Answer:
The U.S. economy had emerged from the great recession in better shape than that any other developed nation.
Closing entries are necessary for temporary accounts only.
A closing entry involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet. This closing entry is a journal entry which is made at the end of the accounting period.
The temporary accounts include expenses, revenue, dividends, and so these accounts are to be closed at the end of the accounting year. Thus, the purpose of closing entry is to reset the temporary account balances to zero on the general ledger.
Hence, temporary accounts are used to record accounting activity during a specific period of time.
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Inputs are raw materials, human resources and energy required by an organization.
<h3>What is an input?</h3>
Inputs are any resources used to create goods and services. They are the resources used in completing a task and typically include time and efforts.
For a business to be able to manufacture goods and services, such must have what is called input because the input joined together will bring about final output.
Examples of inputs include:
- Labor
- Fuel
- Materials
- Buildings.
Therefore, Raw materials, human resources, energy, equipment, financial resources, and information are inputs for an organization.
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Answer:
$56,000
Explanation:
The computation of net sales is shown below.
For the net sales reported, we'll add the sales revenue and deduct the sales return and allowances with sales discount
Net sales reported = Sales revenue - sales return and allowance - sales discount
= $57,200 - $500 - $700
= $56,000
Answer:
Some mandatory payroll tax deductions that employers are required by law to withhold from an employee's paycheck include: Federal income tax withholding. Social Security & Medicare taxes – also known as FICA taxes.
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