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gtnhenbr [62]
3 years ago
13

The first two closing entries to the Income Summary account indicate a debit of $57,750 and a credit of $69,700. The third closi

ng entry would be: Multiple Choice debit Income Summary $11,950; credit Drawing $11,950. debit Revenue $69,700; credit Expenses $57,750. debit Income Summary $11,950; credit Capital $11,950. debit Capital $11,950; credit Income Summary $11,950.
Business
1 answer:
zhenek [66]3 years ago
8 0

Answer:

The correct answer is C

Explanation:

Closing entry is defined as the journal entry which is passed or made the end of the accounting period or year, which involves shifting of the data from the temporary accounts on the income statement to the permanent accounts on the balance sheet of the company.

The third closing entry which is to be recorded is as:

Income Summary A/c................................Dr   $11,950

        Capital A/c................................................Cr  $11,950

Being the closing entry has been recorded

Working Note:

Amount = $69,700 - $57,750

= $11,950

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Due to budget restrictions, a business school could afford to hire only one new faculty member for the next academic year. Howev
kakasveta [241]

The correct answer would be, Compromise.

After a lengthy discussion, it was decided that the budget would be hired for the next year. In this situation, Compromise strategy of conflict management is used.  

Explanation:

In simple words, Conflict Management is the management of Conflict between two parties, or between two issues. In this process, the negative aspects of the issue are lowered while positive aspects are being highlighted.

Compromise is that strategy of Conflict Management in which a settlement is made below the desired standards in order to resolve the conflict.

So when temporary faculty is hired in the school instead of the need of permanent faculty, due to the shortage of budget, Compromise Strategy of Conflict Management is being used.

Learn more about Conflict Management at:

brainly.com/question/12441613

#LearnWithBrainly

3 0
4 years ago
In 2010, real GDP was $13.2 trillion and nominal GDP was $14.6 trillion. What was the GDP deflator for that year?a. 9.6% lower b
serg [7]

Answer:

d. 10.6% higher

Explanation:

Given that;

Real GDP = $13.2 trillion

Nominal GDP = $14.6 trillion

GDP deflator = (Nominal GDP/Real GDP)× 100)

Hence,

GDP deflator = (14.6 / 13.2 ) × 100

GDP deflator = 110.6%

Thus,

= 110.6 - 100

= 10.6% higher

5 0
3 years ago
Support Department Cost Allocation-Direct Method Charlie's Wood Works produces wood products (e.g., cabinets, tables, picture fr
aivan3 [116]

Answer:

a. 56%

b. 62%

Explanation:

a. Janitorial costs are allocated based on square feet.

Assembly Department Square feet = 42,560

Total area for both departments = 42,560 + 33,440 = $76,000

Percentage of costs

= 42,560/ 76,000

= 56%

b. Security costs are allocated based on asset value.

Cutting Department Asset Value = $126,480

Total asset value for both departments = 77,520 + 126,480 = $204,000

Percentage of costs

= 126,480/ 204,000

= 62%

8 0
3 years ago
Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the followi
Airida [17]

Answer:

$555,900

Explanation:

To determine the FVI amount that should be recorded, all closing costs must be added to the initial purchase price of the land

∴ = $490,000 + $29,000 + $1,900 + $6,000 + $29, 000

 =$555,900.

4 0
4 years ago
One-third of the work related to $30,000 cash received in advance this period is performed. What is the
Free_Kalibri [48]
The answer to this question is
7 0
3 years ago
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