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ZanzabumX [31]
3 years ago
11

Rider Company is in the process of preparing it closing entries. It first closes its revenue accounts by crediting the Income Su

mmary account for $68,000 and then, closes its expense accounts by debiting the Income Summary account for $45,000. The entry to then close the Income Summary account is __________.
Business
1 answer:
Olin [163]3 years ago
4 0

Answer:

Dr Income summary 23,000

    Cr Retained earnings 23,000

Explanation:

The income summary is a temporary account created to close the income statement and expense accounts. It has a credit balance if the company made a profit during the year, or a debit balance if it lost money.

It must be closed to retained earnings, if the company generated profits, retained earnings will increase. On the other hand, if the company generated losses, retained earnings will decrease.

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Anna began with a balance of $86.54 in her checking account this month. she deposited $275.88 and wrote checks for $123.70, $66.
WINSTONCH [101]

your answer is $198.78 dollars

8 0
3 years ago
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On July 27, 2018, shareholders of the Walt Disney Company and 21st Century Fox agreed to a $71.3 billion purchase plan that gave
LenaWriter [7]

Answer: expanding into additional businesses that unlock possibilities for a comprehensive cost enhancement strategy.

Explanation:

The options include:

purchasing a powerful and well-known brand name that could be transferred to the products of other businesses and thereby used as a lever for driving up the sales and profits of such businesses.

opening up new avenues for reducing costs by diversifying into closely related businesses such as direct-to-consumer streaming of media content.

leveraging existing resources and capabilities by expanding into related industries where these same resource strengths were key success factors and valuable competitive assets.

expanding into additional businesses that unlock possibilities for a comprehensive cost enhancement strategy.

expanding into industries whose technologies and products complemented its present media and entertainment businesses.

The least likely among Disney's considerations in completing its acquisition of Fox will be the expansion into additional businesses that unlock possibilities for a comprehensive cost enhancement strategy.

4 0
3 years ago
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Select the items that describe what happens at the equilibrium price. Producers supply the exact goods that consumers buy. Consu
Mekhanik [1.2K]

The items that describes what happens at the equilibrium price are:


Producers supply the exact goods that consumers buy.

Consumers have enough goods, at the given price.

Producers used their resources efficiently.

Equilibrium pricing is when the items demanded match the items supplied. When this happens, the demand and good available equal each other, hence, equilibrium. The pricing is exactly where it should be for consumers to want and purchase the good or service.

6 0
3 years ago
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Benchmarking: allows industry participants to develop industry-wide standards. synchronizes the business processes of customers,
BabaBlast [244]

Answer:

compares the efficiency and effectiveness of your business processes against strict standards.

Explanation:

Benchmarking is a process of measuring the performance of a company’s products, services, or processes against those of another business considered to be the best in the industry, aka “best in class.” The point of benchmarking is to identify internal opportunities for improvement.

7 0
3 years ago
In one of the case studies in the textbook, Ernie Phillips was a CPA who had fallen on hard times both financially and personall
olga_2 [115]

Answer:

The fraud was discovered Option D: The operations manager found a check made payable to Phillips while searching Phillips' desk for some accounting records.

Explanation:

In the given case study, Ernie Phillips had got a job as a 'controller'. He had started writing checks to himself other than the payroll checks.

This fraud can be discovered when the operations manager found a check on Phillips desk which was payable to himself and it was other than the payroll check. Thus, Option D is the statement as an answer.

Cancelled checks do not have to do anything with the fraud, as per Option A, because cancelled checks are never cleared in the bank. The receiver doesn't usually receive a call before check clearance. So, Option B is also incorrect. No error was there in the check as stated in Option C.

8 0
4 years ago
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