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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.

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Which of these government policies pursues the economic goal of equity?

Fudgin [204]

"Providing welfare benefits" government policies pursues the economic goal of equity.

<u>Option:</u> B

<u>Explanation:</u>

To ensure economic stability the government offers welfare benefits for the vulnerables. Welfare benefits are federal programs supported by the government for the families and individuals who need such assistance. Welfare benefits include reimbursement for unemployment, food stamps and support for health care. There seem to be six significant welfare programs in the United States. These include

Temporary Assistance for Needy Families (TANF),
Medicare,
Supplemental Nutrition Assistance Program (SNAP or food stamps),
Supplemental Security Income (SSI),
Earned Income Tax Credit (EITC), and
Housing Assistance.

4 0

3 years ago

Read 2 more answers

What type of market entry strategy do you recommend for Burger Time?

morpeh [17]

Answer: Franchise

Explanation:

Franchise could be defined as when new or intending growing businesses use the name of bigger or renowned business names, brands to run their own business. This helps for popularity sake, and making the goods of the smaller business to be marketable through the awareness that has been built in the trust that people have known the big firm for. Most new firms looking to break a competitive market aim at doing this.

6 0

3 years ago

Traditionally, ________ were always set up as non profit corporations.

riadik2000 [5.3K]

The answer is:

Traditionally, SOCIAL ENTERPRISES were always set up as non profit corporations.

4 0

3 years ago

In its first month of operations, Wildhorse Co. made three purchases of merchandise in the following sequence: (1) 370 units at

Andreas93 [3]

Answer:

The cost of the ending inventory under FIFO is $2,430 and under LIFO is $1,620

Explanation:

First determine the units sold

Units Sold = Total Purchases - Units in hand

= 1,410 units - 270 units

= 1,140

Note ; Wildhorse Co. uses a periodic inventory system. This means we calculate the cost at the end of the period.

FIFO

Means First in First Out

Cost of the ending inventory = 270 x $9.00 = $2,430

LIFO

Means Last in First Out

Cost of the ending inventory = 270 x $6.00 = $1,620

Conclusion

The cost of the ending inventory under FIFO is $2,430 and under LIFO is $1,620

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3 years ago

Doc Xpress has an in-house staff of 35 employees who provide transcriptions of phone and video conferences for a range of client

siniylev [52]

Answer:

external threat

Explanation:

This decision was likely based on an external threat. Which in this scenario is the economy. Economy is considered as an external threat because it is not in the control of the company itself but still directly affects the everyday business operations of the company as well as it's profit and costs. All of this equates to how well the company performs, therefore in a situation where the economy poses a threat decisions need to be made such as the one in this scenario.

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3 years ago