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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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How many people can fit into the pentagon, which was once the largest office building in the world? assume that everybody must b
ioda

The Pentagon is the world's largest office building, with about 6,500,000 sq ft (600,000 m2) of space, of which 3,700,000 sq ft (340,000 m2) are used as offices. Some23,000 military and civilian employees, and another 3,000 non-defense support personnel, work in the Pentagon.

Further Explanation:

5 sides to the Pentagon:

The structure was initially intended to fit onto a tract of land with fringes on five sides. At last, it was constructed somewhere else, at a site where a pentagonal shape was never again basic. Be that as it may, when of this area change, it was past the point where it is possible to think of another plan. So it stayed a pentagon.  

What occurs at the Pentagon:  

The Pentagon is the central command of the United States Department of Defense. As an image of the U.S. military, the expression The Pentagon is frequently utilized as a metonym for the Department of Defense and its administration.  

Pentagon without a visit:  

You needn't bother with a ticket to enter the remembrance and there is no security check, however officials of the Pentagon Police power are on obligation and can do spot checks whenever.

Subject: business

Level: High School

Keywords:  5 sides to the Pentagon, What occurs at the Pentagon, Pentagon without a visit.  

Learn more about evolution on:

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3 0
3 years ago
Read 2 more answers
"A customer owns 200 shares of ABC, purchased 2 years ago at $50 per share. The current market value of ABC stock is $60 per sha
kirza4 [7]

Answer: The donor may incur a gift tax liability. Also, the cost basis will be $50 per share to the recipient of the gift.

Explanation:

From the question, we are informed that a customer owns 200 shares of ABC, that were bought 2 years ago at $50 per share and that the current market value of ABC stock is $60 per share.

If the customer gifts the stock to his son, the result is the donor may incur a gift tax liability. Also, the cost basis will be $50 per share to the recipient of the gift.

7 0
3 years ago
Umbridge Purses Unlimited sells purses with a sales price of $35 each. Each purse costs the company $20 to produce, and the stor
aivan3 [116]

Answer:

Break-even point in units= 20,000 units

Explanation:

Giving the following information:

Selling price= $35

Unitary variable cost= $20 t

Total fixed cost= $300,000

<u>To calculate the break-even point in units, we need to use the following formula:</u>

<u></u>

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 300,000/ (35 - 20)

Break-even point in units= 20,000 units

3 0
3 years ago
Francis works for a local fly-fishing shop. The shop allows employees to purchase two fly rods per year at a discount. This year
RUDIKE [14]

The amount of discount that has to be included in Francis's income is 0.

<h3>How to solve for the discount amount</h3>

The amount of the discount - sales price

= 300 - 250

= $50

This is the discount when it is sold to employees

Next we solve for the gross profit as

sales price x gross profit rate

= 300 x 30%

= 90

Given the amounts that we have here we have to conclude that the amount to be included in the account is 0

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6 0
2 years ago
Careers in the Transportation and Logistics career cluster are
saul85 [17]

Answer:

B)secure industries that are expected to grow.

Explanation:

The other person was right but just accidently said A) instead of B)

Hope this helps! :D

8 0
2 years ago
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