Exercise 3-16
presented below are selected account balances for homer winslow co. as of december 31, 2014.
inventory 12/31/14 $60,180 cost of goods sold $225,870
common stock 75,870 selling expenses 17,400
retained earnings 48,850 administrative expenses 39,150
dividends 19,080 income tax expense 30,180
sales returns and allowances 13,650
sales discounts 15,290
sales revenue 411,940
prepare closing entries for homer winslow co. on december 31, 2014.

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Adamson company manufactures four lines of garden tools. as a result of an activity analysis, the accounting department has identified eight activity cost pools. each of the product lines is produced in large batches, with the whole plant devoted to one product at a time. classify each of the following activities or costs as either unit-level, batch-level, product-level, or facility-level. activities (a) machining parts. (b) product design. (c) plant maintenance. (d) machine setup. (e) assembling parts. (f) purchasing raw materials. (g) property taxes. (h) painting.

Given the following information, calculate the savings ratio: liabilities = $25,000 liquid assets = $5,000 monthly credit payments = $800 monthly savings = $760 net worth = $75,000 current liabilities = $2,000 take-home pay = $2,300 gross income = $3,500 monthly expenses = $2,050 multiple choice 2.40% 3.06% 34.78% 33.79% 21.71%