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
adelina 88 [10]
2 years ago
14

Why does a company need to close its accounting books? Select one: a. Training in the system is finished. b. Storage space is li

mited. c. Companies need to zero out certain accounts to start anew for the next period. d. Certain financial statements take too much time.
Business
1 answer:
Illusion [34]2 years ago
5 0

Answer:

Correct option is (c)

Explanation:

Organizations empty all temporary accounts at the end of the year and transfer the balance to retained earnings. Permanent accounts on the contrary, are not closed at the end of the year. They are carried forward to the next year.

As such, companies need to close accounting books at the end of the year as these temporary accounts are closed. Some temporary accounts are revenue and expenses.

You might be interested in
URGENT!! NEED ANSWER ASAP<br><br> The FBLA is only for students still in school.<br> True<br> False
AleksAgata [21]

Answer: False

Explanation: They have a division for college students , parents and educators.

5 0
3 years ago
Suppose that there are 50 firms in a monopolistically competitive industry in country A and 50 firms in the same monopolisticall
blondinia [14]

Answer:

The total number of firms in this industry will decrease in the long run because  increased competition will mean lower profit margins which will lead to some firms earning sub normal profits which will force them to leave the industry.

Explanation:

3 0
3 years ago
Which of the following are automatically withheld from paychecks?
Dimas [21]
Taxes are automatically withdrawn from paychecks.
4 0
3 years ago
The main reason for the bank mortgage collapse of 2007 can be traced to
lorasvet [3.4K]
The djdjdjdjdjdjfjfjfjdndndndjdjejsjwjsjse is b
3 0
3 years ago
Arantxa corporation has outstanding 20,000 shares of $5 par value common stock. on august 1, 2014, arantxa reacquired 200 shares
nexus9112 [7]

The journal entries to record these transactions of Arantxa corporation using the cost method are given below.

<h3>How do you define journal entries?</h3>

The journal entry can encompass numerous recordings, every of that's both a debit or a credit. The act of maintaining or making statistics of any transactions both financial or non-financial is referred to as journal entries.

The missing information in the question can be given below:

On November 1, Arantxa reissued the 200 shares at $70 per share. Arantxa had no previous treasury stock transactions. Prepare Arantxa's journal entries to record these transactions using the cost method.

As per the given information,

The journal entries for the given information are as follows:

Treasury A/c   Dr.  $16,000

          To Cash                   $16,000

Cash                       $14000

Retained Earnings $2,000

       To Treasury stock                      $16,000

Hence, the journal entries recording the given transaction relating to treasury stock are explained above.

Learn more about journal entries here:

brainly.com/question/23156395

#SPJ1

6 0
2 years ago
Read 2 more answers
Other questions:
  • Which act requires that financial institutions must provide a privacy notice to each consumer that explains what data about the
    9·1 answer
  • Assume that a new project will annually generate revenues of $2 million. Cash expenses including both fixed and variable costs w
    9·1 answer
  • Prepare journal entries for each of the following
    7·1 answer
  • Why are primary and secondary markets governed by regulating bodies?
    6·2 answers
  • What are goods or services state taxes provides
    13·1 answer
  • Read the following scenario. Then in the table below, match each of the activities to the management by objectives step it repre
    15·1 answer
  • Which of the following production costs, if expressed on a per unit basis, would be most likely to change significantly as the p
    14·1 answer
  • Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10.
    11·1 answer
  • Cameron visits a sporting goods store to buy a new set of golf clubs. He is willing to pay $750 for the clubs but buys them on s
    5·1 answer
  • you are writing a long, complex document in which you need to explain a series of events that led to a problem, evaluate several
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!