Exercise 4-14 (Algo) Preparing closing entries for a merchandiser LO P3 The following Record closing of credit balances in temporary accounts. list includes temporary accounts from the December 31 adjusted trial balance of Emiko Co. Use these normal account balances to journalize closing entries. Debit Credit Dividends $ 43,000 Sales $ 569,000 Sales returns and allowances 19,500 Sales discounts 6,000 Cost of goods sold 232,000 Sales salaries expense 58,000 Utilities expense 20,000 Selling expenses 41,000 Administrative expenses 115,000

In march 2012, the state of california started requiring that all packaging for food and drink with the additive 4-methylimidazole (4-mi) be clearly labeled with a cancer warning. because of this, both pepsi and coke changed their formula to eliminate 4-mi as an ingredient. if pepsi and coke did not change their formula, holding all else constant, what would have happened to the demand for these goods, assuming pepsi and coke were in a competitive market? a. the demand curve for both pepsi and coke would have shifted to the right, causing the price of both products to decrease and the profits for the companies to fall. b. the demand curve for pepsi and coke would have remained unchanged, but the price of both products would have decreased and the profits for the companies would have fallen. c. the demand curve for pepsi and coke would have decreased, but the prices and profits would not have changed. d. the demand curve for only one of them would change because pepsi and coke are substitutes. e. the demand curve for pepsi and coke would have shifted to the left, causing the price of both products to decrease and the profits for both companies to fall.