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Sidana [21]
3 years ago
10

Review and complete the following statement regarding the Income Summary account. The Income Summary account is (debited/credite

d) for the sum of all revenue accounts and is (debited/credited) for the sum of all expense accounts and its balance will be transferred to the (Retained Earnings/Cash) account.
Business
1 answer:
Artist 52 [7]3 years ago
8 0

Answer:

Credited , Debited, and Retained Earnings

Explanation:

The closing entries are presented below:

1. Revenue A/c Dr XXXXX

              To Income summary A/c XXXXX

(Being the revenue account is closed)

2. Income summary A/c Dr XXXXX

            To Expenses A/c XXXXX

(Being the expenses are closed)

3. Income summary A/c Dr XXXXX

          To Retained earnings A/c XXXXX

(Being the difference i.e net profit  is recorded)

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30points
dmitriy555 [2]

Answer:

c

Explanation:

employee monitoring is software, time clocks, video surveillance, GPS systems and biometric technology .the answer most likely c.

7 0
3 years ago
You recently purchased a stock that is expected to earn 20 percent in a booming economy, 15 percent in a normal economy, and los
OlgaM077 [116]

Answer:

rE = 0.1486 or 14.86%

Explanation:

The expected rate of return of a stock is the mean return that is expected to be earned by the stock considering the different scenarios that can occur, the return in these scenarios and the probability of the occurrence of these scenarios. The formula for expected rate of return of stock is,

rE = pA * rA  +  pB * rB  +  ...  + pN * rN

Where,

  • pA, pB, ... represents the probability that scenario A, B and so on will occur or the probability of each scenario
  • rA, rB, ... represents the return in scenario A, B and so on

rE = 0.21 * 0.2  +  0.72 * 0.15  +  0.07 * -0.02

rE = 0.1486 or 14.86%

3 0
3 years ago
Sql has built-in functions, which are also called ____________________ functions.​
Sever21 [200]

Answer: Aggregate

Explanation: Aggregate demand is the sum of consumption expenditure, investment expenditure, government expenditure, and net exports.

Here is more information!!!: http://www.businessdictionary.com/definition/aggregate-demand.html

3 0
3 years ago
4. Typically, what percentage of the home cost should you have available for a down payment?
TEA [102]

Answer:

30percent

Explanation:

30

7 0
3 years ago
During the month of March, Munster Company's employees earned wages of $64,000. Withholdings related to these wages were $4,896
STALIN [3.7K]

Answer:

A) March 31 journal entries for wages expense and wages payable

  • Dr Salaries and Wages Expense account 64,000
  • Cr FICA Taxes Payable account 4,896
  • Cr Federal Income Tax Payable account 7,500
  • Cr State Income Tax Payable account 3,100
  • Cr Union Dues Payable account 400
  • Cr Salaries and Wages Payable account 48,104

B) March 31 journal entries for company's payroll tax expenses

  • Dr Payroll Tax Expense account 5,596
  • Cr FICA Taxes Payable account 4,896
  • Cr State Unemployment account 700

8 0
3 years ago
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