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Arte-miy333 [17]
3 years ago
8

The entry to close the Income Summary account may include Multiple Choice a debit to Income Summary and a credit to the owner's

capital account. a debit to Income Summary and a credit to the owner's drawing account. a debit to Income Summary and a credit to Cash. a debit to Cash and a credit to Income Summary.
Business
1 answer:
MArishka [77]3 years ago
4 0

Answer:

a debit to Income Summary and a credit to the owner's capital account.

Explanation:

The income summary is used to close the income statement. This is done by crediting income summary and debiting revenue, crediting expense and crediting income summary.

The balance in the income summary is the posted as part of the owners equity by debiting income summary and crediting a credit to the owner's capital account.

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The following stockholders' equity accounts arranged alphabetically are in the ledger of Wildhorse Co. at December 31, 2020.
Andrei [34K]

Answer:

Wildhorse Co.

The stockholders' equity section of the Balance Sheet at December 31, 2020

Preferred Stock (8%, $101 par, noncumulative)                      414,100

Paid-in Capital in Excess of Par-Preferred Stock                    48,700

Common Stock ($12 stated value)                                      1,776,000

Paid-in Capital in Excess of Stated Value-Common Stock 659,000

Treasury Stock-Common (7,900 shares)                             (96,000)

Retained Earnings                                                                 782,000

Total stockholders' equity                                               $3,583,800

Explanation:

a) Data:

Preferred Stock (8%, $101 par, noncumulative)                      414,100

Paid-in Capital in Excess of Par-Preferred Stock                    48,700

Common Stock ($12 stated value)                                      1,776,000

Paid-in Capital in Excess of Stated Value-Common Stock 659,000

Treasury Stock-Common (7,900 shares)                             (96,000)

Retained Earnings                                                                 782,000

Total stockholders' equity                                               $3,583,800

b) The major components of the stockholders' equity include the stock accounts, paid-in capital, retained earnings, and the treasury stock.  The stockholders' equity represents the difference between the assets and the liabilities of Wildhorse Co.  The equity section shows the capital contributions of Wildhorse stockholders and the accumulated retained profits.

5 0
3 years ago
Has a _____ percent of chance of being schizophrenic.
Gwar [14]
30 is the answer I think
8 0
3 years ago
Vijay Company reports the following information regarding its production costs. Direct materials $9.60 per unit Direct labor $19
solong [7]

Answer:

Unitary cost= $46.4 per unit

Explanation:

Giving the following information:

Direct materials $9.60 per unit

Direct labor $19.60 per unit

Overhead costs for the year:

Variable overhead $9.60 per unit

Fixed overhead $121,600

Units produced 16,000 units

Under absorption costing, the fixed overhead is allocated to the cost of the product. Therefore, we need to calculate the unitary fixed overhead.

Unitary fixed overhead= 121,600/16,000= $7.6

Now, we can calculate the unitary cost of production:

Unitary cost= direct material + direct labor + total overhead

Unitary cost= 9.6 + 19.6 + 9.6 + 7.6= $46.4 per unit

6 0
3 years ago
What effect does the change in the market for cripps pink apples have on the price of the apples and on the quantity supplied an
Anika [276]

Answer:

The change in the market for Cripps  is positively related with other apples.

Explanation:

The Cripps pink apples are the substitute to the other apples so there is a direct relationship between the price one commodity and the demand for its substitute commodity. Therefore, if the price of Cripps pink apples rises, then the demand for other apples will rise also because of substitute goods. Similarly, if the price fall, then the demand for other apples will also fall. Thus substitute goods encompass a positive relationship.

3 0
3 years ago
Presented below is pension information for Company Y for 2021.
iren [92.7K]

Answer:

The Amount of pension expense is $195,000

Explanation:

The computation of the amount of pension expenses reported is shown below:

Service cost    $150,000

Interest on projected benefit obligation  63,000

Amortization of prior service $54,000

Less: Expected return on plan assets  -$72,000

The Amount of pension expense is $195,000

We simply applied the above formula so that the correct value could come

And, the same is to be considered

3 0
3 years ago
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