1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
m_a_m_a [10]
3 years ago
9

On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expe

nses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000. Required: Record the journal entries necessary to complete closing the accounts. What is the new balance of Madison Wells, Capital

Business
1 answer:
loris [4]3 years ago
8 0

Answer:

a) See the image attached for the sheet of closing entry

b) New balance = (174000-111000-12000) = 51000

You might be interested in
Which factors can affect a stock’s price? Check all that apply. market performance the company’s financial health the quantity p
Igoryamba

Answer:

  • market performance
  • the company’s financial health
  •  the economy

Explanation:

Stocks prices fluctuate as long as the market is open. The price of a stock may rise and fall depending on its demand and other factors.  The financial performance of a company creates demand for its shares. A company that had good returns will be in high demand, which makes its stock prices rise. A company with poor financial performance will see its share price decline.

The overall performance of the economy and the exchange markets also affects prices. When the economy and the market are performing well, prices tend to rise. The opposite is also true.

7 0
3 years ago
Read 2 more answers
red line railroad inc. has three regional divisions organized as profit centers. the chief executive officer (ceo) evaluates div
amid [387]

A quarterly income statement is a form that can force an entrepreneur to keep track of the gains and losses from their company over the course of three months. It is also referred to as the profit or loss account.

It is a financial statement that lists both the business's expenses and potential profits. It will include information about your three-month earnings in total. It demonstrates how your revenues can be turned into earnings.

By balancing the accounting books, the quarterly income statement may be calculated. You are required to make this type of statement while taking into account the company's financial stability. A Microsoft Word template or an Excel template is a fantastic place for you to start when preparing an quarterly income statement . You must thoroughly examine your company's performance in corporate finance, and you can only accomplish that by determining your company's income. In addition to a balance sheet, you must calculate your net income and evaluate your earnings.

Learn more about quarterly income statement  here

brainly.com/question/19672037

#SPJ4

4 0
2 years ago
Scarcity means that there are more wants than one can meet based on the limited amount of resources.
vova2212 [387]
I believe the answer is false
I hope this helps!
4 0
3 years ago
If a country has positive net capital outflows, then its net exports are a. positive, and its saving is larger than its domestic
Hoochie [10]

Answer:

<em>a. positive, and its saving is larger than its domestic investment.</em>

Explanation:

Whenever a country has positive net capital outflows,<em> then the net exports will be absolutely positive.</em> Because, if a country has positive net exports, then the country has less number of imports as compare to the exports.

As country has to export its goods to other countries and bring back less amount of imports, and<em> not have to invest its amount domestically inside its country because it already took goods from foreign.</em> So here, we can say that OPTION(a) is correct.

3 0
3 years ago
The paying of a fee to use another firm�s name, resources, and operating systems is called __________.
s344n2d4d5 [400]
Franchising is the practice of paying a company to use its name, resources and operation systems.
7 0
3 years ago
Other questions:
  • Which of the following scenarios is a circumstance in which it would be ethical to practice confidentiality?
    11·2 answers
  • While taking a hike in the forest, you find some fossils in layers of sedimentary rocks whose age you later find out is said to
    11·1 answer
  • to develop good alternatives, one should brainstorm ideas and consider different perspectives. true or false.
    8·1 answer
  • A company is benchmarking against a competitor. The company currently has an average PIIS of 87% on 531 SKUs. The competitor man
    6·1 answer
  • Japan and russia disagree over ownership of which islands?
    13·1 answer
  • The average life expectancy of tires produced by the Whitney Tire Company has been 40,000 miles. Management believes that due to
    15·1 answer
  • In 1978 corporate CEOs in the USA earned, on average, 35 times more than the average worker. Today, the earn ___ times more than
    5·1 answer
  • Cooper Company has an average demand of 50 units per day. Lead time from the supplier averages 20 days. The combined standard de
    9·1 answer
  • The risk-free rate is 2.4% and the market expected return is 12.1%. What is the expected return of a stock that has a beta of .8
    12·1 answer
  • the direct write-off method is used for tax purposes but is generally not permitted for financial reporting. true or false?
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!