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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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Answer:

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Potential of new entrants into the industry : What's the risk of having new competition?  If you are selling a product, can you protect it with a patent for example?

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Power of customers : That related to your customer base.  If your customer base is large, chances are no individual will be able to force your price down.  But if you are dealing with a limited number of customers, one of them might force you to lower your prices.

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what a successful entrepreneur's profile is and to determine whether your personal characteristics fit that profile. I
ANTONII [103]

Answer:

Explanation:

A successful entrepreneur’s profile is characterized of the following:  

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A firm will work with a customer to design the product, and then make it from purchased materials, parts, and components. this f
drek231 [11]

A firm will work with a customer to design the product, and then make it from purchased materials, parts, and components. this firm is called <u>a make order firm.</u>

<u />

A firm is a for-profit business, generally formed as a partnership that provides professional services, along with criminal or accounting offerings. The theory of the firm posits that firms exist to maximize profits.  The term firm is synonymous with enterprise or organization. firms can operate beneath several distinct structures, including sole proprietorships and corporations.

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learn more about the organization here brainly.com/question/19334871

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ehidna [41]

Answer:

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8 0
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Answer:                        

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Explanation:

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