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liubo4ka [24]
2 years ago
12

High Step Shoes had annual revenues of $202,000, expenses of $112,200, and dividends of $24,800 during the current year. The ret

ained earnings account before closing had a balance of $314,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
Business
1 answer:
wel2 years ago
5 0

Answer and Explanation:

The  journal entry required to close the income summary account is given below:

Income summary Dr ($202,000 - $112,200) $89,800

  To retained earnings $89,800

(Being the closing of the income summary is recorded)

The above entry should be passed for closing out the income summary account

The same is to be considered

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Revenues, Expenses, and Cost of Goods Sold are closed to which of the following accounts:_________
iren2701 [21]

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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3 years ago
Some companies may restrict what types of perfume or cologne may be worn in their workplace.
Viefleur [7K]
True there are some companies that don't allow you to ware some times of perfume or cologne 
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2 years ago
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Amortization related to overvalued equipment Select one: A. increases consolidated net income. B. increases the parent's reporte
Kruka [31]

Answer: D. Both A and B are correct.

Explanation: Amortization is the reduction or paying off debt over time in a series of payments of interest and principal sufficient to repay the loan in full by its maturity date.  As an accounting technique, it is used to periodically lower the book value of a loan or intangible asset over a period of time. Amortization related to overvalued equipment increases consolidated net income and under the equity method (a method used in the valuation of a firm's investment in another when it holds significant influence over the firm being invested in), it increases the parent's reported net income.

4 0
3 years ago
A tax on gasoline that is applied at the point of purchase, like a sales tax, would likely cause an increase in the
Mademuasel [1]

The correct option is C. The consumer will have to pay more because the supply of gasoline will decrease, which would put upward pressure on the price.

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Gasoline, or petrol, is a transparent, volatile, flammable liquid hydrocarbon mixture used as a fuel, especially for internal combustion engines, and usually blended from several products of natural gas and petroleum.

Thus, the tax on gasoline at the point of purchase would increase the price consumers have to pay for gasoline.

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8 0
2 years ago
On july 1, shady creek resort borrowed $280,000 cash by signing a 10-year, 9.5% installment note requiring equal payments each j
Diano4ka-milaya [45]

Answer:

$26,600

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the total amount of interest expense included in the first annual principal (or any annual payment actually) = principal's balance x yearly interest rate

$280,000 x 9.5% = $26,600

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the interest expense included in the second payment = $253,400 x 9.5% = $24,073

3 0
3 years ago
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