All categories

3 years ago

The account that is brought up to date after the closing entries have been journalized and posted is the ____.

Business

1 answer:

yanalaym [24]3 years ago

5 0

Complete/Correct Question:

The account that is brought up to date after the closing entries have been journalized and posted is the ____.

A. Sales account

B. Purchases account

C. Capital Stock account

D. Retained Earnings account

Answer:

D, retained earnings account

Explanation:

Retained earnings can be defined as the accumulated income of a firm, that is retained by firm, after a certain period of time. After a certain time could be after the reporting period.

Simply put, retained earnings can be said to be the amount of income that a firm keeps after a period such as declaring financial reports.

The retained earnings is always reported and recorded in the stakeholder's equity and the company's balance sheets respectively. Retained earnings signify or represent how much of its profits a firm has reinvested itself.

Cheers.

You might be interested in

Consider the following: Lumber Revenues, $120,000; Hardware Revenues, $90,000; Cost of Sales, $130,000; All other costs and expe

ANEK [815]

Answer:

19.05%

Explanation:

Data provided in the question:

Lumber Revenues = $120,000

Hardware Revenues = $90,000

Cost of Sales = $130,000

All other costs and expenses = $35,000

Investment Income = $8,000

Income Tax Expense = $13,000

Net Income = $40,000

Now,

The net profit margin = [( Net income) ÷ (Total revenue ) ] × 100%

The net profit margin = [ $40,000 ÷ ( $120,000 + $90,000 ) ] × 100%

The net profit margin = [ $40,000 ÷ $210,000 ] × 100%

The net profit margin = 0.1905 × 100%

The net profit margin = 19.05%

5 0

3 years ago

Which of the following companies would be best served by a plantwide overhead rate? Multiple Choice A company that manufactures

Anna [14]

Answer:

A company whose products differ in batch size and complexity and consume different amounts of overhead resources

Explanation:

Plantwide overhead rate is the overheads absorption rate calculated based on the total entity activity. This is ideal when when product consume overheads in same manner but in different quantities.

7 0

3 years ago

Wat's 9+10? is it 21? i heard 21. Answer something and i'll vote brainliest

lubasha [3.4K]

The answer is NOT 21, it's 19.

9+10=19

4 0

3 years ago

Read 2 more answers

Most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered with additional insuran

Harlamova29_29 [7]

Answer:

$ 3100 loss amount is not covered by insurance.

Explanation:

Amount not covered under insurance = Amount lost - Maximum Insurance Amount

For Jewellery : Jewellery lost - maximum jewellery amount cover = 3800 - 1000 = 2800

For Silverware : Silverware lost - maximum silverware amount cover = 2800 - 2500 = 300

So, Total Amount loss not covered = Loss at jewellery + loss at silverware

= 2800 + 300 = $3100

6 0

3 years ago

Karen Price has determined that her net worth is $56,000, excluding her home. She owes $80,000 on her mortgage and $13,000 on a

Rus_ich [418]

Answer:

Explanation:

Net worth is the difference between a person's (assets - liabilities)

Based on the balance sheet equation; Assets = Liabilities + Equity , meaning that Assets - Liabilities = Equity .

With the above two equations, Net worth = Equity = $56,000

Debt-to- Equity ratio = Debt/ Equity

Note: $80,000 mortgage will not be included as debt to avoid double counting error since it is is a pay towards a home(asset) already incorporated in the $56,000 net worth.

So, D/E = 13,000 / 56,000

D/E = 0.2321

8 0

4 years ago