How many Districts is our FED split into? 08 O 10 O 12 O 15

The closing process is necessary in order to

goldfiish [28.3K]

Answer:

The closing process is necessary in order to confirm that net income or net loss and owner withdrawals for the period are closed into the owner's capital account.

Explanation:

Most economies around the world follow a specific accounting period which is commonly referred to as financial year or tax year. Before a new financial year begins, the accounts from the ongoing financial year have to be closed legitimately through a process called the 'closing process'. This process culminates in confirming that the net income secured or the net loss bore by the owner is included in no other account than the owner's capital account.

In order to carry out the closing process, the accountant has to commence with identifying the accounts that are required to be closed with or before the ending of the predefined financial period. He then has to record the last entries in these accounts as 'closing entries'. Once the accounts are closed, he has to calculate the trial balance and interpret the outcome. Closing of temporary accounts through a valid closing process dispenses the ease of calculating profit and loss in any given financial period coming to end.

5 0

3 years ago

On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing $

vlada-n [284]

Answer:

1. Dec 31, 2019

Dr Fees Income $107,500

Cr Income Summary $107,500

2. Dec 31, 2019

Dr Income summary 60,000

Cr Salaries expense 34,000

Cr Supplies expense 6,000

Cr Utilities expense 9,300

Cr Telephone expense 5200

Cr Depreciation expense 5500

3. Dec 31, 2019

Dr Income summary 47,500

Cr Retained earnings 47,500

4. Dec 31, 2019

Dr Maria lopez, capital 52,000

Cr Maria lopez, drawing 52,000

Explanation:

Preparation of the closing entries for the above transactions

1. Dec 31, 2019

Dr Fees Income $107,500

Cr Income Summary $107,500

(To close revenue account)

2. Dec 31, 2019

Dr Income summary 60,000

(5500+5200+9300+6000+34000)

Cr Salaries expense 34,000

Cr Supplies expense 6,000

Cr Utilities expense 9,300

Cr Telephone expense 5200

Cr Depreciation expense 5500

(To close expenses account)

3. Dec 31, 2019

Dr Income summary 47,500

($107,500-60,000)

Cr Retained earnings 47,500

(To close income summary account)

4. Dec 31, 2019

Dr Maria lopez, capital 52,000

Cr Maria lopez, drawing 52,000

(To close drawings account)

6 0

3 years ago

"A user complains that his computer is taking a long time to boot. During the boot process, you observe that the hard drive acti

MArishka [77]

Answer:

You should add an identical hard drive, and configure a RAID-0 volume.

Explanation:

7 0

4 years ago

Product or service offered, how much, at what price

Bogdan [553]

Answer:

Realizing the contrast among cost and worth can expand benefit: the expense of your item or administration is the sum you spend to deliver it. the cost is your money related award for giving the item or administration. the worth is the thing that your client accepts the item or administration is worth to them

Explanation:

.

6 0

3 years ago

Carter Motor Company, claims that its new sedan, the Libra, will average better than 23 miles per gallon in the city. Assuming t

aliina [53]

Answer: c. There is sufficient evidence to support the claim that the mean is greater than 23 miles per gallon.

Explanation:

When doing a research, there are 2 Hypothesis one must come up with which are the Null Hypothesis and the Alternative hypothesis.

The Null Hypothesis should state that there is no relationship between the variables which in this case would mean that new sedan, the Libra, will not average better than 23 miles per gallon in the city.

The Alternative Hypothesis on the other hand affirms the belief of the researcher which in this case is that new sedan, the Libra, will average better than 23 miles per gallon in the city.

As the null hypothesis was rejected by the evidence, it means that indeed the Libra mean is greater than 23 miles per gallon.

5 0

3 years ago