Answer:
Contraction cycle or Recession
Explanation:
The cyclical unemployment is due to the cycles of economy ( expantion:Grow and contraction: recession) Under these circumstances unemployment is considered normal as the economy cannot sustain itself always in an expansion cycle.
Answer:
income summary 550 debit
retained earnings 550 credit
--to close income sumary against RE--
Explanation:
To complete the closing entries we should determinate the balance of the Income Summary account and then, transfer into Retained Earnings.
Income Summary
<u> Debit Credit </u>
2,450
<u> 3,000 </u>
Balance 550
We will debit income summary so his blanace ends in zero and credit retained earnings so net income is accumualted and added into equity to represent it in the balance sheet.
Answer:
C. Sole Proprietorship
Explanation:
Sole Proprietorship is a business owned and less capital required business that can be operated, it is can be operated even by an individual with a simple setup such as a table and a chair in a garage.
With Limited Liability Company (LLC), there are a lot of legal requirements to be reached before setting it up, such as putting in place board of directors, internal auditors and external auditors, mentioning few.
With Partnership it requires two or more individuals in order to operate in addition to a partnership deed.
With Corporation it is similar to the LLC
Thus Sole proprietorship is the simplest and easiest to set up.
Answer:
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