1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
katrin [286]
2 years ago
15

After the first two entries in the closing process have been recorded and posted, the debits and credits to Income Summary are $

90,000 and $80,000, respectively. What is the amount of net income or net loss for the period
Business
1 answer:
Dafna1 [17]2 years ago
6 0

The answer is $10,000 net loss.

Given,

The debits and credits to Income Summary are $90,000 and $80,000, respectively.

An income summary is also known as an Income statement.

The debit side of this statement contains the expense for the period.

And the credit side of this statement contains the income for the period.

Therefore, according to the given information expenses are $90,000 and income is $80,000.

Since expenses incurred are greater than the income generated. There is a net loss for the current period.

The amount of the net loss will be calculated as follows:

Net loss = Amount of expenses - Amount of income

              = 90000 - 80000

              = $10,000

Hence, the amount of net loss for the period is $10,000.

Learn more about Income summary:

brainly.com/question/24498019

#SPJ4

You might be interested in
What can help diane improve her presentation skills?
kondaur [170]
Here are my tips:

Great title (If not serious, add a pun)

Cover the entire topic, if you hear a word you don't know, probably add a definition.

Pay attention to grammar (If serious. Use grammarly if you don't know grammar that well).

Make a script! Don't constantly look at the board. If you can, do it without the paper.

In the end, add an ending slide so you're not constantly tapping the board thinking it's not working.

Also ask the audience if they have any questions.

5 0
3 years ago
Authority is decentralized, tasks and rules are flexible, and employees are given a lot of freedom at reliable copy products, wh
alexira [117]
The statement above is FALSE, Reliable Copy Product is not an example of a mechanistic organization. A mechanistic organization is a type of organization in which the authority is highly centralized, observation of formalized procedures and practices are highly prioritized and specialized functions are assigned.
3 0
3 years ago
A customer got serious food poisoning from Chix Now restaurant on April 30, 20x2, necessitating a trip to the emergency room. On
vodka [1.7K]

Answer:

Yes the company must recognise the effects of this ruling.

Explanation:

As provided the law suit was initiated in the year 20x2, because of the activity happened in April 20x2.

Accordingly, company was already prepared for a liability of $100,000.

Whenever an event that occurs after the balance sheet is a mere confirmation to what was expected on balance sheet date, or is in alignment with things on record on the balance sheet date, it shall be provided in the balance sheet of that year.

In the given case the law suit was pending on the balance sheet date and was recorded as a liability then, now after the declaration by the judge, the additional liability of $20,000 shall be provided in the financial books of year 20x2.

7 0
3 years ago
Stewart wants to invest some money that he just inherited. He found that his bank offers a savings account paying a guaranteed 3
Likurg_2 [28]

Answer:

Stewart will probably have to accept a higher level of risk .

Explanation:

Hence, a large-risk investment is one in which the risks of failure, or of losing some or all of the asset, are greater than the average.

  • These opportunities often offer investors the ability for greater returns in exchange for embracing the degree of risk associated with that.
  • In saving account he gets 3% rate of return but also gets a lower rate of risk and does not earn much.

If he invests his money in higher-risk fields like shares, he may get a higher profit.

3 0
3 years ago
Aguilera corp. has a current accounts receivable balance of $336,500. credit sales for the year just ended were $4,515,830. what
Alika [10]

The receivables turnover ratio is an activity ratio computing how proficiently a firm uses its assets.

Receivables turnover ratio can be calculated by: net value of credit sales during a given period divided by the average accounts receivables.

Receivables turnover = sales / receivable

= 4,515,830 / 336,500

= 13.42

 

Days’ sales in receivables = 365 days/ receivable turnover

= 365 / 13.42

= 27.20

The average collection period is 27.20 days.

6 0
3 years ago
Other questions:
  • A credit card issuer charges an APR of 15.77%, and its billing cycle is 30 days long. What is its periodic interest rate?
    8·2 answers
  • If the world price of a good exceeds the domestic price of the good, will the country export or import the good. In this scenari
    8·1 answer
  • Record the following transactions of Fronke’s Fashions in a general journal:
    5·1 answer
  • Kingbird, Inc. wrote checks totaling $43810 during October and $47839 during November. $41660 of these checks cleared the bank i
    5·1 answer
  • Why is it important to write a business plan?
    5·2 answers
  • Waterway Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethan
    12·1 answer
  • Which of these statements is TRUE of complementary products?
    15·1 answer
  • A natural monopoly is a monopoly that arises because one firm can meet the entire market demand at a lower average​ _____ cost t
    5·1 answer
  • Teachers at the kindergarten through high school level may deduct up to $225 of education supplies and materials cost each year
    6·1 answer
  • If consumers often purchase muffins to eat while they drink their lattés at local coffee shops, what would happen to the equilib
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!