All categories

3 years ago

Revenues, Expenses, and Cost of Goods Sold are closed to which of the following accounts:_________

Business

1 answer:

iren2701 [21]3 years ago

6 0

Answer: A) Income Summary

Explanation:

The Income Summary account is used to compile temporary accounts before posting them to capital accounts. Revenues, Expenses and Cost of Goods are temporary accounts which will be compiled in the Income summary account.

The Income summary account has a debit and a credit side with income going on the credit side and expenses going on the debit side. If the credit side is higher than the debit side then profits have been made. The reverse is true.

You might be interested in

Yvonne knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' _

hram777 [196]

Answer:

Needs, wants, and ability to purchas

Explanation:

There is no reason to focus on consumer needs thousands of years ago. But we can say that technological advances and communication are wreaking havoc in this regard. Trends and fashions mark each day more than we want to obtain, consume and buy. And that has multiplied by a thousand in the last hundred years

3 0

2 years ago

Having a low credit score can make it more difficult to: a obtain a car loan b open a new credit card c secure an apartment leas

lys-0071 [83]

I think the correct answer from the choices listed above is option D. Having a low credit score can make it more difficult to obtain a car loan, open a new credit card and secure an apartment lease. A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of the person. Hope this answers the question. Have a nice day.

7 0

3 years ago

Great Lakes Steel Supply is losing significant market share and thus its managers have decided to decrease the firm's annual div

Colt1911 [192]

Answer:

There's an error in the numbers for this question; I found the correct one and pasted it below;

"Great Lakes Steel Supply is losing significant market share and thus its managers have decided to decrease the firm's annual dividend. The last annual dividend was $1.30 per share but all future dividends will be decreased by 2.75 percent annually. What is a share of this stock worth today at a required return of 15.5 percent? "

Explanation:

Use dividend discount model (DDM) to calculate the stock price

$P0 = \frac{D0(1+g)}{r-g}$

whereby,

P0 = Current price

D0 = Last dividend paid = 130

g = growth rate = -275% or -2.75 as a decimal

r = required return = 155% or 1.55 as a decimal

Next, plug in the numbers to the DDM formula above;

$P0 = \frac{1.30(1-0.0275)}{0.155 + 0.0275} \\ \\ = \frac{1.2643}{0.1825} \\ \\ =6.9277$

Therefore this stock is worth $6.93

6 0

3 years ago

When buying groceries, Suki swipes a card to electronically subtract money from her checking account to pay. She is essentially

9966 [12]

Answer:

A. a debit card

Explanation:

5 0

1 year ago

Why might Business classification and behavior change?

Anika [276]

To be more professional in a business sense. If I am the president of a bank I want to be classical and professional. I change with my title.

4 0

3 years ago