If after preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $25,000. the entry to close the income summary account will be: a debit of $25,000 to owner capital.
<h3>Income summary</h3>
The debit balance of the amount of $25,000 in the income summary indicate that the company expenses is higher than the revenues generated by the company by $25,000.
Based on this the loss incurred will be taken out of the company owner's equity account by reducing it through a debit entry.
Therefore the income summary account has a debit balance of $25,000. the entry to close the income summary account will be: a debit of $25,000 to owner capital.
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Answer:
This is a red flag for predatory lending AND mortgage fraud.
Explanation:
Considering the situation above, the statement that BEST describes the situation above is that "This is a red flag for predatory lending AND mortgage fraud."
This is because the act of cheating or fraudulent pursuits of some lenders during the loan process is known as predatory lending, in which lying during loan application is part of it.
Also, fraudulent activities such as misstatement, misrepresentation, or omission about a mortgage loan process are considered a mortgage fraud
Answer and Explanation:
Company employee can sign the contract on its behalf only if he/she has the authority to do so. In such case, the contacts does not come with personal liability but liability to an organization. Since my name is followed by the company name on the contract, it becomes the contact for the company. It is implied that the person who signs on the behalf of company is an authorised personnel of the company. Hence the term ' an agent for RBEY' is implied and need not be written.
Answer:
cause the cost of capital to increase.
Explanation:
In the case when there is any changed made with regard to regulatory requirements so the cost of transaction that attached with the securities would rise by $1 each share this change will cause an increase in the cost of capital as if there is any transaction that associated with the corporate securities so this would be covered under the cost of capital
hence, the last option is right
