Answer and Explanation:
The journal entry required to close the income summary account is given below:
Income summary Dr ($202,000 - $112,200) $89,800
To retained earnings $89,800
(Being the closing of the income summary is recorded)
The above entry should be passed for closing out the income summary account
The same is to be considered
Answer:
B. $6,000
Explanation:
The computation of the annual depreciation expense under the straight-line method is shown below:
= (Original cost - residual value) ÷ (useful life)
= ($41,000 - $5,000) ÷ (6 years)
= ($36,000) ÷ (6 years)
= $6,000
The original cost is computed below:
= Purchase value + transportation and installation cost
= $40,000 + $1,000
= $41,000
Answer:
D) Catering to entrepreneurs
Explanation:
Catering to entrepreneurship is a business practice carried out by corporations that generally seek to purchase start ups for the new technologies that they developed (including patents) rather than for their business model or profits. E.g. [email protected] paid $2 billion for Oculus, and Google acquired Nest for $3.2 billion. None of these companies actually made any money, but the innovations that they develop may generate a lot of money if they are backed up by a major player.
In this case, catering for entrepreneurs is a similar concept applied within an organization that tries to foster innovations.
Local
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Answer: check
Explanation:
A <em>check</em> is drawn on a financial institution and is payable upon demand.
