Entry to close the income summary account at the end of the year:
At the time of closing the Income Summary account, the Income Summary account is debited and Retained earnings account is credit with the amount of Net Income. Net Income can be calculated as follows:
Net income = Revenue – Expenses = 201,000-111,700 = $89,300
Hence the entry to close the income summary account at the end of the year shall be as follows;
Income Summary Debit $89,300
Retained earnings Credit $89,300
Answer:
would be considered collusion.
Explanation:
Collusion refers to an illegal agreement between two or more businesses that decide to cooperate together by setting prices or production quotas. This businesses should naturally compete against each other, not team up to charge higher fees. Collusion is illegal because it leads to unfair market advantages because they negatively affect competition.
A comparison of the subsidiary accounts to the schedules of accounts payable will help the accountant to <u>A. prove the accounts payable accounts at the end of a period.</u>
<h3>What is a Subsidiary Account?</h3>
A subsidiary account tracks the information of certain transactions in detail. Some of the most important subsidiary accounts include accounts receivable and accounts payable.
Thus, by comparing the subsidiary accounts to the schedules of accounts payable, an accountant proves the existence and completeness of the accounts payable balance at the end of a period.
Learn more about subsidiary accounts here: brainly.com/question/4656883
Answer:
the marginal propensity to consume is 0.75
Explanation:
The computation of the marginal propensity to consume is shown below:
MPC = Change in consumption ÷Change in disposable income
where,
The Change in consumption is 1500
ANd, the Change in disposable income is 2000
So,
MPC is
= $1,500 ÷ $2,000
= 0.75
hence, the marginal propensity to consume is 0.75
Answer:
If I were to start a business, I will choose Sole Proprietorship.
Explanation:
Reasons why I will choose Sole Proprietorship
* I will be the sole owner and responsible for my business.
* All profits (and loss) will belong to me, means the more I work harder, the more return I (alone) will get.
* I can make all the decisions by myself, without the interference of any other person.
* I can expand my business as per my convenience and hard work, if I succeed I can eat all the fruits myself.
* I can grow my business as much I want.
* No one will be my boss, I will be setting my own working hours and work load etc.