Answer:
a debit balance of $1,300
Explanation:
Generally in the income statement, a net profit is the excess of income over expenses during a given period and this will give a credit balance in the income statement, but this will be a debit balance in Income Summary to close the account.
On the other hand, a net loss is the excess of expenses over income during a given period and this will give a debit balance in the income statement, but this will be a credit balance in Income Summary to close the account.
Since Camera Obscura Enterprises made a net profit of $1,300 in the month of June, the balance in Income Summary will therefore be a debit balance of $1,300.
Answer:
Explanation:
Consumption $ 670
Investment $ 0
Government Purchases $ 0
Imports $ 1200 (40 bottles * $30)
Exports $ 1000 (200 plugs * $5)
Net Exports $ (200). This is negative as imports are greater than exports.
Gross Domestic Product (GDP) $470.
{GDP formula : Consumer expenditure + Investment expenditure + Government expenditure + Total exports - Total imports.
GDP: 670 + 1000 - 1200 = 470}
Answer:False
Explanation:
It wouldn’t run with out them
Answer:
C) Cost of ending work in process inventory Cost of units transferred out
Explanation:
The cost reconciliation wil lbe as follows:
Total to account for:
Beginning work in process inventory 2
Cost added during the period 8
10
Cost accounted for as follows:
Cost of units transferred out 7
Cost of ending work in process inventory 3
10
Which makes statement C correct.
