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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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Which of the following statements about the marketplace of ideas is true? The British created the marketplace of ideas in the se
pentagon [3]

Answer:

Private groups and the news media play important roles in shaping opinions in the marketplace of ideas.

Explanation:

The marketplace of ideas denotes to the thought and belief of the idea that the authenticity of the truth or its acceptance depends upon the level of competition which the ideas have with one another. This is irrespective of the view that the truth has been provided by the government or by any authority.

8 0
3 years ago
Taylor & Edwards Inc. manufactures television sets. Last month, direct materials (electronic components, etc.) costing $550,
kirill [66]

Answer:

$170.24

Explanation:

The prime cost are the direct manufactured product's costs

raw materials + direct labors

Direct materials     550,000

Direct labor            880,000

total prime cost   1,430,000

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Prime Cost per unit =  cost / units

1,430,000 / 8,400 = 170.238095238 = 170.24

7 0
4 years ago
The management of a facility that manufactures parts for car brakes has a policy of testing only some of the items in each produ
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The process being employed in the scenario above is called quality control. This is a system being used in means of maintaining standards with the use of testing out samples or products in order to check and maintain the standards that has been implemented.

6 0
3 years ago
Suppose that Bobo purchases 1 pizza per month when the price is $19 and 3 pizzas per month when the price is $15. What is the pr
BabaBlast [244]
Bobo's demand curve is elastic hence his purchasing ability is easily influenced by a slight change in the price of the product
3 0
3 years ago
Your company is interested in producing and marketing a line of coffee that will penetrate the European market. Your firm is wil
Mrac [35]

A franchise can be used.

<h3><u>Explanation:</u></h3>

Franchise refers to the authorization that is given by the government for involving in commercial activities. It is the permission that is obtained legally for using the ideas, expertise and processes of some one else with their permissions.

In the example given, a firm is willing to provide all necessary materials for the preparation of coffee and wants to penetrate the European market. The company here provides all the equipment, ingredients, trademarks and operating systems and hence it can make use of franchise type of strategy.

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3 years ago
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