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konstantin123 [22]
4 years ago
6

In January, Hometown Ice Cream Shoppe reported the following balances in their income statement accounts. Based on this informat

ion, the closing entry to Retained Earnings will be?
Business
1 answer:
Gekata [30.6K]4 years ago
7 0

Answer:

A) Debit of $1,445

Explanation:

Closing entries refers to the balance statements that are entered at the end of an accounting period in order to transfer the temporary account balances into permanent accounts. Based on the balances listed in the question it can be said that the closing entry to retained earnings will be Debit of $1,445. This refers to money going out of the account and can be calculated by adding all the revenue to the account and subtracting the expenses leaving $ - 1,445 thus being debit.

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According to the Fisher effect, if the "real" rate of interest in a country is 3 percent and the expected annual inflation is 8
Pachacha [2.7K]

Answer:

11.24%

Explanation:

Fisher equation:

(1 + nominal interest rate) = (1 + real interest rate) x (1 + expected annual inflation)

1 + nominal interest rate = 1.03 x 1.08

--> Nominal interest rate = 11.24%

3 0
4 years ago
One reason governments impose taxes is to:
muminat
Make money for the government
3 0
3 years ago
What is quality control?
lilavasa [31]
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Quality control is used to meet or exceed customer requirements and is vital in the manufacturing part of businesses. 

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4 0
3 years ago
If the four largest firms in an industry produce 20, 10, 7, and 3 units of output, respectively, and total industry output is 10
GrogVix [38]

Answer:

40%

Explanation:

The four firm concentration ratio calculates the concentration ratio of the 4 largest firms in an industry.

Four firm concentration ratio = 0.2 + 0.1 + 0.07 + 0.03 = 0.4 = 40%

7 0
3 years ago
Partnership XYZ distributed a piece of land in a nonliquidating distribution to Bob, a 50% partner, during the current taxable y
andrezito [222]

Answer:

a. Partnership XYZ's recognized gain (loss)

  • recognized gain = fair market value - basis = $180,000 - $50,000 = $130,000

b. Bob's taxable gain (income)

  • Bob's taxable income = $130,000 x 50% = $65,000

c. Bob's basis in the property

  • Bob's new basis = $180,00 x 50% = $90,000

d. Bob's basis in the partnership

  • Bob's basis in the partnership = $40,000 + $65,000 = $105,000

4 0
3 years ago
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