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zheka24 [161]
3 years ago
11

​Martinville, Inc. earned revenues of $10,000 and incurred expenses of $7,500. The company declared and paid cash dividends of $

1,500. What is the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings​ account?
a. debit balance of $ 7 comma 500$7,500
b. debit balance of $ 5 comma 000$5,000
c. credit balance of $ 12 comma 000$12,000
d. credit balance of $ 7 comma 500
Business
1 answer:
Illusion [34]3 years ago
3 0

Answer:

credit balance of $2,500.

Explanation:

Martinville, Inc. has earned revenue if $10,000. This will be reflected on credit side when journal entry is made and cash or accounts receivable are debited as per transaction. The company has now incurred expense of $7,500. These expenses are deducted from revenue amount to identify operating income of the company. The balance in the income summary will be reported. Income summary is a temporary account where all revenue and expense are accounted to identify net loss or gain during a certain period.

The calculation will be as follows,

$10,000 - $7,500 = $2,500.

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When managers determine that an organization is not making sufficient progress toward achieving its goals and objectives and the
Alekssandra [29.7K]

Managers are involved in controlling when they conclude that an organization is not making adequate progress toward reaching its goals and objectives and develop remedial actions.

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Thus the correct answer is controlling.

To learn more about controlling, refer: brainly.com/question/28109846

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7 0
1 year ago
Which of the following is a fixed cost?
Mice21 [21]

Answer:

The answer is d. payment to hire a security worker to guard the gate to the factory around the clock.

Explanation:

Let re-visit to the concept of Fixed cost before applying to the questions.

Fixed costs are costs which are unchanged given changes in production level.

a. payment to a electric utility is not fixed cost because higher level of production required higher electricity consumption which leads to higher cost of electricity.

b. cost of raw material is not fixed cost because the higher the production level, the higher the raw material required for production.

c. wages to hire assembly line workers is not fixed cost because the higher the production level, the more workers required and the higher the wages will be.

d. payment to hire a security worker to guard the gate to the factory around the clock is fixed cost because regardless of the production level, the security worker will work for the same amount of time and receive the same level of payment as his workload is much likely to remain the same.

So, d is the correct choice.

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Answer:

b. Companies are benefiting from e-commerce by buying and selling their products and services to consumers online.

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The A. answer may indicate that it is IT related, but it is actually more related to globalization and outsourcing.

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