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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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A fire destroyed some of Cholla, Inc.’s records. Information from the documents found related to inventory is listed below. Endi
sineoko [7]

Answer:

$860,400

Explanation:

Cholla, Inc.’s

Cost of goods sold = Beginning inventory + Purchases − Ending inventory

Purchases = Cost of Goods Sold − Beginning Inventory + Ending Inventory

Cost of Goods Sold $801,000

Less Beginning Inventory ($77,400 )

$723,600

Add Ending Inventory $ 136,800

Amount of inventory purchased $860,400

Therefore the amount of inventory that was purchased during the year was $860,400.

Mean while the consignment inventory is not owned by the company and is not as well considered in the Cost of Goods Sold equation.

3 0
3 years ago
Pharoah Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $390,600. The estimated fair
BabaBlast [244]

Answer:

Land = 65100.001

Building = 238699.999

Equipment = 86799.99

Explanation:

Total Asset Fair Value = Land + Building + Equipment

Total Asset Fair Value = $74,400+$272,800+$99,200

Total Asset Fair Value = $446400

Recorder Amount

Land = $74,400/$446400 * $390,600

Land = 65100.001

Building = $272,800/$446400 * $390,600

Building = 238699.999

Equipment = $99,200/$446400 * $390,600

Equipment = 86799.99

3 0
3 years ago
as Jake began his market research he discovered that there wasn't another retail boating supplies business for hunting more than
gulaghasi [49]
The right answer for the question that is being asked and shown above is that: "b. his marketing should stress quality and service." As Jake began his market research he discovered that there wasn't another retail boating supplies business for hunting more than 100 miles in fact there was no large lake or river either Jake concluded that his<span> marketing should stress quality and service</span>
5 0
3 years ago
Symbic Foods, a chain of fast food restaurants, has included a drop-down menu on its main Web site. With this drop-down menu, pe
zvonat [6]

Answer:

localization of a Web site.

Explanation:

When a web site of a company is localised, it provides information. To users that is relevant to their locality. The access to local information about the business helps to drive sales at local stores of the business

In this instance localisation of the website is done by including a drop-down menu on its main Web site. With this drop-down menu, people can view their country-specific Web site, which contains information about the dishes that Symbic Foods serves in that country.

5 0
3 years ago
The best answer to both the flatness and horizon problems is Group of answer choices dark energy. the inflationary epoch. decoup
Ksivusya [100]

It should be noted that best answer to both the flatness and horizon problems is inflationary epoch.

The inflationary epoch van be regarded as the period in the evolution of the early universe, at this period there was an expansion.

According to inflation theory, the earth were recorded to experience great horizon problems and exponential expansion.

Therefore, inflationary epoch brings about both flatness and horizon problems

Learn more about inflationary epoch at:

brainly.com/question/11356270

3 0
2 years ago
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