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2 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.

1 answer:

Artist 52 [7]2 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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___________business that is carried out across national borders, including international trade, foreign manufacturing, and the g

maksim [4K]

Answer:

International business is the correct answer.

Explanation:

International business includes all economic activities that take place for the movement of resources, services, goods, people, thoughts, and technologies across national borders.

International business is important because International exchange makes the business more successful and to increase the market of its country.
The benefits of international business are: It Increase the Organization's reputation and expand the Company Markets.

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2 years ago

William is interested in exercising more, but does not feel he has the time. Write a short response explaining how he can find t

solong [7]

Exercising doesn't mean you have to spend hours in the gym. Exercises can be done at the comforts of your home too, and there's plenty of exercise available, especially for those who have less time to do so. Just like for example, waiting time. While you are waiting for your clothes in the washing machine to finish, you may use this time to do some basic exercises such as running in place, jumping jacks or carrying weights.

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2 years ago

BREMCO recently paid a $2.80 annual dividend on its common stock. This dividend increases at an average rate of 3.8 percent per

Paraphin [41]

Answer:

14.60%

Explanation:

The computation of market rate of return is shown below:-

Market rate of return = (Dividend × (1 + Growth rate)) ÷ Current price of stock + Growth rate

= ($2.8 × (1 + 3.8%)) ÷ 26.91 + 0.038

= ($2.8 × 1.038) ÷ 26.91 + 0.038

= $2.9064 ÷ 26.91 + 0.038

= 0.108 + 0.038

= 14.60%

So, for computing the market rate of return we simply applied the above formula.

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2 years ago

An airline is considering a project of replacement and upgrading of machinery that would improve efficiency. The new machinery c

Nikolay [14]

Answer:

$172.25

Explanation:

initial outlay for the project = -$350

cash flow years 1-5 = [($300 - $135 - $70) x (1 - 36%)] + $70 (depreciation expense) = $60.80 + $70 = $130.80

using an excel spreadsheet and the NPV function, we can calculate the project's NPV with an 8% discount rate:

=NPV(8%,130.80,130.80,130.80,130.80,130.80) - $350 = $522.25 - $350 = $172.25

we can also do it manually:

NPV = -$350 + $130.80/1.08 + $130.80/1.08² + $130.80/1.08³ + $130.80/1.08⁴ + $130.80/1.08⁵ = $172.25

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3 years ago

The market for insurance is one example of reducing risk by using diversification.

Maurinko [17]

The correct answer for this question is a. True. Hope this helps you fulfill your desires.

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2 years ago