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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.

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Which of the following would not be listed under cash outflows in a financial plan? a. car payments b. insurance premiums c. int
Tems11 [23]

Answer:

The answer is C. interest earned

Explanation:

Cash inflow is the money going into the business while cash out is the money going out of the business.

Car payment is an outflow. Money is going out to acquire a car.

Insurance premium is an outflow. Money is going out by purchasing an insurance package.

Mortgage payment is also an outflow.

Only interest earn is an inflow. Money is coming maybe from an investment that has happened in the past.

8 0
3 years ago
Enrique was given an employment test that measured his desire to work hard and perform well at his job. This is an example of wh
UNO [17]

Answer:

The correct answer is personality.

Explanation:

Questionnaires or personality tests have been designed for the evaluation of an individual's personality. From all the definitions of personality we can conclude that personality is a construct that gives unity to all the psychological manifestations of man. These manifestations can be directly observable or external (body movements) such as indirectly observable or internal (thoughts, emotions, values, etc.).

6 0
3 years ago
Read 2 more answers
By comparing opportunity costs and gains from trade for two parties each making the same two goods, one can determine the exact
oksian1 [2.3K]

Answer:

False

Explanation:

Opportunity cost is entirely a different process which helps to determine the cost someone is willing to bear. By comparing opportunity cost gains from the trade it is not possible to get the exact exchange ratio because opportunity cost just measures the range of options someone can take. Those options can lead to benefit for both the parties.

3 0
3 years ago
What conclusions can be reached about the airline industry using the five forces framework?
Vikki [24]

To maintain steady profitability, the mega-airlines must work tirelessly. Supporting actors like airports and aircraft vendors are quite lucrative. The study examines the dynamic forces of competition and shows that strategy management of the competitive tensions is essential. Competition is shown to embody the ability to appropriate value.

Research also shows that fundamental competitive forces dictate the industry's level of intensity, and that an organization's choice of strategy can change the influence of these forces to its advantage. A series of realistic assessments of what is good and bad about present industry thinking and practises form core of the study.

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3 0
1 year ago
attan Company reports beginning inventory of 16 units at $35 each. Every week for four weeks it purchases an additional 16 units
Marat540 [252]

Answer:

Part 1  The cost of goods available for sale $3,088

Part 2 The units available for sale 80 units

Explanation:

<em>Part 1  The cost of goods available for sale</em>

Cost of goods available for sale = Opening Inventory + Purchase of Further Inventory

Calculation of Cost of goods Available for Sale :

Opening Inventory: 16 units ×$35      560

Add Purchases:

Week 1: 16 units ×$36                          576

Week 2: 16 units ×$37                         592

Week 3: 16 units ×$40                         640

Week 4: 16 units ×$45                         720

Cost of goods Available for Sale      3,088

<em>Part 2 The units available for sale</em>

Units available for sale = Opening Units + Purchase of Further Units

Opening units: 16 units

Add Purchases:

Week 1: 16 units

Week 2: 16 units

Week 3: 16 units

Week 4: 16 units

Units  Available for Sale: 80 units

4 0
3 years ago
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