If after preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $25,000. the entry to close the income summary account will be: a debit of $25,000 to owner capital.
<h3>Income summary</h3>
The debit balance of the amount of $25,000 in the income summary indicate that the company expenses is higher than the revenues generated by the company by $25,000.
Based on this the loss incurred will be taken out of the company owner's equity account by reducing it through a debit entry.
Therefore the income summary account has a debit balance of $25,000. the entry to close the income summary account will be: a debit of $25,000 to owner capital.
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Answer:
(D) Cost
Explanation:
Due to change in economy overtime it is not easy to predict the cost of a long term project. Also different states and or countries have different inflation rates, therefore it is not easy for the committee that will spend a decade travelling the world to balance performance in the are of cost. Long term budget needs to be flexible to cover increase and decrease in the economy.
Answer:
15.18%
Explanation:
Cost of preferred stock = Annual dividend/Net Proceeds
Cost of preferred stock = $5 / $32.93
Cost of preferred stock = 0.1518372305
Cost of preferred stock = 15.18%
So, the cost of preferred stock for BGE is 15.18%.
Net income is the amount that will be earned after all the taxes have been subtracted from the paystub amount.
<h3>
The net income for the paycheck</h3>
Given Information:
- Paycheck=$329.40
- Paystub=$400.00
- Medical tax=$5.80
- Social security tax=$24.80
- Federal tax=$40.0
The Net income is therefore:-
Net Income=Paystub-Medical tax-Social security tax
Net Income= 400 - 5.80 - 24.80 - 40
Net Income= $329.40
In conclusion, the net income is $329.40.
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