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3 years ago

Revenues and expenses are transferred to the ________ account before their final transfer into the retained earnings account.

1 answer:

6 0

<span>D is the correct answer. Income summary is a sort of "catch-all" account that holds both revenues and expenses before recording them as retained earnings. These will then be rectified at the end of the manual accounting period. If there is a net profit or loss for the business, it will be reflected during the accounting period in the income summary.</span>

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An efficient way to move toward the Nash equilibrium is called:

laiz [17]

Answer:

A convention

Explanation:

Nash equilibrium is a theory or a concept of equilibrium, which is in the game theory ,where the possible result or the best outcome of the game and there is no incentive which could deviate from the strategy.

So, it is an effective way to move toward the Nash equilibrium is known or referred to a convention, which is a non- cooperative game.

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3 years ago

While everyone's personal financial goals will be unique to their situation, the means for achieving them will be similar. What

MrRa [10]

Answer:

increase their savings

Explanation:

Saving is the action of putting aside a portion of income in a safe place instead of spending. It is a technique that firms and individuals use to achieve their financial objectives. Consistent saving for a duration of time helps accumulates a substantial amount of money that can be used to actualize financial objectives.

While savings is not the financial objective, it is a means to achieve the actual goal. For Example, if one goal is to own a home or a car, they start saving for the down-payment. Saving helps achieve their long term goals.

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3 years ago

Identify the statement below that is incorrect. A) The normal balance of accounts receivable is a debit. B) The normal balance o

a_sh-v [17]

Answer:

D) The normal balance of an expense account is a credit.

Explanation:

We know that

The debit sections report assets and expenses side while sales, stockholder equity, and the liability side are reported in the credit section.

So as per the given options, the incorrect answer is D as expense account has a debit balance but the question it is given that the expense account has a credit balance that is totally wrong.

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3 years ago

Read 2 more answers

1. In what ways do you think the debt of your country influences the life of ordinary citizens? 2. Discuss with reference to a n

inn [45]

higher debt crowds out investment in capital goods and thereby reduces output relative to what would otherwise occur

Debt is an obligation that forces one party, the debtor, to pay another party, the creditor, money or other agreed-upon value. Debt is a delayed payment or series of payments that differs from an immediate purchase.

Student loans, mortgages, and company loans are examples of "good" debt, which is defined as money due for things that can help develop wealth or boost income over time. "Bad" debt is defined as credit card or other consumer debt that does little to help your financial situation. These are overstatements.

Debt refers to the amount of money that must be repaid, whereas financing refers to the provision of funds for use in commercial activities.

To know more about debt follow the link:

brainly.com/question/1957305

#SPJ4

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1 year ago

Fes Company is making adjusting journal entries for the year ended December 31, 2018. In developing information for the adjustin

anyanavicka [17]

Answer:

Fes Company

1. Amount to report on the 2018 income statement as Insurance Expense

= $3,400

b. Amount to report on the December 31, 2018 balance sheet as Prepaid Insurance

= $3,400

2. Amount to report on the income statement as Supplies Expense

= $72,600

b. Amount to report on the balance sheet as Supplies = $8,400

3. The accounting equation effects of the adjustment for:

a) Insurance

Assets (Prepaid Insurance -$3,400) = Liabilities + Equity (Retained Earnings -$3,400 as Insurance Expense)

b) Supplies

Assets (Supplies - $4,600) = Liabilities + Equity (Retained Earnings -$4,600 in addition to Supplies Expense)

Explanation:

Adjusting Journal Entries:

Debit Insurance Expense $3,400

Credit Prepaid Insurance $3,400

To adjust for expense for the year.

Debit Supplies Expense $4,600

Credit Supplies $4,600

To adjust for used supplies.

Workings:

Supplies

Dec. 31, 2018 Balance $13,000

Supplies on hand 8,400

Supplies used $4,600

Dec. 31 Supplies Expense Balance $68,000

Supplies used $4,600

Total supplies expense = $72,600

4 0

3 years ago

Revenues and expenses are transferred to the​ ________ account before their final transfer into the retained earnings account.

Revenues and expenses are transferred to the ________ account before their final transfer into the retained earnings account.