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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

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Lina20 [59]
The opportunity cost of attending class is the $15 that could have been made by watching a neighbor's child.
Opportunity cost refers to the benefits that one gives up in order to enjoy another benefit, that is, the benefit that is sacrificed.
In this question, two benefits are given up, but the real opportunity cost is the one that have the highest value, which is the $15.
6 0
3 years ago
You invest $600 in security A with a beta of 1.5 and $400 in security B with a beta of 0.90. The beta of this portfolio is _____
klio [65]

Answer:

Beta= 1.26

Explanation:

<u>First, we will calculate the proportion of the portfolio of each security:</u>

Security A= 600/1,000= 0.6

Security B= 400/1,000= 0.4

<u>Now, the beta of the portfolio:</u>

Beta= (proportion of investment A*beta A) + (proportion of investment B*beta B)

Beta= (0.6*1.5) + (0.4*0.9)

Beta= 1.26

7 0
3 years ago
Cochrane Associate's net sales last year were $525 million. If sales grow at 7.5% per year, how large (in millions) will they be
Serhud [2]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

Cochrane Associate's net sales last year were $525 million. If sales grow at 7.5% per year, how large (in millions) will they be 8 years later?

We need to use the following formula:

FV= PV*(1+i)^n

FV= 525*(1+0.075)^8

FV= $936.33

3 0
3 years ago
A tennis coach charges $15 per hour for tennis lesson for children and $30 per hour for tennis lessons for adults. This can be v
Snowcat [4.5K]

Answer:

Option D is correct.

Third-degree price discrimination

Explanation:

tennis coach charges $15 per hour for tennis lesson for children and $30 per hour for tennis lessons for adults. This can be viewed as a practice of <u>Third-degree price discrimination.</u>

Third Degree Price Discrimination involves charging a different price to different groups of consumers for the same good. These groups of consumers can be identified by particular characteristics such as age, sex, location, time of use.

5 0
3 years ago
Read 2 more answers
Richard, an engineer, supervises the construction of a new mountainside roadway. When the road collapses in a landslide due to f
vredina [299]

Answer: Other Engineers

Explanation:

Richard can be sued by motorist in the event of the collapse of the road which he supervised construction, and the case would be considered with the already established engineering standards. The engineer standard directs that during construction or fabrication in engineering, the engineer should give little or no allowance for failure, because failure can lead to serious injuries or loss of life.

7 0
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