Answer:
The first closing entry transfers credit balances in revenue ( and gain ) accounts to the income summary accounts.
Dec 31 Fees Earned $56,000 Dr
Income Summary $56,000 Cr
We bring account credit balances to zero by debiting them. The entry closes revenue accounts and leaves them with zero balances. The accounts are now ready to record revenues when they occur in the next period.
Answer:
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Vision, decision-making style, and delegation.
Answer:
Incremental sales= $586,100
Explanation:
Giving the following information:
It is considering adding a lower-priced line of handbags that sell for $79 each. The firm estimates it can sell 21,000 of the lower-priced handbags but expects to sell 7,200 less of the higher-priced handbags by doing so.
We need to consider not only the incremental sales of the lower-priced but also the decrease in the higher-priced handbags.
Low-priced= 21,000*79= $1,659,000
Canibalized sales= 7,200*149=(1,072,900)
Incremental sales= $586,100
