The change in owner's equity is $14,000, during the period. This is known by the equation - Assets = Liabilities + Equities.
<span>Paying off your bills (e.g. credit card bills) is just one way to improve your credit score. Since your credit worthiness depends on your credit scores, payment history plays an important impact to have a good credit score. Having a good credit score also pays an important impact on your ability to loan in banks. Good credit score reflects your ability to repay your debts. So, letter B is the best answer. </span>
Answer:
$4.44
Explanation:
P0 = $2.40 / 1.08+ $2.40 / 1.08 = $4. 44
Given the above stated information, the the correction options is C. Three year loan costs less than 4 year loan.
<h3>What is a the calculations justifying the above answer?</h3>
The computation is executed using excel. Here is the explanation for same:
- There are two loan choices available. We must calculate the total payments for both alternatives and choose the one with the lowest cost.
- The first option is to pay $193.60 per month with 10% interest for 3 years.
- The second option is to pay $158 per month for four years at 12% interest.
- Total cost for option 1 is $969.60.
- Total cost for option 2 is $1584.00.
Hence from
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Full Question:
Please see the attached image
Entry to close the income summary account at the end of the year:
At the time of closing the Income Summary account, the Income Summary account is debited and Retained earnings account is credit with the amount of Net Income. Net Income can be calculated as follows:
Net income = Revenue – Expenses = 201,000-111,700 = $89,300
Hence the entry to close the income summary account at the end of the year shall be as follows;
Income Summary Debit $89,300
Retained earnings Credit $89,300
