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tamaranim1 [39]
2 years ago
12

Select the statement which best describes the primary purpose of closing entries a. To complete the recording of various transac

tions which are begun in one period and concluded in a later period b. To determine the amount of net income or net loss for the period c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period d. To facilitate adjusting entries
Business
1 answer:
ValentinkaMS [17]2 years ago
7 0

Answer: c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.

Explanation:

Closing entries are the journal entries that are made at the end of an accounting period in order to be able to transfer temporary accounts to the permanent accounts.

The primary purpose of closing entries is to reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.

Therefore, the correct option is C.

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Prepare journal entries to record the following four separate issuances of stock. A corporation issued 7,000 shares of $10 par v
german

Answer:

DEBIT $ 84.000 Cash  

CREDIT $ 70.000 Common Stock  

CREDIT $ 14.000 Paid-In Capital in Excess of Par Value

 

DEBIT $ 43.000 Promotion Expenses  

CREDIT $ 3.500        Common Stock  

CREDIT $ 39.500 Paid-In Capital in Excess of Par Value  

DEBIT $ 43.000 Promotion Expenses  

CREDIT $ 43.000 Common Stock  

DEBIT $ 218.000 Cash  

CREDIT $ 175.000 Preferred Stock  

CREDIT $ 43.000 Paid-In Capital in Excess of Par Value  

Explanation:

DEBIT $ 84.000 Cash  

CREDIT $ 70.000 Common Stock  

CREDIT $ 14.000         Paid-In Capital in Excess of Par Value  

As the company declared a par value, it's necessary to split the equity in two accounts, Common Stock  

for the stated value ($70,000) and the Paid in Capital for the excess of cash over the Common Stock ($14,000)  

DEBIT $ 43.000 Promotion Expenses  

CREDIT $ 3.500        Common Stock  

CREDIT $ 39.500 Paid-In Capital in Excess of Par Value  

As the company declared a par value, it's necessary to split the equity in two accounts, Common Stock  

for the stated value ($3,500) and the Paid in Capital for the excess of the price over the Common Stock ($39,500)  

In this case there is no cash because the shares are in exchange for the promotions effort (Expenses)

DEBIT $ 43.000 Promotion Expenses  

CREDIT $ 43.000 Common Stock  

As the company declared no-par value, it's not necessary to split the equity in two accounts, full value to common stocks account

In this case there is no cash because the shares are in exchange for the promotions effort (Expenses)

DEBIT $ 218.000 Cash  

CREDIT $ 175.000 Preferred Stock  

CREDIT $ 43.000 Paid-In Capital in Excess of Par Value  

Last escenario the company declared preffered stock and not Common ones, so the equity account in this case it's Preferred stock  

as the par value it's $100 ($175,000) to Preferred Stock and Paid in Capital for the excess of the price ($43,000)  

6 0
3 years ago
Before it can be used, a 12-ounce container of liquid fertilizer must be mixed with 96 ounces of water. What fraction of fertili
VashaNatasha [74]

The fraction of fertilizer in the final mixture is 1/9.

A natural or synthetic material called fertilizer that contains chemical ingredients that help plants grow and produce more. Fertilizers may restore chemical elements that previous crops removed from the soil or increase the land's inherent fertility.

Most of the time, fertilizers' contribution to food production is overlooked. For plants, fertilizers are food. The nutrients that crops remove from the soil and replace with fertilizers. Crop yields and agricultural output would be much lower without the addition of fertilizers.

12 oz fertilizer to 96 oz water will make 12+96 = 108 oz of liquid

=12/108

=1/9

1/9 is the fraction of fertilizer in the final mixture.

To know more about fertilizer refer to:  brainly.com/question/14012927

#SPJ4

5 0
2 years ago
Franklin, an employee of XYZ Publishing Company, hired Torrez, a freelance artist, to design the cover of a book, written by Che
MArishka [77]

Answer:

XYZ Publishing Company is the owner of the cover design.

Explanation:

When a business or even an individual hires someone to work for a specific job, the outcome of that job belongs to the employer.

For example, if I hire a carpenter and ask him to manufacture a specific type of chair that I like. Even f the carpenter contributed to the design of the chair, the chair and its design belong to me since I paid for it. Even if for some reason a lot of people like my chars and they ask the carpenter to manufacture more chairs, he would need my authorization to do it.

4 0
3 years ago
The objective of a firm using open innovation is to:
BabaBlast [244]

Answer:

The correct answer is letter "B": to reach out beyond its familiar research partners and to access R&D carried out globally.

Explanation:

Open innovation is an approach most companies are taking nowadays because of the need for adapting the goods or services they offer to the rapidly changing world we live in where product life cycles are every time shorter. Open innovation allows firms to obtain help from other domestic or international entities contributing to the development of new items or the modification of existing ones to meet consumers' needs.

3 0
3 years ago
State law of diminishing returns​
DedPeter [7]

Answer:

see below

Explanation:

The law of diminishing marginal returns indicates that in every production process, adding one more input while holding the others constant will result in the overall decrease in output.

According to this law,  adding one more production unit diminishes the marginal returns, and the average production cost increases. Marginal returns refer to the benefits associated with the production of an extra unit.  

The gain derived from the use of more input while keeping all other factor constant decreases as production increases. For example, employing more workers while all other variables remain constant will result in reduced labor productivity.

6 0
3 years ago
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