Marcus Enterprises began in 2011 when Damien Marcus invested $8,000 in exchange for capital stock. The following is the work sheet for the company at the end of the first year in business.
Marcus Enterprises
Work Sheet
For the Year Ended December 31, 2011
Prepare the required closing entries for Marcus Enterprises for the year ended December 31, 2011.
Definitions:
Pretax Net Income
The amount of income earned by a business before taxes have been deducted.
Absorption Costing
A method of product costing that includes all manufacturing costs, both variable and fixed, in the cost of a unit of a product.
Pre-Tax Net Income
The income that a company earns before any taxes are deducted, reflecting the earnings from its core business operations.
Variable Costs
Expenses that change in proportion to the activity or volume of a business operation.
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