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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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ch4aika [34]

Answer:

What is this for???

Explanation:

8 0
3 years ago
McKinney Corporation had beginning retained earnings of $2,242,000 and ending retained earnings of $2,499,000. During the year t
miv72 [106K]

Answer:

Net income for the year = $257,000

Explanation:

Retained earnings for the year= Net income - dividends paid.

Since no dividends were paid, retained earnings for the year = net income for the year. At the end of each accounting period, retained earnings are reported on the balance sheet, and the retained profits for the year are added to the beginning balance of retained earnings, to give a cumulative ending balance of  $2,499,000.

therefore retained earnings for the year = ending retained earnings balance  - beginning retained earnings balance = $2,499,000.-$2,242,000= $257,000.

Net income for the year is  thus =  $257,000 since no dividends were paid.

6 0
3 years ago
Lawrence has been asked to learn how many cars drive by a specific location that his company is considering for a new restaurant
lapo4ka [179]

Answer:

The answer is  Investigating Primary Sources

Explanation:

I chose this answer because According to this problem, even though it doesnt say it, the smartest way to investigate a location you want to make a business  

really you would need to see the sources for it.

3 0
2 years ago
In September, Year 1, West Corp. made a dividend distribution of one right for each of its 120,000 shares ofoutstanding common s
Sphinxa [80]

Answer:

The correct answer is option C.

Explanation:

Dividend distribution in the first year = 120,000 shares of outstanding common stock

Each right was exercisable.

Though none of the rights have been exercised.

The shares have been redeemed by paying each stockholder=$0.10/right

Reduction in the West's stockholder's equity

=Number of shares*amount paid for redemption

=120,000*$.10

=$12,000

So, option C is the right answer.

8 0
3 years ago
site:coursehero.com why is it crucial to collect and analyze data when planning professional development sessions?
Neporo4naja [7]

Students are required to evaluate and analyze the data they gather in order to develop explanations for their results.

<h3>What is analyzing data?</h3>

To analyze anything is to break it down into its component parts and look at each one separately. Getting raw data and turning it into information that users can use to make decisions is the process of data analysis. In order to find answers, validate theories, or test hypotheses, data is gathered and evaluated.

Data analysis, according to statistician John Tukey, is:

"Procedures for analyzing data, techniques for understanding the findings of such procedures, methods for organizing the collection of data to make its analysis simpler, more accurate, or more precise, and all the equipment and results of (mathematical) statistics which apply to analyzing data."

To learn more about data analysis visit:

brainly.com/question/14864440

#SPJ4

7 0
1 year ago
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