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Natali [406]
3 years ago
10

After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $

5,900 debit balance. This result implies that Cleaver earned a net income of $5,900.
Business
1 answer:
KATRIN_1 [288]3 years ago
3 0

Answer:

INCORRECT.

In income summary account, all revenue accounts are closed by debiting them and crediting the income summary account. expense accounts are closed by crediting them and debiting income summary account. then on closing income summary account it shows debit balance if there is a net loss and it shows credit balance if there is a net income.

In the given case clever auto services has debit balance of $5,300 i,e it implies that clever auto services has loss .

Therefore above statement is wrong. It implies a loss of $5300 not the net income of $5,300.

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Aleks04 [339]

FAU and emergency management department’s campaign slogan is “FAU ALERT” or “ATTENTION FAU”. Read below about the usage of the slogan.

<h3>How does FAU use their slogan?</h3>

“ATTENTION FAU” is only utilised in messaging if an incident has the potential to suspend normal operations or affect life safety and/or destruction of University resources.

Therefore, the slogan is as provided above.

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3 0
2 years ago
Question 6 (multiple choice)
Tasya [4]
It may be A but if it isn't I'm sorry
3 0
3 years ago
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Mr. Smith put his laptop up for sale. He is aware of the fact that the laptop malfunctions frequently. However, none of the pote
zaharov [31]

Answer: The presence of asymmetric information

                                               

Explanation:  In simple words, asymmetric information refers to the situation when one party to a contract have extra information regarding a subject than the other party of the contract.

Asymmetric information creates the potential of misconduct from the leading party as they can easily cheat the other party by concealing that important information.

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5 0
3 years ago
The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with _____.
netineya [11]

The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with receipt of cash.

<h3><u>What is a merchandise?</u></h3>
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  • 'Freebies', or promotional things like the bespoke drink bottles in this example that are given away or not charged for, can also be referred to as merchandise.
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Buying merchandise can be done with cash or on credit. The accounts involved in the transaction are the purchases account and the cash account if goods are paid for in cash. It debits the purchases account and credits the cash account.

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8 0
2 years ago
What is quality control?
lilavasa [31]
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