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Nataliya [291]
3 years ago
15

1. The closing entry for the Loss on Plant Assets account includes a debit to (A) Retained Earnings. (B) Income Summary. (C) Los

s on Plant Assets. (D) Gain on Plant Assets.
Business
1 answer:
kotykmax [81]3 years ago
7 0

Answer:

The correct answer is (B) Income Summary

Explanation:

The income summary is a procedure that allows us to glimpse, globally, all the entries that existed in a period. It provides very valuable generalized information, which lets you know how business, work or some investment is going.

To ensure that our results are accurate, we must close all income and expense accounts, and take stock to obtain our conclusions. If the results have not been favorable, we must make the necessary adjustments so that in the next income summary we can obtain better results.

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As part of her retirement planning, Mrs. Campbell purchases an annuity that pays compounded quarterly. If the quarterly payment
melisa1 [442]

Answer: $88289.8

Explanation:

Here's the complete question:

As part of her retirement planning, Mrs. Campbell purchases an annuity that pays 9.5% compounded quarterly. If the quarterly payment is $3,500, how much will Mrs. Campbell have saved in 5 years?

The future value of an annuity will be calculated using the formula:

= A((1+r)^n)-1)/r

Where,

A = the annuity payment = 3500

r = the interest rate = 9.5% compounded quarterly = 9.5% / 4 = 0.095 / 4 = 0.2375

n = the number of time periods = 4 × 5 = 20

We then substitute the values and we will get:

= A((1+r)^n)-1)/r

= 3000 × (1.02375^20-1) / 0.02375

= $88289.8

7 0
2 years ago
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