Entry to close the income summary account at the end of the year:
At the time of closing the Income Summary account, the Income Summary account is debited and Retained earnings account is credit with the amount of Net Income. Net Income can be calculated as follows:
Net income = Revenue – Expenses = 201,000-111,700 = $89,300
Hence the entry to close the income summary account at the end of the year shall be as follows;
Income Summary Debit $89,300
Retained earnings Credit $89,300
Answer:
From the end of the Middle Ages to the first centuries of the Modern Era, some new investment strategies were developed, which contributed greatly to the development of capitalism.
Explanation:
In particular, group investment in companies that did not have a single, personal owner. This is what we know today as corporations.
The main advantage of a corporation is that many investors pour their money, something that raises the amount of capital, while at the same time not holding full personal responsability over their investments in case the corporation fails. In other words, investors do not have to pay with their personal wealth in case of corporate failure.
Two important early corporations are the Dutch East India Company, and the British East Indian Company. They were very important for the development of capitalism.
Answer:
Memo for business promotion
Explanation:
To : Manager
From : Finance Officer
Subject : Actions for moving forward
The business meeting has been concluded successfully and minutes of the meeting is prepared in the document. The business needs to be moved forwards as there are many competitors entering in the market. The business need to focus on introducing new products which are demanded by the customer and allow some customization according to customer needs. The packaging of the products also needs to be revised as the presentation is also important for customer to make a buy decision. The business profits will increase and the sales will be high.
Further minutes of the meeting are attached with the memo.
Sign: Edward,
Answer:
d. cost-less will go out of business, and durable will gain higher power over its customers.
Explanation:
Durable ceramics, inc will only reduce its prices if this is to its advantage. We live in a capitalist world where companies make decisions based on their own benefits. In this case, in order for Durable ceramics, inc to lower its prices and have no losses, it would expand its sales. In this way, Durable ceramics, inc would be able to capture customers from its competitors, and could make them go bankrupt.
Thus, we can conclude that if Durable ceramics, inc reduced its prices, Cost-Less would go out of business and Durable would gain greater power over its customers.
Answer:
a mortgage.
Explanation:
A mortgage is a type of loan where real estate serves as collateral. Usually mortgages are used by people wanting to buy real estate since they can borrow larger amounts of money.
In order for the borrower to receive money form the bank, he/she signs a contract by which the bank has a rightful interest in the property. In case the borrower doesn't pay, the bank can foreclose the property.
