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Alex_Xolod [135]
3 years ago
11

The closing process is necessary in order to

Business
1 answer:
goldfiish [28.3K]3 years ago
5 0

Answer:

The closing process is necessary in order to confirm that net income or net loss and owner withdrawals for the period are closed into the owner's capital account.

Explanation:

Most economies around the world follow a specific accounting period which is commonly referred to as financial year or tax year. Before a new financial year begins, the accounts from the ongoing financial year have to be closed legitimately through a process called the 'closing process'. This process culminates in confirming that the net income secured or the net loss bore by the owner is included in no other account than the owner's capital account.

In order to carry out the closing process, the accountant has to commence with identifying the accounts that are required to be closed with or before the ending of the predefined financial period. He then has to record the last entries in these accounts as 'closing entries'. Once the accounts are closed, he has to calculate the trial balance and interpret the outcome. Closing of temporary accounts through a valid closing process dispenses the ease of calculating profit and loss in any given financial period coming to end.

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which costs of inflation could the government reduce without reducing inflation? a. arbitrary redistributions of wealth b. shoel
Ilya [14]

Answer:

A is the correct answer.

Explanation:

Inflation causes an arbitrary redistribution of wealth and income. Unexpected inflation is responsible for it. The redistribution of income is caused because the wages and salaries increase rapidly the prices.  and other wages and salaries slowly than the price level. The increase in the prices of some assets more rapidly than the price level while the asset prices increase slower than the price level causes the redistribution.

4 0
3 years ago
JOURNAL ENTRIES<br>cash withdrawn by the owner for private use Rs. 25000 <br>PLEASE HELP . ​
alexandr1967 [171]

Answer:

he withdrw 25,000

Explanation:

5 0
3 years ago
Read 2 more answers
TB MC Qu. 08-152 Minor Company installs a machine... Minor Company installs a machine in its factory at the beginning of the yea
Neko [114]

Answer:

The correct answer is "$54000".

Explanation:

According to the question,

Annual depreciation rate will be:

= \frac{100 \ percent}{5}

= 20 (%)

hence,

The depreciation as per double decline will be:

= 2\times Annual \ depreciation \ rate\times Beginning \ value

By putting the values, we get

= 2\times 20 \ percent\times 135000

= 54000 ($)

5 0
3 years ago
Net sales revenue for 2024 was and for 2025 was . what is the percentage of increase or decrease in net sales revenue for the tw
polet [3.4K]

The percentage of increase or decrease in net sales revenue  a decrease is 15.45%

Sales in 2024 = $110000

Sales in 2025 = $93000

Decrease in sales between two periods = ($110000 - $93000) = $17000

Percentage of decrease in sales = [($17000 / $110000 Base year) X 100]

=> 15.45% decrease in net sales revenue from 2024 to 2025

Net sales are gross sales generated by the business, excluding returns, rebates, and rebates. This number is used by analysts when making business decisions or analyzing a company's revenue growth.

Total sales are not adjusted for returns, rebates, and rebates. The earnings reported on the top line of a company's income statement are net earnings. Net sales are also known as net sales, net sales, or sales.

Revenue is the total amount of revenue from sales for a specific period. Quarters. Sales may be reported as net sales as they may include discounts and deductions from returned or damaged merchandise.

Learn more about  net sales revenue here:

https://www.plagiarismremover.net/

#SPJ4

6 0
2 years ago
Shell Enterprise is a soft toy manufacturer. It sells its toys to ToySpot, a company that sells a wide range of toys to the publ
geniusboy [140]

Answer:

ToySpot in this scenario is a soft toy retailer; this means it deals with customers directly and at the same location.

4 0
3 years ago
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