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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.

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Emmy worked late nights at a convenience store. One night, Emmy discovered that the ""emergency alert"" security system was not
Margaret [11]

Answer:

The correct answer is letter "A": for negligence because the harm was foreseeable.

Explanation:

In Law, foreseeability is a concept related to what the proximate causes could be after an event. The concept is helpful to determine the limit of liability according to the primary event that happened and the type and manner of harm. The harm caused by rescuers like firefighters and negligence of health care providers like doctors and nurses is considered foreseeable.

<em>In Emmy's case, the repeated thefts to the store where she works while having a nonfunctioning alarm (negligence) make the store owner liable for the injuries caused by a perpetrator who broke Emmy's leg during a robbery since that event was foreseeable.</em>

6 0
3 years ago
An economy is operating with output $300 billion above its natural level, and fiscal policymakers want to close this expansionar
topjm [15]

Answer:

$120 billion

Explanation:

Economy operating at $300 billion above its natural level of output.

Marginal propensity to consume, MPC = 3/5 = 0.6

For closing this expansionary gap, the government have to decrease its spending by the amount calculated as follows:

Spending multiplier:

= 1/ (1 - MPC)

= 1/ (1 - 0.6)

= 1/ 0.4

= 2.5

Hence, the government spending reduces by

= Expansionary gap ÷ Spending multiplier

= $300 ÷ 2.5

= $120 billion

4 0
3 years ago
Follow = Multiple thanks ​
Liono4ka [1.6K]

Welcome welcome welcome

6 0
3 years ago
XYZ Co. has forecasted June sales of 400 units and July sales of 700 units. The company maintains ending inventory equal to 125%
Gnesinka [82]

Answer:

775 units

Explanation:

By forecast,

June sales = 400 units

July sales = 700 units

if ending inventory equal to 125% of next month's sales

Then June's ending inventory = 125% × 700

                                                  = 875 units

May's ending inventory = 125% × 400

                                       = 500 units

Opening inventory + production - sales = closing inventory

Using the formula above, where p = production

500 + p - 400 = 875

p = 875 - 100

p = 775

Production required for June is 775 units.

7 0
3 years ago
5. What is the difference between your assets and your liabilities known as?
miskamm [114]

Answer:

The difference between your assets and your liabilities is known as either your profit or loss.

6 0
2 years ago
Read 2 more answers
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