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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

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.

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Rule-of-thumb budgeting is budgeting that's popular with the hospitality and tourism industry because it's so effective.

a_sh-v [17]

I think the answer is false

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7 0

3 years ago

A company's Cash account shows a balance of $3,490 at the end of the month. Comparing the company's Cash account with the monthl

Oksana_A [137]

Answer:

1. Debit Cash account $1,900

Credit Accounts receivable $1,800

Credit Interest Income $100

2. Debit Accounts receivable $330

Debit Bank charge $50

Credit Cash account $380

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items. These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

Considering the transactions that are the reconciling items in the question, the transactions that will;

Increase cash are a customer's note receivable collected by the bank $(1,800), and interest earned $(100)

Decrease cash balance are bank service fees ($50), and an NSF check from a customer ($330)

4 0

4 years ago

Lo-crete produces quick setting concrete mix. Production of 200,000 tons was started in April, 190,000 tons were completed. Mate

Dovator [93]

Answer:

$3,564,400

Explanation:

Equivalent units of Production

Materials = 190,000 + 10,000 = 200,000

Conversion cost = 190,000 + 10,000 x 70% = 197,000

Cost per equivalent units

Materials = $3,152,000 / 200,000 =$15.76

Conversion Cost = $591,000 / 197,000 =$3.00

Total cost per unit = $18.76

Therefore,

the cost of the product that was completed and transferred to finished goods is $3,564,400 ( 190,000 x $18.76)

3 0

3 years ago

According to experienced exporters, what is the only effective way to select a middleman?

Licemer1 [7]

according experienced exporters suggest that the only way to select a middleman is: to personally talk to ultimate consumers to find whom they consider to be the best distributors.

The main consumers are plant-eating herbivores. Caterpillars, insects, grasshoppers, termites, and hummingbirds are all examples of primary consumers, as they only eat autotrophs (plants). There are major consumers who are called specialists because they eat only one type of producer.

Herbivores — animals that eat only plants — consume plants for energy. Herbivores cannot produce their own energy and are called consumers. Herbivores feed only on producers and are therefore primary consumers at the second trophic level of the food chain.

A consumer is any individual or group that purchases or uses goods or services solely for their personal use and not for manufacture or resale. They are the end users of the distribution chain.

Learn more about consumers here

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2 years ago

Gross domestic product is equal to the market value of all the final goods and services ________ in a given period of time

Andrei [34K]

"Gross domestic product is equal to the market value of all the final goods and services produced within a country in a given period of time." Thus, option A is correct.

<h3>What is the Gross domestic product?</h3>

Gross domestic product (GDP) is defined as the measure of the monetary value that is of the final services and goods. It defines the amount and value that is paid by the customers for the product and goods.

The GDP of the goods and products produced by the country is equal to the market value for the final goods. It only includes the produced goods and does not account for the consumed goods.

Therefore, option A. the goods are produced in a country.

Learn more about GDP, here:

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Your question is incomplete, but most probably your full question was, Gross Domestic Product is equal to the market value of all the final goods and services ________ in a given period of time.

A) produced within a country

B) consumed within a country

C) consumed by the citizens of a country

D) produced by the citizens of a country

E) produced and consumed within a country

8 0

2 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.