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zimovet [89]
3 years ago
5

Review and complete the following statement regarding the Income Summary account.

Business
1 answer:
torisob [31]3 years ago
8 0

Answer:

Revenues are Credited, Expenses are Debited and the difference of Revenue and Expenses is credited in the Retained Earnings.

Explanation:

The revenue and retained earnings account are credit in nature and expenses are debit in nature.

This can be Explained from the following equation:

Closing Equity = Opening Equity + (Revenue - Expenses)

Closing Equity - Opening Equity = (Revenue - Expenses)

Earnings Retained by the Company = (Revenue - Expenses)

So the difference of the revenues and expenses goes to retained earnings. If the answer of the difference is positive then the retained earnings are credited otherwise it is credited. So as I said that revenues are credit in nature so if their is profit (credit is in access of debit or in other words revenues are in excess of expenses) then the retained earnings will be credited and if their is a loss then the retained earnings account will be debited.

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"The New Age Gallery has different admission prices for students, adults, and seniors. All three groups are entitled to the same
Pani-rosa [81]

Answer:

Customer-segment pricing

Explanation:

Customer-segment pricing is a form where the price of the product is grounded on the segment of the customer. It is the segmentation of the price, where the different prices are charged to different people for the similar or the same service or the product.

In this case, the gallery has a different admission prices for seniors, adults and students and they are entitled to have a same service, this form of the pricing is known as the customer pricing segment.

3 0
3 years ago
Economist: On average, the emergency treatment for an elderly person for injuries resulting from a fall costs $11,000. A new the
madreJ [45]

Answer: <em>Option (C) is correct.</em>

Explanation:

<em>A recurrent conclusion of injuries occurred while falling is a long-term pain, medication for these are not taken in consideration among  intermediate per-person costs of emergency cure for aged or old individuals's laceration from such falls</em>, if true, will have the tendency to seriously undermines conclusion of argument given in the comprehension.

This states that argument given in the comprehension has not taken in consideration cost for medicine which overall will increase cost. Thereby with an increase in cost the given statement will become untrue since the cost of surgery and medicine combined is higher than cost, in such a case treatment would be more economical. Therefore it undermines conclusion of argument.

8 0
3 years ago
Which of the following best explains why the taxes on discontinued operations are reported separately from taxes on continuing o
Inessa05 [86]

Answer:

The statement that best explains why the taxes on discontinued operations are reported separately from taxes on continuing operations is:

The taxes on discontinued operations are not expected to recur in future years.

Explanation:

Discontinued operations refer to the cessation of some business activities or segments.  They are usually reported as a separate line item.  Therefore, all the gains and losses for that discontinued division must be reported separately on the company's income statement. The purpose is to distinguish them from those of continuing operations.

4 0
3 years ago
Suppose a family has saved enough for a 10 day vacation (the only one they will be able to take for 10 years) and has a utility
Harlamova29_29 [7]

Answer:

2 Days

Explanation:

First, there is the need to rewrite the utility function for clarity

U=V^{1/2}

1. The Probability of Falling ill by someone in the family is given as 20%

2. If someone should fall ill, the total number of days that would be spoiled is calculated as:

Total number of vacation= 10 days x Probability to fall ill = 20%

= 10 x 0.2 = 2 days

This means if someone should fall ill based on the probability, then 2 out of the total 10 days can be ruined

3. The number of days for vacation days to enjoy is 10-2 = 8 days

This means if the family gives up 2 days of probable illness, they can still enjoy their vacation.

V= 2 days

5 0
3 years ago
All of the following are types of operating costs except
makvit [3.9K]

Answer:

B. Equity Capital

Explanation:

I KNOW EVERYTHING

3 0
3 years ago
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