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
Grace [21]
3 years ago
15

In preparing closing entries

Business
2 answers:
mrs_skeptik [129]3 years ago
6 0

Answer:

a. each revenue account will be credited.

Explanation:

In accrual accounting revenues and expenses are realised and recorded when the revenues are earned or when expenses are incurred.

Temporary accounts are used to store balances from the revenue or expense activities of a business.

Eventually these accounts are closed out to permanent revenue and expense accounts. Revenues are credited to reflect income earned, and expenses are debited to reflect costs incurred.

Elanso [62]3 years ago
4 0

Answer:

B) each expense account will be credited.

Explanation:

Revenue and expense accounts are temporary accounts since they basically show how the company operated during the year and must be rest for the next accounting period.

First all revenue and expense accounts must be closed to an income summary account. Expense accounts are closing by crediting them and revenue accounts are closed by debiting them.

Then the income summary account and the dividends account must be closed to retained earnings. The only "permanent" account in this sequence is retained earnings that is part of shareholders' equity.

You might be interested in
A wholly owned subsidiary is appropriate when the firm wants Multiple Choice 100 percent of the profits generated in a foreign m
bezimeni [28]

Answer:

A wholly owned subsidiary is appropriate when the firm wants

100 percent of the profits generated in a foreign market.

Explanation:

100 percent ownership means 100 percent taking of the whole profits or losses generated by a company's subsidiary.  It is only when a subsidiary is not wholly owned that the profits or losses generated by the subsidiary can be shared.  When a company can afford it, they can take 100 percent ownership so that they can control the company wholly without any interference because ownership dictates control.

7 0
3 years ago
Business and the Bill of Rights, Thomas worked in the non-military operations of a large firm that produced both military and no
EastWind [94]

Answer:

1.beliefs, actions

2.continue, receive

3.quit voluntarily, be terminated

4.terminate

5.violate

6.violate

7.did

Explanation:

The summary of the the composition above is about thomas who worked for non military arm of his company. He was then transferred to the military arm that specialises in the production of equipments for war.

Thomas then felt this was against his religious beliefs, and he reacted by by resigning from hi job. He applied for unemployment compensation with state but was denied.

This is against the rights of individuals irrespective of there beliefs

the following answers should suffice for the questions.

1.beliefs, actions

2.continue, receive

3.quit voluntarily, be terminated

4.terminate

5.violate

6.violate

7.did

3 0
3 years ago
To help fund his start-up business, Marc charged $400 worth of goods on his credit card. On his first bill, he was not charged a
Bogdan [553]

Answer:

$7.96

Explanation:

the first month's principal balance = $400 (initial purchase) - $20 (first payment) = $380

the second month's principal balance = $380 (carried over) + $18 (second purchase) = $398

the interest charged on the second month's principal = $398 x 2% = $7.96

7 0
3 years ago
Read 2 more answers
1. Albacore Corporation purchased a new machine costing $27,600 on January 1, 2017. The machine is expected to have a $1,800 sal
docker41 [41]

Answer:

Annual depreciation= $4,300

Explanation:

Giving the following information:

Purchasing price= $27,600

Salvage value= $1,800

Useful life= 6 years

To calculate the depreciation expense using the straight-line method, we need the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (27,600 - 1,800) / 6= $4,300

7 0
3 years ago
Misterio Company uses a standard costing system. During the past quarter, the following variances were computed:
kotykmax [81]

Answer:

1. Total hours allowed = 40,000

  Actual direct labour hours worked = 52,000.

2. Standard hourly rate = $10

   Actual rate = $10.2

3. Actual output= 20,000 units

Explanation:

The variable overhead efficiency variance in hours= variable overhead efficiency variance in Dollar/Variable overhead standard rate

= $24,000/$2= 12,000 hours unfavorable

Let the actual hours be V

Let the standard hours for the actual output achieved be = V

The actual hours worked = 130% of the standard hours allowed

Actual hours =130% × V = 1.3V

1.3V - V= 12,000

V=12000/0.3=40,000

Total hours allowed = 40,000

Actual labour hours= 130%× 40,000=52,000

Total hours allowed = 40,000

Actual direct labour hours worked = 52,000.

Standard labour rate =

Labour effciency variance in Dollar /Labour efficiency variance in hours

= 120,000/12,000=$10

Standard hourly rate = $10

Rate variance = (Actual rate - standard rate)× Actual hours

Let the actual rate be = Y

      10,400   = ( Y - 10) × 52,000

10,400= 52000Y- 520,000

Y= (520,000 + 10,400)/52,000=10.2

Actual rate = $10.2

Standard labour hours for actual output = Actual output × standard hours

Let the actual output be = m

40,000 = m × 2

m= 40,000/2= 20,000 units

Actual output= 20,000 units

3 0
3 years ago
Other questions:
  • ________ determines the criteria for supplier selection and adds and removes suppliers from the list of approved suppliers. The
    7·2 answers
  • Your company has two​ divisions: One division sells software and the other division sells computers through a direct sales​ chan
    8·1 answer
  • The new-product process stage of market testing involves which two of the following? Exposing actual products to prospective con
    9·1 answer
  • Suppliers are more likely to be powerful relative to the firms to which they sell their goods and services if: 1) differentiatio
    7·1 answer
  • One thirds of the checking accounts at the community bank earns interest. If 2,500 accounts are of this type, how many total acc
    5·1 answer
  • Some of the most common applications of real options are with property and insurance. A real estate option grants the holder the
    7·1 answer
  • Which examples demonstrate common qualifications for Security and Protective Services careers? Check all that apply.
    12·2 answers
  • Green Field Potatoes Co. sells a by-product of its potato processing operation, called a filter cake, to area feed-lots as cattl
    9·1 answer
  • The broker has noticed that a great number of people who are buying in the neighborhood where his listing is located speak Russi
    13·1 answer
  • in some industries, technology drives globalization because the economies of scale necessary to reduce costs cannot be met by co
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!