Answer:
Explanation:
The closing entry of the income summary account is shown below:
Income summary A/c Dr $81,300
To Retained Earning A/c $81,300
((Being the difference is credited to retained earning))
The retained earning balance is calculated by taking a difference between:
= Annual revenues - Expenditure
= $185,000 - $103,700
= $81,300
The income summary should always be closed after closing of revenue and expenditure account.
Answer:
$5,000
Explanation:
Calculation for what the Sales Tax Payable will be:
Sales Tax Payable=5% sales tax*Account balance $100,000
Sales Tax Payable=$5,000
Therefore the Sales Tax Payable will be: $5,000
Answer:
I couldn't find any possible options, but if Mel wants to expand collaborative involvement between companies, he should try to make them work together.
Mel is probably trying to sell a new software or technological device to his client, and in order to try to convince the client that his offer is the best, he could suggest that the engineers from his company work together with the engineers of the buying company in order to solve any issues or doubts that may exist. This doesn't necessarily mean that they have to come together and work side by side, now you can work together using Skype of other communications app.
