1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable?
Alex17521 [72]
When a qualified plan starts making payments to its recipient the gains are taxable. Gains are the profit/return that are made from an investment. A gain can be something you make from a sale or or inheritance. Gains are typically taxed in a higher tax bracket as well. 
4 0
3 years ago
The competitive firm's short-run supply curve is its A. marginal cost curve. B. marginal cost curve, but only the portion above
Lilit [14]

Answer:

B. marginal cost curve, but only the portion above the minimum of average total cost.

Explanation:

  • A competitive firms short-run supply curve is a segment of the marginal cost and lies above the average variable costs and if a short run firm decides to shut down its prices of the goods is less than the average variable costs of production.
5 0
3 years ago
What did launching the birthday cake oreo tell nabisco about the market?
sveta [45]

Answer:

It gives the child more protection so like say we didn't have seat belts then you got into a car accident then you would fly forward and if you had a seatbelt it wouldn't make you fly forward.

Explanation:

3 0
2 years ago
Read 2 more answers
Within a PPF framework, explain each of the following:_______.
ra1l [238]

<u>Explanation:</u>

a. <em>Remember</em>, the PPF (Production Possibility Frontier) framework allows for the selection of a preferred choice as regards budget spending. Hence, in such a situation, it calls for a choice to be made.

b. According to the PPF framework, where there is an increase in the population, it is expected that such change would result in an increase in the labor force capacity; and ultimately leading to an upward shift in the PPF curve. Thereby, increasing the overall production of the economy.

c. Within the PPF framework, a technological change that makes resources less specialized will result also result in an upward shift in the PPF curve.

3 0
2 years ago
What is the major difference between the unadjusted trial balance and the adjusted trial balance?
Dahasolnce [82]

A. the adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts.

The adjusted trial balance includes things like accrued revenues that weren't yet recorded, depreciation, unearned revenues and more.

8 0
2 years ago
Other questions:
  • Felicia knits scarves and sells them to her friends. The first week, she knits four scarves and sells three for $50 each. The ne
    15·2 answers
  • During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the f
    8·1 answer
  • Trim Corporation acquired 100 percent of Round Corporation’s voting common stock on January 1, 20X2, for $400,000. At that date,
    13·1 answer
  • The world’s largest bank. Deutsche Bank set as its objective to make its name more recognizable in the United States. The succes
    14·1 answer
  • Can Europe's debt crisis be contained?
    14·1 answer
  • Natalie walks by a bakery, and her first response to the aroma coming from the store is a desire to eat something sweet and deli
    14·1 answer
  • Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict
    9·1 answer
  • The formula for accounts receivable turnover is computed as _____ divided by average accounts receivable, net.
    13·1 answer
  • Covan, Inc. is expected to have the following free cash​flow:
    10·1 answer
  • project x has an initial cost of $20,000 and a cash inflow of $25,000 in year 3. project y costs $40,700 and has cash flows of $
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!