $5,800
General and Administrative Expense $369,990
Earnings per share $2.97
Stockholders equity $549,000


Determine the profit margin?

Industrial activities operates 5 days per week with a daily payroll of $4000. Employees are paid every Saturday for the workweek just completed (Monday through Friday) The last day of the month is Wednesday, March 31. What is the amount of wages expense recorded on the next payday, Saturday April 3?

Which if the following entries closes a temporary account?

A. $200 Debit, Dividends; $ 200 Credit, Retained earnings

B. $400 Debit, Income Summary; $400 credit, Rent expense

C. $1600 Debit, Accumulated Depreciation; $1600 debit, Income Summary

D. $20,000 debit, Income Summary; $20,000 credit, Service Revenue

B. Because an expense account is a temporary account with a normal Debit Balance, so to close an expense account you Credit the account for the amount and Debit Income Summary Account for the amount.

Your wage Expense will be for 3 days, Mon, Tue, and Wed, for the end of the month.

The journal entry will be
Debit wage Expense for the amount for 3 days wages
Credit Wages Payable for the amount

When wages are paid the journal entry will be:
Debit Wages Payable for the 3 days of wages owed
Debit Wage Expense for 2 days of wages
Credit Cash for 5 days of wages

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Income tax Expense 139,200
Sales 1,348,000
Selling Expense 383,100
Interest Expense 5,800
General and Administrative Expense 369,990
Earnings Per share $2.97
Stockholders Equity 549,000

What is the profit margin?

A 29.7 %

B 33.4 %

C 43.7 %

D 61.8 %

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