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.
True there are some companies that don't allow you to ware some times of perfume or cologne
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.
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.
<h3>
What is Gasoline?</h3>
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.
Learn more about Gasoline here:
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Answer:
$26,600
Explanation:
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
the principal's balance after the first payment = $280,000 - $26,600 = $253,400
the interest expense included in the second payment = $253,400 x 9.5% = $24,073