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Wittaler [7]
3 years ago
5

Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000, expenses of $103,700, The company paid $1

8,000 cash in dividends to the owner (sole stockholder). The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
Business
1 answer:
earnstyle [38]3 years ago
5 0

Answer:

The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed is:

Debit Income Summary Account $63,300

Credit Retained Earnings $63,300

To close the income summary account.

Explanation:

a) Closing entries are made to close the temporary (Income Summary) accounts so that only the permanent (balance sheet) accounts remain.  Temporary accounts are period accounts whose balances are taken to the income summary account.  They are not carried over to the next accounting period, except the net financial performance result, known as the net income, which adjusts the Retained Earnings.

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How do the choices we make both producers and consumers help us with scarcity?
marshall27 [118]
Scarcity refers to the gap between limited resources and theoretically limitless wants. Scarcity affects producers because they have to make a choice on how to best use their limited resources. On the other hand, it affects consumers because they have to make a choice on what services or goods to choose. 
8 0
3 years ago
Read 2 more answers
If washburn guitars were to lower the price of the maya pro dd75 to $2,499 from $2,699, sales of the guitar would increase 30 pe
inn [45]

The Washburn guitars reduces their price from  $2,499 to $2,699 as a result of the sales of the product drastically increased by 30%, So this represents that the <u>product has an elastic demand.</u>

<h3>What do you mean by elastic demand?</h3>

When the price of a product has a massive effect on the quantity purchased is called Elastic demand. A product is stated to have an elastic demand if sales drop sharply in reaction to a growth in price, or sales spike whilst prices are decreased.

Thus, The Washburn guitars reduces their price from  $2,499 to $2,699 as a result of the sales of the product drastically increased by 30%, So this represents that the <u>product has an elastic demand.</u>

Learn more about elastic demand:

brainly.com/question/5078326

#SPJ1

3 0
2 years ago
The table below shows some hypothetical data on the costs associated with the use of a liter of gasoline in a European country.
harina [27]

Answer:

The private cost for an individual of a liter of gasoline in Europe is 4.75

Explanation:

Private cost is a supplier's or producer's cost of providing goods and services without any external cost.

Private cost = 0.50 + 1 + 0.75 + 2.50

                    = 4.75

Therefore, The private cost for an individual of a liter of gasoline in Europe is 4.75

7 0
3 years ago
if Alexis invest $2,000 into a fund that earns 5.5% interest compounded annually, how long will it take for her investment to gr
madreJ [45]

Answer:

73 years

Explanation:

To solve this problem, we can use the formula for the annual compound interest, which is:

A=P(1+r)^t

where:

A is the final amount after time t

P is the principal

r is the rate of interest

t is the time

In this problem, we have:

P=\$2000 is the principal

r=0.055 is the interest rate (5.5%)

We want to find the time t at which the amount of money is

A = $100,000

Therefore, we can re-arrange the equation and solve for t:

(1+r)^t=\frac{A}{P}\\t=log_{1+r}(\frac{A}{P})=log_{1+0.055}(\frac{100,000}{2000})=73

So, it will take 73 years.

3 0
3 years ago
M&amp;M Proposition I with tax implies that:
Savatey [412]

Answer:

D. A firm's weighted average cost of capital decreases as the firm's debt-equity ratio increases.

6 0
3 years ago
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