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

The price of cigars is $10, with a quantity demanded of 1,000 per day. If the price increases to $12, the quantity demanded decl

saveliy_v [14]

Answer:

PED = - 1

Explanation:

The PED or price elasticity of demand measures the sensitivity of quantity demanded to changes in price level. It is calculated by taking the percentage change in quantity demanded, which results from a change in price level, and dividing it by the percentage change in price level.

PED = percentage change in Quantity demanded / Percentage change in price

PED = [(800 - 1000) / 1000] / [(12 - 10) / 10]

PED = - 1

8 0

3 years ago

Governments may create to discourage companies from producing negative externalities.

denpristay [2]

By removing them i believe

8 0

3 years ago

Read 2 more answers

The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 159,000 Income Tax

Kryger [21]

Answer:

Income Statement is attached in the pictures.

Explanation:

5 0

3 years ago

Baldwin currently has $17,334 (000) in cash and management has decided to issue stocks and bonds worth an additional $8,000 (000

S_A_V [24]

Answer:

d) Purchasing $18,000 (000) worth of plant and equipment

D. As the cost are forecast they can change over the course of the expansion making possible to be above budget. This may lead to an emergency loan if the cash flow and inflow of the company are don't go as planned which could be the case during a project of this magnitude.

Explanation:

<em>Missing information:</em>

a) A $5 dividend

b) Liquidate the entire inventory

c) Retiring the oldest bond

d) Purchasing $18,000 (000) worth of plant and equipment

------------------

A) dividends would not be the cause as they are determinated by the company they can chose not to declare it.

B) lquidate the inventory means selling and not replenish. This generates cash it doesn't use cash

C) re-rolling the debt (by issuing new bonds) is a course of action planned and that in hte end will not affect the cash of the company as will be paying the bonds and receiving from the new bonds thus the changes in cash would be controlled.

5 0

3 years ago

Frankâ Pianki, the manager of an organic yogurt processing plant desires a quality specification with a mean of 18.0 âounces, an

aleksley [76]

Answer: 0.050

Explanation:

Mean = 18

USL = 18.6

LSL = 17.4

SD = 1.25

Cpk = Min{(mean - LSL / 3*sd), (USL - mean / 3*sd)}

= Min{ ( 18 - 17.4/ 3 * 1.25), (18.6 - 18 / 3 * 1.25)}

= Min { 0.05 0.05)

Cpk = 0.050

8 0

3 years ago