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
ella [17]
3 years ago
15

Closing the Accounts of a Merchandiser From the following list, identify the accounts that should be closed to Income Summary at

the end of the fiscal year under a perpetual inventory system. From the dropdown, select "Yes" if the account is closed to Income Summary and "No" if it is not. a. Accounts Payable b. Advertising Expense c. Cost of Merchandise Sold d. Dividends e. Merchandise Inventory f. Sales g. Supplies h. Supplies Expense i. Wages Payable
Business
1 answer:
mixer [17]3 years ago
8 0

Answer:

Advertising Expense , Cost of Merchandise Sold , Merchandise Inventory, Sales,Supplies Expense are closed to income summary account. Revenues and expenses are closed to Income Summary.

Explanation:

Closing Entries

a. Accounts Payable:  No it is not closed to income summary account.

b. Advertising Expense:  Yes it is  closed to income summary account.

c. Cost of Merchandise Sold: Yes it is  closed to income summary account.

d. Dividends : No these are closed To Retained Earnings Accounts.

e. Merchandise Inventory : Yes it is  closed to income summary account

f. Sales Yes it is  closed to income summary account

g. Supplies:  No prepaid supplies are an asset account and it is included balance sheet.

h. Supplies Expense: Yes it is  closed to income summary account

i. Wages Payable: Not closed in the income summary account.

These are liabilities and included in the balance sheet.

You might be interested in
Which of the following are the three major categories of resources?
geniusboy [140]

Answer:

E. Natural resources, Physical capital and Human capital

Explanation:

The above are the three major categories of resources because natural resources such as air, water etc are given by nature thus essential and constitute an important part of resources. Also, physical capital such as buildings, assets, motor vehicles etc are owned by a business or an organization to carryout daily business activities hence one of the major categories of resources.

Human capital is responsible for employing people to manage and control the natural resources and physical capital.

4 0
3 years ago
What types of behavior are considered discriminatory, harassment, and workplace violence?
arlik [135]
Verbal/ Written
Physical
Visual
4 0
3 years ago
Which security procedure is being demonstrated if an administrator is using Wireshark to watch for specific inbound and outbound
REY [17]

Answer:

The correct answer is firewall monitoring.

Explanation:

Only implementing the necessary security tools (Firewall and other security devices) in itself will not secure your network, since the security data of the tools should be analyzed and the security information extracted should be informed or alerted to ensure that the network is secure. Therefore, the analysis of Firewall logs and other logs of security devices is vital to network security.

Firewall logs provide a lot of information about security threats attempts at the periphery of the network and about the nature of incoming and outgoing traffic from the firewall. The analyzed firewall log information provides administrators with real-time data about security threats attempts so that they can quickly initiate a remediation action. It allows you to plan your bandwidth requirement based on its use in all firewalls. The analysis of firewall security logs plays an important role in the assessment of business risks. The analysis of firewall traffic logs is vital to understand the use of bandwidth and network. OpManager, in addition to monitoring the network, also analyzes firewall logs and offers many features that help in the collection, analysis and generation of reports about firewall logs.

5 0
2 years ago
Cash flows of two mutually exclusive projects are as follows. Project A costs $80,000 initially and will have a $15,000 salvage
son4ous [18]

Answer:

C. The present worth of project A is -$143,252.17

Explanation:

Present worth can be calculated using a financial calculator

For method A ,

Cash flow in year 0 = $80,000

Cash flow in year 1 and 2 = $30,000

Cash flow in year 3 = $30,000 - $15,000 = $15,000

I = 10%

Present worth= $ 143,335.84

For method B,

Cash flow in year 0 = $120,000

Cash flow in year 1 and 2 = $8, 000

Cash flow in year 3 = $8,000 - $40,000 = $-32,000

I = 10%

Present worth = $130,157.78

Method b would is chosen because it worth less.

To find the present worth using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

4 0
3 years ago
What is the effect of limited supplies? *
Liula [17]

Answer:

higher prices

Explanation:

supply and demand (I think)

4 0
3 years ago
Other questions:
  • Doris's Fashions has just signed a $2.2 million contract. The contract calls for a payment of $0.6 million today, $0.8 million o
    6·1 answer
  • Hey guys its emogoth i needed to make a new one
    5·1 answer
  • Last summer the price of gasoline changed frequently. one station owner noticed that the number of gallons he sold each day seem
    8·1 answer
  • According to mcardle, when the boomers are fully retired, there will be how many workers per retiree?
    11·1 answer
  • Last​ year, the price of steak was ​$4 per pound and the price of salmon was ​$5 per pound.       This​ year, the price of steak
    9·1 answer
  • Say you take out a loan with a principal of $44,500. The interest rate is 13.11%, compounded monthly. If you make consistent mon
    7·2 answers
  • Using this table, calculate the marginal cost of each of
    10·1 answer
  • How do those who study workplace ergonomics help decrease workplace injury?.
    6·1 answer
  • Construction work is much riskier than working as a server at a restaurant. as a result, we'd expect a difference in wages betwe
    10·1 answer
  • Known as ____________________________________________ these ethical standards emphasize preventing unlawful behavior by increasi
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!