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morpeh [17]
3 years ago
12

Rosewood earned revenues of​ $19,000 and incurred expenses of​ $4,500. The owner made withdrawals of​ $2,500. What is the balanc

e in the Income Summary account after closing net income or loss to the​ Owner, Capital​ account?
Business
1 answer:
vodomira [7]3 years ago
3 0

Answer:

In the wake of shutting overall gain/misfortune to the proprietor, capital record, the salary rundown will have a parity of O.  

Explanation:

The equalization of Income summary accounts is a transitory record and is moved to portion the record the parity might be Income (if income is higher than costs) or Loss Of income is lesser than costs. At the point when the impermanent record close, its equalization comes back to zero Therefore, in the wake of shutting net gain/deficit to the proprietor, capital record, the pay rundown will have a parity of O.

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A promissory note:
Travka [436]

Answer:

d. is a written promise to pay a specified amount of money at a certain date.

Explanation:

A promissory note, also known as note payable, is a financial instrument used when you borrow or loan money, it establishes the terms and details of the agreement (amounts, interests, late fee, <em>maturity date,</em> etc.). <em>It consists of a written promise where the issuer promises to fulfill the terms and to pay to the payee on the determined date.</em>

I hope you find this information useufl and interesting! Good luck!

8 0
3 years ago
Hahnny Company purchased a machine for $200,000 in cash on January 1 of Year 1. The machine has an estimated salvage value of $4
yulyashka [42]

Answer:

$84,000

Explanation:

Cost = $200,000  

Residual value = $40,000  

Expected hours = 20,000

Working hours (year 1) = 2,500 hours  

Working hours (year 2) = 3,000 hours  

Working hours (year 3) = 4,000 hours  

Working hours (year 4) = 5,000 hours  

Now,  

Depreciation per hour = \frac{Cost-Residual Value}{Expected hours}  

Depreciation per hour = \frac{200,000 - 40,000}{20,000}  

Depreciation per hour = \frac{160,000}{20,000}  

Depreciation per hour = $8

Depreciation exper for each year can be calculated using the units-of-production method. Under this method, depreciation expense per hours is multiplied with the hours used during each year.

Depreciation schedule for the machine has been constructed and attached below:

7 0
3 years ago
Identify which items belong on the income statement. multiple choice Accounts receivable, net income, and dividends Revenue, exp
sesenic [268]

Items that belong in the income statement include:

  • Revenue, expenses and net income

<h3>The Income Statement </h3>
  • Is used to calculate the total income earned by a company in a given period.
  • Lists the revenue and expenses.

The net income will then be calculated by deducting the expenses from the revenue.

In conclusion, the income statement shows revenue, expenses, and income.

Find out more about the income statement at brainly.com/question/14818051.

7 0
3 years ago
Suppose buyers of vodka are required to send $5.00 to the government for every bottle of vodka they buy. Further, suppose this t
Leno4ka [110]

Answer:

Option D is correct

Explanation:

The reason is that increase in tax lowers the demand of the products. When the government imposed additional taxes on vodka, the demand will obviously fell. Now the vodka manufacturing company in retaliation of imposed taxes, will have to lower its price to still attract its customers. Now the difference in this ($3) decrease in price and ($5) increase in taxes is $2 additional cost per unit, which the buyer will have to bear. This means sixty percent of the additional cost (3/5*100) will be beared by the vodka seller. The increase in prices of the Vodka will decline the demand of the product, which means fewer products would be sold.

4 0
3 years ago
Which type of evidence serves to substantiate the distinct set of elements whose commission or omission must be demonstrated to
monitta
<span><span>If these were the missing choices:
A)Crime scene documentation.
</span><span>B)Associative evidence.
</span><span>C)The rule of detail.
</span><span>D)<span>Corpus delicti evidence.
</span></span></span><span>
My answer is D. Corpus delicti evidence.

Corpus delicti evidence
is the type of evidence that serves to substantiate the </span><span>set of elements whose omission or commission must be demonstrated to have occurred in order to prove a criminal offense.

Corpus delicti is in Latin. It refers to the body of an offense. One can't be convicted of a crime is there is no physical evidence of a crime. 
</span>
6 0
3 years ago
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