Answer:
The closing process is necessary in order to confirm that net income or net loss and owner withdrawals for the period are closed into the owner's capital account.
Explanation:
Most economies around the world follow a specific accounting period which is commonly referred to as financial year or tax year. Before a new financial year begins, the accounts from the ongoing financial year have to be closed legitimately through a process called the 'closing process'. This process culminates in confirming that the net income secured or the net loss bore by the owner is included in no other account than the owner's capital account.
In order to carry out the closing process, the accountant has to commence with identifying the accounts that are required to be closed with or before the ending of the predefined financial period. He then has to record the last entries in these accounts as 'closing entries'. Once the accounts are closed, he has to calculate the trial balance and interpret the outcome. Closing of temporary accounts through a valid closing process dispenses the ease of calculating profit and loss in any given financial period coming to end.
Answer:
The budgeted variable overhead for May is $5,335
The budgeted variable overhead for June is $7,260
The budgeted fixed overhead for both May and June is $11,500 per month
Explanation:
First we have to determine how many tricycles does Becker Bikes expects to manufacture during May and June:
May:
beginning inventory May 180
expected sales May 520
ending inventory May 145
Becker is planning to manufacture 485 tricycles (= 520 + 145 -180)
June:
beginning inventory May 145
expected sales May 650
ending inventory May 155
Becker is planning to manufacture 660 tricycles (= 650 + 155 -145)
The budgeted variable overhead for May = 485 tricycles x $11 per tricycle = $5,335
The budgeted variable overhead for June = 660 tricycles x $11 per tricycle = $7,260
The fixed overhead for both May and June is $11,500 per month
The filter that can be used to find a specific project when in the work area is: Project name.
<h3>Project Filter</h3>
When looking or searching for a particular project that meet your requirement in a work area, in order to find the project the best thing to do is to include the following filter as it will enables you to find the project you are looking for;
- Project name
- Due date
- Template name
- Team member
Therefore the filter that can be used to find a specific project when in the work area is: Project name.
Learn more about project filter here:brainly.com/question/23643337
#SPJ11
<span>This reduction in taxes serves as a "direct" incentive to buy a house.
</span>There are direct incentives and indirect incentives, the difference between them are;Direct incentives are generally simple to perceive/aftereffect of an activity – Firm brings down the gas cost to pull in more clients and Indirect incentives are the hidden outcome of the move made – Pollution is a result of the expanded amount requested.
Answer:
An example of scarce source of production is "Labour"
Explanation:
An example of scarce source of production is "Labour"
Labour
This refers to the work done by those who contribute to the production processes. Many people not in paid employment also provide things that are needed by people. For example, a woman might not hold a job in order to raise her children and look after the home. Some people are more productive in the work place than others because they have different levels of education, training and experience. They are said to possess a greater amount of human capital. This implies that this factor can be enhanced in an economy through educational initiatives and investment in training.
