As a result of the Great Leap Forward, industrial production declined and power shifted to conservative Communist leaders. The answers would be the second and third option. The Great Leap forward also resulted in widespread famine. This led to decrease production, starvation and even c<span>hallenges to Mao Zedong's position. Hope this answer helps.</span>
The journal entry required to close the Drawing account is debit to Income Summary account and a credit to Drawing account.
Option a) is correct.
<h2>What is Income Summary account ?</h2>
An income summary is a temporary account that is used to net the closing entries from all the revenue and expense accounts at the conclusion of the accounting quarter. The final balance is regarded as a gain or loss. The company made a profit for that year if the net balance of the income summary is a credit balance, and a loss for that year if the net balance is a debit balance.
It lists all earnings and costs related to both operational and non-operating operations. It is also known as a revenue and expense summary as a result.
Learn more about Income summary Accounts here:
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Answer:
$47
Explanation:
Given that,
Required return = 11.00%
Expect a growth rate = 6.00%
Expected to pay a dividend next year = $2.35
Stock Price:
= Dividends (Div) ÷ (Expected Return (R) - Dividend Growth Rate (G))
= $2.35 ÷ (11% - 6%)
= $2.35 ÷ (5%)
= $47
Therefore, the current fair price for the stock is $47.
Answer:
The maximum deduction is $207,000.
Explanation:
As per MACRS depreciation table 5 years half year conversion depreciation rate for first year is 20% - 100%/5 = 20%
The maximum deduction is $1,035,000 * 20% = $207,000
