Following Is a Random List of Some of the Accounts

question 101

Essay

Following is a random list of some of the accounts and their December 31, 2019, balances for Carmen & Company. Carmen & Company uses a periodic inventory system and all account balances are normal. $$\begin{array} { l r } \text { Purchases } & \$ 320,000 \\\text { Sales revenue } & 460,000 \\\text { Interest revenue } & 23,000 \\\text { Salary expense } & 45,000 \\\text { Freight in } & 17,000 \\\text { Purchase discounts } & 31,000 \\\text { Sales returns and allowances } & 35,000 \\\text { Interest expense } & 18,000 \\\text { Delivery expense } & 24,000 \\\text { Sales discounts } & 27,000 \\\text { Insurance expense } & 16,000 \\\text { Purchase returns and allowances } & 46,000 \\\text { B.J. Carmen, Capital } & 30,000 \\\text { Utilities expense } & 14,000 \\\text { Amortization expense-equipment } & 10,000 \\\text { B.J. Carmen, Withdrawals } & 15,000\end{array}$$ The beginning and ending amounts for inventory are $58,000 and $65,000, respectively.
Prepare the closing entries for Carmen & Company.

---

Definitions:

Compensating

Providing remuneration or benefits to employees in return for their work and contribution to the organization.

Global Arena

The international landscape for business or politics where interactions and competitions occur on a global scale.

International HRM

Concerns with managing human resources in multinational corporations, focusing on policies and practices that address the challenges of operating in multiple countries.

Multidomestic Strategy

A business approach that involves tailoring products and strategies to fit the specific needs and preferences of each country in which it operates.