Answer:
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Answer:
Explanation:
The closing entry of the income summary account is shown below:
Income summary A/c Dr $81,300
To Retained Earning A/c $81,300
((Being the difference is credited to retained earning))
The retained earning balance is calculated by taking a difference between:
= Annual revenues - Expenditure
= $185,000 - $103,700
= $81,300
The income summary should always be closed after closing of revenue and expenditure account.
Answer:
Core Values
Explanation:
In the given scenario, Merck has deviated from its core values which are dedicated to the healthcare sector and transparency of drug development. It manipulated and didn't made the side effects of the drug public during testing.
Answer:
B. average total cost
Explanation:
In the terms of economics, the Average total cost is the cost which is obtained by dividing the total production cost involved by the total number of output units.
The average total cost also determines the cost per unit for a product.
It helps in deciding the selling cost of the product for a specified profit margin.
