The journal entry required to close the Drawing account is debit to Income Summary account and a credit to Drawing account.
Option a) is correct.
<h2>What is Income Summary account ?</h2>
An income summary is a temporary account that is used to net the closing entries from all the revenue and expense accounts at the conclusion of the accounting quarter. The final balance is regarded as a gain or loss. The company made a profit for that year if the net balance of the income summary is a credit balance, and a loss for that year if the net balance is a debit balance.
It lists all earnings and costs related to both operational and non-operating operations. It is also known as a revenue and expense summary as a result.
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Answer:
a. NAV = 8 per share
b. 250.000 shares
c. 7.95
Explanation:
a. NAV = Market value of shares/number of shares = $8m/1m = $8 per share
b. At the current NAV, it can absorb up to $2 million, or 250,000 shares.
c-1. Its loss by selling 25,000 shares of IBM at $34 instead of $36 = -$2 x 25,000 = -$50,000.
New NAV = $7,950,000 /1m = $7.95
The questions should I ask myself in order to avoid frustration and inaccurate messages are :
- How should the receiver respond?
- How should the receiver respond?
- What details regarding this subject should the receiver be aware of?
<h2>How can I develop a company message that is effective?</h2>
You must first gather the relevant data by completing either formal or informal research before you can start to write a good business message. Frequently, the data you gather while conducting research aids in the development of your message.
<h2>Which of the following best sums up a message with a long-term impact?</h2>
A message that is highly complicated and has a long-term impact should be delivered verbally." Identify whether the claim is accurate or not. Despite the possibility that audiences will accept imprecise, vague, or conflicting business communications.
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Answer:
$23,500
Explanation:
Net income is arrived at by deducting relevant expenses for the year from the gross income for the year. In this question, sales income is used to represent gross income. The net income can therefore be calculated as follows:
Net Income = Sales income - Expenses other than rent and interest - Rent - Interest
Net Income = $66,000 - $40,000 - [$45,000 × (1/18)] - 0
= $66,000 - $40,000 - $2,500 - 0
= $23,500
Therefore, net income is Yolanda's net income $23,500.
Note that [$45,000 × (1/18)] is used to calculate rent for only one which is December of the calendar year since the rent was paid for 18 months.
