Entry to close the income summary account at the end of the year:
At the time of closing the Income Summary account, the Income Summary account is debited and Retained earnings account is credit with the amount of Net Income. Net Income can be calculated as follows:
Net income = Revenue – Expenses = 201,000-111,700 = $89,300
Hence the entry to close the income summary account at the end of the year shall be as follows;
Income Summary Debit $89,300
Retained earnings Credit $89,300
Answer:
The answer is A
Explanation:
Pure monopoly can raise the market price indefinitely due to the fact that the market structure is characterized by a single seller or manufacturer, selling a particular product in the market. In a pure monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. He enjoys the power of setting the price for his goods. This in-turn leads to the customers being at the mercy of the seller.
The manufacturers are trying to counteract the negative environmental impacts of manufacturing by:
- reducing and eliminating waste
- establishing green initiatives
<h3>How does manufacturing affect the
environment?</h3>
The emission of carbon and waste from the manufacturing plant plays a part in the concentration of greenhouse gases on earth.
However, the manufacturers are adopting the process of reducing & eliminating waste and establishing green initiatives to minimize its pollution of the environment.
Therefore, the Option B and E is correct.
Read more about environmental impact
<em>brainly.com/question/27080910</em>
Answer:
Attached are causes of arguments between or among parties
Mark my answer brainliest
Answer:
$2,200,000 gain
Explanation:
When the amount received from the disposal of an asset is lower than the carrying or net book value (NBV) of the asset, the company makes a loss on disposal otherwise, the company makes a gain on disposal.
The carrying amount of the asset is the difference between the asset's cost and accumulated depreciation as at the date of disposal.
Asset NBV = $2,000,000 - $1,200,000
= $800,000
Gain/(loss) on disposal = $3,000,000 - $800,000
= $2,200,000
