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Norma-Jean [14]
3 years ago
5

Income Summary has a credit balance of $12,000 after closing revenues and expenses. The entry to close Income Summary is credit

Income Summary $12,000, debit the Dividends account $12,000. credit Income Summary $12,000, debit the Retained Earnings account $12,000. debit Income Summary $12,000, credit the Retained Earnings account $12,000. debit Income Summary $12,000, credit the Dividends account $12,000.
Business
1 answer:
Reptile [31]3 years ago
6 0

Answer:

debit Income Summary $12,000; credit Retained Earnings $12,000.

Explanation:

Based on the information given The entry to close Income Summary is:

Debit Income Summary $12,000

Credit Retained Earnings $12,000

(To close Income Summary)

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Hall and Donnell reported findings of five separate studies involving over 12,000 managers that explored the relationship betwee
Ugo [173]

Answer:

D) were highly likely to be in their lower-achieving group.

Explanation:

Theory X refers to a motivation theory developed by Douglas McGregor. Theory X can be described as a pessimistic view of humanity and human workers. Managers who support theory X tend to dislike their own work and believe everyone else dislikes their work, are not ambitious and believe everyone else is not ambitious either, and finally don't like to assume responsibility over their actions and believe everyone else is like them.

So it shouldn't be a surprise that managers who support theory X are underachievers.

4 0
3 years ago
Stanley hart invested in a municipal bond that promised an annual yield of 6.7 percent. the bond pays coupons twice a year. what
shtirl [24]
The effective interest rate is given by

r= \left(1+\frac{i}{t}\right)^t-1

Given that the <span>bond yeilds an annual yield of 6.7 percent and pays coupons twice a year.

The effective interest rate is given by:

r= \left(1+\frac{0.067}{2}\right)^2-1  \\  \\ =(1+0.0335)^2-1 \\  \\ =(1.0335)^2-1=1.0681-1 \\  \\ =0.0681=6.81\%</span>
3 0
3 years ago
Scenario C. Parker Brothers is a high-end furniture manufacturer located in the Midwest, Mr. Herbert "Bud" Parker started the fi
Reika [66]

The correct answer is A) organization culture.

The other options of the question were B) the company's macroenvironment. C) the organization's competitive environment. D) collective competitive intelligence. E) organizational structure.

The stories about the "Parker Legends" and the organization's most innovative designs are all clues to understanding the organization's culture.

This is the importance of the culture of a company. The series of values, principles, mission, and vision that characterizes and makes the company unique. Every single employee in the company shares these values and can be transmitted through time to new workers. "Parker Legends" is a tradition that is respected and is part of the organization's DNA.

5 0
3 years ago
A Co. showed the following values for its inventory as of the end of its fiscal year: Historical cost $100,000 Current replaceme
Levart [38]

Answer:

$90,000

Explanation:

The reason is that the International Accounting standard IAS 3 Inventories says that the asset must be reported at lower of:

Cost &

Net realizable value

Here the cost is $100,000 and NRV is $90,000, which means that the inventory must be reported at $90,000 which is the lower value.

4 0
3 years ago
Read 2 more answers
Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sale of products $66,000 Ca
riadik2000 [5.3K]

Answer:

$23,500

Explanation:

Net income is arrived at by deducting relevant expenses for the year from the gross income for the year. In this question, sales income is used to represent gross income. The net income can therefore be calculated as follows:

Net Income = Sales income - Expenses other than rent and interest - Rent - Interest

Net Income = $66,000 - $40,000 - [$45,000 × (1/18)] - 0

                    = $66,000 - $40,000 - $2,500 - 0

                    = $23,500

Therefore, net income is Yolanda's net income $23,500.

Note that [$45,000 × (1/18)] is used to calculate rent for only one which is December of the calendar year since the rent was paid for 18 months.

8 0
3 years ago
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