a company overstated its ending inventory at the end of year 1. if the error was not detected, cost of goods sold would be for year 1. multiple choice understated overstated correctly stated

In her report on the bridge, Jill must make a recommendation to improve safety. In her recommendation, she must include a specific plan for what she thinks should be done to fix the problem.

The recommendations for improving safety on an aging bridge are listed below:

A general inspection of the bridge is recommended. If the bridge has significant structural issues, the government should replace it or restrict its use in the future. Because, in some situations, removing the entire bridge and reconstructing it from the ground up is a preferable and safer option than continuously repairing an aging bridge. This decision is made on a case-by-case basis.

To enhance safety, the use of strong and corrosion-resistant materials in the construction of bridge elements should be done. Any corroded or worn-out parts of the bridge must be replaced or fixed, and the new materials should be corrosion-resistant.

Installment of safety devices, such as guide rails, non-slip surfaces, guardrails, barriers, and lights on the bridge, can be used to enhance safety.

Create a schedule for conducting regular maintenance checks and bridge evaluations to identify and fix safety problems before they become hazardous to public safety.

Enforce traffic laws around the bridge to prevent drivers from speeding or overloading the bridge. And, last but not least, educate drivers about the hazards of unsafe bridge use, as well as how to use it safely.

In Jill's recommendation, she must provide a specific plan for how the bridge's safety issues can be addressed.

Learn more about inspection at https://brainly.com/question/13262567

#SPJ11

The total costs of production rising more rapidly as output increases is known as the law of diminishing returns. This is a common pattern in economics which states that, with the increase of a single factor of production (such as labour, land, or capital), the output will increase, but eventually the output will start to diminish, and the increase in costs will exceed the increase in output.

This is due to the fact that, when production increases, the cost of using limited resources increases too. For example, if a business increases the number of workers in a factory, each additional worker might contribute less to the production process due to the limited resources and space. As a result, the business would have to pay each additional worker more, while the production output increases at a slower rate.

The law of diminishing returns is particularly important to consider when planning production and economic growth. Businesses must make sure that the marginal cost of production doesn't outweigh the marginal benefit of production, or they risk running into a loss.

To know more about the law of diminishing returns refer here :

https://brainly.com/question/29285840

#SPJ11

The service provided by this kind of business is customized and difficult to create in large quantities.

Every company that creates tangible commodities is a part of the goods-producing industry. The majority of businesses in this industry are engaged in manufacturing, construction, and agriculture. The former is typically simpler for aspiring business owners to obtain since angel investors are frequently rich people who want to make smaller investments rather than investment firms.

Startup incubators can aid early-stage businesses in a number of ways, including by providing them with assistance in honing their concepts, developing business plans, working on goods to market fit, spotting potential intellectual property problems, and networking with other start-ups.

To know more about  business visit:-

https://brainly.com/question/28136992

#SPJ1

The days' sales in receivables for Lime, Inc. is approximately 148.44 days. The days' sales in receivables can be calculated by dividing the average net accounts receivable by the net sales on account and multiplying it by 365.

The formula for calculating days' sales in receivables is shown below: Days' sales in receivables = (Average net accounts receivable / Net sales on account) x 365

Given: Net sales on account = $1,600,000

Average net accounts receivable = $650,000

Calculation:

Days' sales in receivables = ($650,000 / $1,600,000) x 365

= 0.40625 x 365

= 148.4375 (rounded to two decimal places)

Therefore, the days' sales in receivables for Lime, Inc. is approximately 148.44 days.

For more about accounts receivable:

https://brainly.com/question/24261944

#SPJ11

Accounts receivable are valued and reported on the balance sheet at the cash realizable value.

The cash realizable value is the expected amount of cash that the company will receive from its accounts receivable after accounting for any uncollectible amounts, discounts, or allowances.

This means that accounts receivable are not reported on the balance sheet at their gross amounts or only if they are not past due. Instead, they are reported at the estimated amount of cash that the company expects to collect.

The cash realizable value is calculated by subtracting the estimated amount of uncollectible accounts, sales discounts, and sales allowances from the total accounts receivable balance. This provides a more accurate representation of the company's current financial position and the amount of cash that it can expect to receive in the future.

Therefore, option C - at cash realizable value - is the correct answer to this question.

To learn more about accounts receivable visit;

https://brainly.com/question/24261944

#SPJ4

The weighted average activity time for the given project task is 5.333 hours.

Weighted Average Activity Time = (Optimistic Time + 4 x Most Likely Time + Pessimistic Time) / 6

Substituting the given values, we get:

Weighted Average Activity Time = (4 + 4 x 5 + 8) / 6

Weighted Average Activity Time = (4 + 20 + 8) / 6

Weighted Average Activity Time = 32 / 6

Weighted Average Activity Time = 5.333 hours

Weighted average activity time (WAAT) is a term used in project management to calculate the average amount of time that a specific activity takes to complete based on its duration and the percentage of resources dedicated to it.

WAAT is calculated by multiplying the duration of an activity by the percentage of resources (such as people, equipment, etc.) devoted to that activity, then dividing the sum by the total percentage of resources devoted to all activities in the project.  

To know more about Weight average activity time-

https://brainly.com/question/22280115

#SPJ1

The Index of Leading Indicators is the government's chief forecasting gauge for business cycles.

The government's chief forecasting gauge for business cycles is the index of leading indicators.

Business cycles are described as the alternating rises and falls of economic activity that occur over a period of time. It is characterized by recurrent fluctuations in total business production, trade, and activity, which take place in an irregular and unpredictable manner.

This period is usually marked by booms and recessions.

Therefore, as per the given statement, the government's chief forecasting gauge for business cycles is the index of leading indicators.

The Index of Leading Indicators is compiled and published on a monthly basis by The Conference Board, a US-based non-profit research organization.

It is utilized to track the development of the economy in the near future, and its results can assist in forecasting future economic events.

Learn more about the Index of Leading Indicators here:

https://brainly.com/question/1357308

#SPJ11

Answer: The correct graph that shows how a decrease in wages affects the aggregate demand-aggregate supply model is the graph C, where the aggregate demand curve shifts to the right while the aggregate supply curve shifts to the left.

The Aggregate Demand - Aggregate Supply model (AD-AS model) is a macroeconomic model that explains price level and real output changes that occur in the economy. The model provides a framework for analyzing the impacts of economic policies and other macroeconomic factors that influence the economy in general. When there is a decrease in wages, the cost of labor decreases.

As a result, firms are willing to supply more goods and services at every price level. Therefore, the aggregate supply (AS) curve shifts to the right. Similarly, consumers would have more purchasing power and would therefore increase the demand for goods and services.

Therefore, the aggregate demand (AD) curve shifts to the right. The model shows how changes in macroeconomic variables like price level, real GDP, and aggregate expenditures impact the economy. The intersection of the aggregate demand (AD) and aggregate supply (AS) curves determines the equilibrium point in the model, which is also referred to as the macroeconomic equilibrium point.

To know more about (AD-AS model) refer here :

https://brainly.com/question/13846177#

#SPJ11

The price of a product should be $2 per unit to breakeven if the breakeven point is 5,000 units.

If a firm has fixed costs of $20,000,

variable cost per unit of $.50, and

a breakeven point of 5,000 units,

the price is $2.

The formula to calculate the breakeven point is:

Breakeven point (in units) = Fixed Costs / (Price per unit - Variable Cost per unit)

Given:

Firm's Fixed Cost = $20,000

Variable Cost per Unit = $0.50

Breakeven Point (in units) = 5,000

We have to calculate the price of a product.

To find the price per unit, we use the following formula:

Price per unit = Total cost / Total units sold

Total cost = Fixed cost + Variable cost

Total units sold = Breakeven point

Total cost = Fixed cost + Variable cost = 20,000 + (0.5 x 5,000) = $22,500

Total units sold = Breakeven point = 5,000

Price per unit = Total cost / Total units sold = 22,500 / 5,000 = $4.50

Therefore, the price of a product is $4.50 per unit.

Now, we can calculate the Profit per unit: Profit per unit = Selling price per unit - Cost per unit = $4.50 - $0.50 = $4.00

To calculate the breakeven point in dollars: Breakeven point (in dollars) = Breakeven point (in units) x Price per unit= 5,000 x $4.50 = $22,500

Now, let's calculate the breakeven point in units if the price of the product is $2

Price per unit = $2

Fixed Cost = $20,000

Variable Cost per unit = $0.50

Breakeven point (in units) = Fixed Costs / (Price per unit - Variable Cost per unit)

Breakeven point (in units) = $20,000 / ($2 - $0.5) = 12,500

To know more about Breakeven point here

https://brainly.com/question/15406644

#SPJ11

The characteristic of listed options that does not belong is (c) limited liquidity.

"Listed options" are financial contracts traded on organized exchanges, where the terms and conditions of the contracts are standardized, including standardized expiration dates (a), fixed strike prices (b), and exchange trading (d).

These characteristics allow for ease of trading, transparency, and price discovery. While liquidity can vary depending on market conditions and the specific option, listed options generally offer a high degree of liquidity due to the active participation of market makers and other traders. Therefore, the correct answer is (c) limited liquidity, as listed options typically have high liquidity.

Learn more about liquidity https://brainly.com/question/13873343

#SPJ11

The Civil Rights Act of 1964 prohibits businesses from making discriminatory hiring decisions based on inherent characteristics such as:  race, color, religion, sex, or national origin.

Discrimination based on these factors is considered discriminatory, and the Act prohibits it. Discrimination can take many forms, including not hiring someone because of their race, denying someone a promotion because of their sex, or firing someone because of their religion.

The Civil Rights Act of 1964 prohibits all forms of discrimination in the workplace. The Civil Rights Act of 1964 is a landmark law in the United States that was enacted to prohibit discriminatory practices against people based on their race, color, religion, or national origin.

It was also intended to protect the rights of all Americans to participate in the political process, and it provided for the establishment of the Equal Employment Opportunity Commission (EEOC) to enforce the Act. Discrimination based on any inherent characteristic such as race, color, religion, sex, or national origin is prohibited by this act.

To know more about Civil Rights Act, refer here:

https://brainly.com/question/30917757#

#SPJ11

For filing status purposes, the taxpayer's marital status is determined on the last day of the tax year.

The filing status is a category that describes the taxpayer's martial status for federal tax purposes. Your filing status can influence your tax bracket, the taxes you owe, and the credits and deductions you may be eligible for. In the US, the Internal Revenue Service (IRS) has five tax filing status options: Single, Married filing jointly, Married filing separately, Head of household, Qualifying widow(er) with dependent child.

The determination of the filing status is primarily based on the taxpayer's marital status. It means if you are married on the last day of the tax year (December 31), you will generally be considered married for the entire year for tax purposes. The same goes for the other tax filing status as well.The last day of the tax year is December 31st. The filing status of the taxpayer's marital status is determined on the last day of the tax year.

To know more about tax click on below link :

https://brainly.com/question/30407642#

#SPJ11

Wages and prices are flexible in the short run but not the long run (A), describes why the short-run aggregate supply (SRAS) curve is upward sloping but the long-run aggregate supply (LRAS) curve is vertical

The short-run aggregate supply (SRAS) curve is upward sloping, while the long-run aggregate supply (LRAS) curve is vertical. The differences between the two supply curves are as follows:In the short run, wages and prices are not completely flexible, whereas in the long run, wages and prices are completely flexible.

In the short run, a company can only increase or decrease its output by increasing or decreasing the use of variable factors such as labor and raw materials since firms cannot change fixed costs in the short run, but in the long run, companies can adjust all of their inputs in order to achieve optimal efficiency levels.

The long-run aggregate supply curve is affected by changes in technology, and there is no relationship between inflation and unemployment in the long run, while there is a relationship between the two in the short run. The LRAS is determined by factors such as natural resources, labor, technology, and capital, while the SRAS is determined by the costs of production, which are influenced by the price level. Therefore, the correct answers is A.

Learn more about SRAS: brainly.com/question/26875448

#SPJ11

The increase in new home construction of $10 billion would lead to a $100 billion increase in real GDP in Johnsrudia.

To determine the change in real GDP, we need to use the concept of the multiplier effect, which measures the total increase in real GDP resulting from an initial autonomous increase in spending.

The multiplier effect is calculated as 1/(1-MPC), where MPC is the marginal propensity to consume. In this case, the MPC is 0.9, so the multiplier is:

1/(1-0.9) = 1/(0.1) = 10

This means that for every $1 increase in autonomous spending, real GDP will increase by $10.

Given that there is an autonomous increase in new home construction of $10 billion, the resulting change in real GDP will be:

Change in Real GDP = Multiplier x Autonomous Increase in Spending

Change in Real GDP = 10 x $10 billion

Change in Real GDP = $100 billion

Learn more about GDP : https://brainly.com/question/1383956

#SPJ11

The answer to your question is:

The cost of the item is $31.60.

To calculate the cost of the item, you need to first subtract 45% from the selling price.

$46.40 - 45% = $25.62

Then, subtract the answer from the original selling price.

$46.40 - $25.62 = $20.78

Finally, round the answer up to the nearest whole number.

$20.78 rounded to the nearest whole number is $21.

Therefore, the cost of the item is $31.60.

To know more about Gross Profit, click on the link below:

https://brainly.com/question/16999019#

#SPJ11

The concept you are referring to is known as Total Cost of Ownership (TCO). TCO takes into account the direct costs, such as purchase price, but also the indirect costs associated with owning a purchase, such as maintenance, insurance, depreciation, and taxes.

The concept that refers to when firms consider all the costs that can be assigned to the acquisition, use, and maintenance of a purchase is the total cost of ownership (TCO).Total Cost of Ownership (TCO) is a financial estimate that assesses the direct and indirect costs of owning and utilizing an asset over its useful life

. It considers a broad range of costs, including not only the purchase price but also the expenses associated with operating, maintaining, upgrading, and disposing of an asset. Firms can utilize TCO to determine the actual cost of ownership of a product or asset throughout its lifecycle, from acquisition through disposal.

For more such questions on costs

https://brainly.com/question/29509552

#SPJ11

Legislation requiring the reclamation of the land makes mining more expensive.

The importance of this constraint in achieving complete reclamation of mined land can be discussed as follows:

When a mine is operating, the environment is affected by the noise pollution, dust pollution, and degradation of water and air quality. It also has an impact on the environment. Mining can cause environmental degradation and disruption of ecosystems. When the mine closes, the area is abandoned and the land remains barren. Mining activities may result in the loss of biodiversity, soil erosion, and habitat destruction for wildlife.

The mining industry is now required by law to conduct reclamation activities. This legislation requiring the reclamation of the land makes mining more expensive. The cost of reclaiming land can range from a few thousand dollars per hectare to tens of thousands of dollars per hectare, depending on the level of damage done to the land. It's critical to have regulations in place to ensure that mining operations restore the land to its former state. The environmental and social benefits of land reclamation cannot be overstated.

Complete reclamation is crucial in ensuring that a mined area is returned to its former state. Without reclamation, mining can have significant environmental and social impacts. In summary, the legislation requiring the reclamation of the land makes mining more expensive, but it is critical in achieving complete reclamation of mined land.

To know more about Legislation refer here :

https://brainly.com/question/29804648#

#SPJ11

The budgeted maintenance expense for a company is given when it is given the number of units produced and the number of batches required. The budgeted maintenance expense for this month is $11,500. Option d is correct.

For example, a pinnacle corporation is a manufacturing company operating numerous machines, which require regular maintenance to keep them operational. The fixed portion of maintenance expense is $3,000 per month. Maintenance costs are also incurred at the rate of $5 per batch and $0.50 per unit produced. The company produced 23,000 units in 800 batches during a particular month. Therefore, the budgeted maintenance expense for this month is $11,500.

A budgeted maintenance expense refers to the estimated cost of repairing, overhauling, and maintaining a piece of equipment or facility in its normal state. It's usually assessed annually based on a company's expected costs for equipment upkeep or repair. It's the amount of money that a corporation has planned to allocate for the repair and maintenance of its equipment. Option d is correct.

Learn more about Maintenance: https://brainly.com/question/19054143

#SPJ11

When Nigeria's economy suffered due to a drastic fall in oil prices, the government encouraged people to buy more local products by imposing tariffs on imported goods.

What are tariffs? Tariffs are taxes on goods imported into a country. They are a method of government regulation that aims to restrict trade by making imported products more expensive than domestic goods. This increases the cost of imported products, making domestic goods more competitive and encouraging consumers to buy local products. Tariffs are levied on imported goods to protect the domestic industry from unfair competition.

The Nigerian government imposed tariffs on imported goods to encourage people to buy more locally-made products. When oil prices plummeted, the country's economy suffered because oil accounts for more than 90% of Nigeria's export earnings. The Nigerian government, therefore, needed to boost other sectors of the economy to make up for the shortfall in revenue caused by the fall in oil prices.

One of the strategies adopted by the government was to increase tariffs on imported goods to make locally-made goods more competitive. As a result, local manufacturers saw an increase in demand for their products. This helped to boost local production and create more jobs in the manufacturing sector.

To learn more about “Nigeria's economy” refer to the : https://brainly.com/question/11802439

#SPJ11

The correct answer is A: Any type of capital equipment. Technology is defined as the application of scientific knowledge for practical purposes, especially in industry. In other words, it is the application of knowledge to create products and services.

Technology can best be thought of as any type of capital equipment, such as computers, machinery, and tools that are used to perform a specific task. This equipment helps businesses and organizations to increase efficiency, accuracy, and production. This equipment can include anything from machinery used in manufacturing processes to computers used to automate data analysis and customer service.

Technology is an essential part of modern life and business. It helps to streamline processes and make operations more efficient, thus saving time and money. Technology is also used to develop new products and services that can help people in their everyday lives. For example, technology has made it easier to access information, store data, and communicate with others, making it easier for businesses to operate and succeed.

In conclusion, technology can best be thought of as any type of capital equipment that is used to make processes more efficient, help businesses succeed, and improve the quality of life of consumers.

To know more about type of capital equipment refer here :

https://brainly.com/question/31052970

#SPJ11

Administrating publishers use the term "net publisher's share" (NPS) to describe the amount retained after royalties are paid.

Net publisher's share (NPS) is a phrase used in the publishing business to represent the amount of money that the publisher keeps after paying royalties to the author or other parties involved. The publisher normally pays royalties to the author or owner of the work for each copy sold of a book, music, or other creative work when it is published. The money left over after these payments—known as the net publisher's share—is used to pay the publisher's costs and turn a profit. This sum may differ based on the parameters of the publishing agreement, such as the proportion of royalties given to the author or other parties, and the publisher's level of production and distribution costs.

learn more about Administrating publishers here:

https://brainly.com/question/29035391

#SPJ4

The change in revenue for the monopoly if it lowers DVD prices from $16 to $14, assuming quantity remains the same, is -$400.

The price elasticity of demand for a monopolist is always negative, so lowering the price from $16 to $14 will result in an increase in the quantity demanded. However, since the monopolist is already producing at the profit-maximizing quantity, the increase in quantity demanded will not change.

Therefore, the change in revenue will be equal to the change in price, which is -$2 per DVD, multiplied by the quantity produced, which is 200 DVDs, resulting in a total revenue decrease of -$400.

This question should be provided as:

Learn more about price elasticity of demand https://brainly.com/question/5078326

#SPJ11

Quantity demanded can be affected by changes in income, price of related products, marketing efforts, and market conditions. See more description below.

Change in quantity demanded refers to the change in the quantity of a product that consumers are willing and able to purchase at a particular price point, resulting from various factors.

a. The income effect describes the change in quantity demanded of a product as a result of changes in a consumer's income. If income increases, consumers may purchase more of the product, while a decrease in income may lead to a decrease in demand.

b. The substitution effect describes the change in quantity demanded of a product as a result of changes in the price of a related product. If the price of a substitute product increases, consumers may switch to purchasing the original product, leading to an increase in demand.

c. The advertising effect describes the change in quantity demanded of a product as a result of marketing and advertising efforts. If effective advertising increases consumer awareness and interest in a product, demand may increase.

d. The equilibrium effect describes the change in quantity demanded and supplied of a product as a result of changes in market conditions, such as changes in price, consumer preferences, or technology, which can lead to a new equilibrium point where supply and demand are in balance.

Learn more about change in quantity demanded on:

https://brainly.com/question/30491399

#SPJ1

The best type of business for Rachel and Tom who worked together for years is a modified sole proprietorship. The correct option is A.

A sole proprietorship is a type of business structure where the business is owned and operated by a single individual. In this structure, there is no legal distinction between the owner and the business entity. This means that the owner is personally responsible for all aspects of the business, including its debts and liabilities.

In a sole proprietorship, the owner has complete control over all business decisions and operations. They also have the ability to keep all profits generated by the business. However, they are also responsible for any losses and debts incurred by the business.

Rachel and Tom have decided to strike out on their own with a really great business idea, but don't have the money to start their own business and will need investors or shareholders. In this situation, the best type of business for them to start would be a modified sole proprietorship.

This type of business allows Rachel and Tom to manage and own their business while still allowing investors or shareholders to receive a portion of the profits. It also minimizes their personal risk and provides flexibility in the way their business is structured.

Therefore, the correct option is A.

Learn more about the Business here:

https://brainly.com/question/15826771

#SPJ11

The strategy level that asks what business the firm should be in is the Corporate level.

What is business strategy?

A business strategy is a long-term plan of action that is intended to achieve a particular goal or set of goals for a company or organization. It is an official document that outlines how an organization will achieve its objectives, develop its resources, meet its customers' needs, and compete in its market.

It assists in determining the direction in which an organization will develop over time, with a focus on both the organization's current and future activities. The corporate strategy of an organization outlines the direction and scope of the company's activities and how they will fit into the larger picture.

The corporate strategy level determines the types of businesses in which the corporation will operate, as well as the overall scope of the corporation's activities. The strategy level that asks what business the firm should be in is the corporate level.

To know more Corporate level, refer here:

https://brainly.com/question/28249086#

#SPJ11

KCC fell victim to the winner's curse. The winner's curse refers to a situation in which a party wins an auction or bidding process but pays more than the true value of the item being sold.

In the case of KCC, they won the bid to supply widgets to Pacer Corporation but underbid the project, meaning they set a price that was too low and ended up losing money. The winner's curse is a common phenomenon in competitive bidding situations and can result in the winner suffering financial losses.

KCC fell victim to competitive bidding, which is when multiple companies bid for a contract or project, and the winner is typically the one with the lowest bid. In an effort to win the contract, companies may underbid and end up losing money on the project. This is a risk that companies take when participating in competitive bidding, and it highlights the importance of accurate cost estimation and pricing strategies.

To know more about underbid here

https://brainly.com/question/1558020

#SPJ4

The first two service industries targeted by the WTO as part of its effort to include regulations governing foreign direct investment were financial services and global telecommunications.

The World Trade Organization (WTO) is a multinational organization that oversees international trade between countries and sets trade rules. It was established in 1995.

The Agreement on Trade-Related Investment Measures (TRIMs) is one of the most important agreements made by the World Trade Organization (WTO). This agreement governs the treatment of foreign direct investment (FDI) by host countries. The agreement aims to eliminate investment-related trade barriers and restrictions by reducing the amount of regulation imposed on investors by host countries. It also seeks to promote transparency and consistency in investment policies among member countries.

Learn more about the World Trade Organization at https://brainly.com/question/29617854

#SPJ11

Along the same aggregate production function, the level of D. technology is the same.

The aggregate production function is a representation of the relationship between the inputs of production (labor, capital, and technology) and the output of goods and services in an economy. When you are on the same aggregate production function, it means that you are analyzing different combinations of labor and capital that can produce the same level of output, holding the technology constant.

Technology, in this context, refers to the level of knowledge, skills, and techniques used in production. It can also include innovation and advancements in machinery or processes. By keeping the level of technology constant, we can observe the effect of varying labor and capital inputs on the production of goods and services. This allows us to analyze the relative contribution of each input to economic growth.

In summary, along the same aggregate production function, the level of technology is kept constant, allowing us to examine the effects of varying labor and capital inputs on the production of goods and services in an economy. Therefore the correct option is D

Know more about aggregate production function here:

https://brainly.com/question/28963199

#SPJ11  

The legal duty imposed on a driver operating her vehicle on a Michigan highway with a speed limit of 70 mph is to operate her vehicle in a manner consistent with how a reasonable, responsible driver would under the same or similar conditions. The correct option is B.

Learn more about traffic laws: https://brainly.com/question/9380087

#SPJ11

The entry to close the withdrawals account at the end of the year when the proprietor of Canopy Services, K. Canopy, withdrew $5,500 from the business is as follows:

Debit: Owner's Withdrawals of $5,500

Credit: K. Canopy, Capital $5,500

When a proprietor withdraws money from the business, it is accounted for as owner's withdrawals, which is an equity account. At the end of the year, this account needs to be closed by transferring the balance to the proprietor's capital account. In this case, K. Canopy, the proprietor of Canopy Services, withdrew $5,500 from the business during the current year, so the entry to close the withdrawals account at the end of the year is to debit the Owner's Withdrawals account and credit the K. Canopy, Capital account with the same amount of $5,500.

learn more about such Equations here:

https://brainly.com/question/11231542

#SPJ11