Answer:B. Debit Income Summary $54,000; credit Revenues $54,000.
Explanation:
The following entries can be a closing entry
a)To record closing entry of revenue account
Account Debit Credit
Revenues $54,000
Income summary $54,000
b)To record closing entry of expense account
Income summary $43,250
Expenses $43,250
c)To record closing entry of income summary account
Income summary ( $54,000- $43,250) $10,750
Retained earnings $10,750
d) to record the closing entry of dividends account
Retained Earnings $5,950
Dividend $5,950
The entry that could not be a closing entry is B. Debit Income Summary $54,000; credit Revenues $54,000 because income summary account should be credited with the revenue amount of $54,000 as Revenue increases the income of every business.
<span>A stock split will not change the general ledger account balances and ... equity remains the same, astock dividend requires a journal entry to transfer an amount ...</span><span>
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Positive economics encourages value judgments False
This is further explained below.
<h3>What is positive economics?</h3>
Generally, positive economics is simply defined as describing a particular approach to the study of economics. Many economists base their forecasts on past and present events inside an economy.
In conclusion, In a nutshell, a flourishing economy does not promote moral judgments.
Read more about positive economics
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Answer:
Option (c) is correct.
Explanation:
We know that beef is used as an ingredient or input in making hamburgers. If the price of the input i.e beef increases then as a result supply of hamburgers decreases because of the higher cost of production. This will shift the supply curve leftwards, its shows that lesser supply with same level of demand will lead to higher prices of hamburgers.
Answer:
Net income= $33 million
Explanation:
A leveraged buyout is a buyout of an entity by it's own managers/board members mostly through debt financing. Now the expected sales after the buyout is 500 million, we are asked to calculate net income only in the first year. First of all lets see what net income is. Net income is the remaining amount of income after having paid all the expenses which is mostly the residual income available for either distribution to shareholders or transfer to retained earnings.
The formula for net income is as follows:
Net income/profit= Sales revenue - COGS - Administrative expenses- depreciation and amortization - Interest expense - Tax
Let first calculate COGS & other administrative expense, depreciation and interest expenses first.
COGS & ADMIN: 500*0.6=300 m
Depreciation: 500*0.05 =25m
Interest expense for the year: 1500 * 0.08= 120m
Now lets substitute values in the formula mentioned above:
Income before taxes: 500m - 300m - 25m - 120m
Income before taxes: 55m
Income after taxes; 55m - 22m (taxes= 55*40%)
Net income= $33 million
