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Alenkasestr [34]
3 years ago
12

What does income summary mean when closing entries?

Business
2 answers:
xxTIMURxx [149]3 years ago
4 0
The income summary is a temporary account used to make closing entries
Ilya [14]3 years ago
3 0

Answer: The income summary is a temporary account used to make closing entries. All temporary accounts must be reset to zero at the end of the accounting period. The income summary account then transfers the net balance of all the temporary accounts to retained earnings, which is a permanent account on the balance sheet.

You might be interested in
Levi's Levees always evaluates projects using the payback method. What is the payback period for the following set of cash flows
Ray Of Light [21]

Answer:

3.14 years

Explanation:

Year              Cash flow                Accumulated cash flows

0                    -$4,900                            -$4,900

1                       $1,150                             -$3,750

2                      $1,350                            -$2,400  

3                     $2,230                                -$170

4                     $1,250                              $1,080

3 years + $170/$1,250 = 3.14

The payback period is 3.14 years, or 3 years, 1 month and 19 days.

7 0
3 years ago
The market system is also known as ________, while the command system is also known as ________.
Afina-wow [57]

The market system is also known as capitalism, while the command system is also known as communism. The market system is owned by private ownership, businessman and companies, hence it has capitalism concept. The command system is owned by a community or public.

Hence it can be said that

The market system is also known as <u>capitalism</u>, while the command system is also known as <u>communism</u>.




3 0
3 years ago
One of the advantages of the departmental overhead rate method over the plantwide overhead rate method is that in the department
anygoal [31]

Answer: A. True

Explanation: individual departments have their own overhead rates and allocation base in the departmental overhead rate method. While both rate methods are easy to implement, it is more convenient to use the departmental overhead rate method as it provides more accurate overhead costs and especially when different departments use overhead resources in substantially different ways.

The methods used in the departmental overhead rate method include:

1. Assigning overhead costs to departmental cost pools

2. Selecting an allocation base for each department

3. Compute the allocation rate for each department

4. Use the departmental overhead rates to assign costs to cost objects

5 0
3 years ago
Which individual can use the head of household filing status?
Lana71 [14]

Answer:

A. A married person with children

Explanation:

That person would be the head because he would be in charge.

8 0
3 years ago
In a free enterprise system the decisions about what and how many goods and services will be produced are made by?
snow_lady [41]

Answer:

Private individuals.

Explanation:

In a free enterprise system, the decisions about what and how many goods and services will be produced are made by private individuals.

Free enterprise system is an economic system in which the ownership and control of means of production (resources) and distribution of goods and services are determined by private individuals. Here, private individuals decide what, how and for whom to produce while the government does not interfere in economic activities. The allocation of resources and price determination are influenced by the forces of demand and supply called price mechanism, which Adam Smith referred to as 'Invisible Hand'.

Free enterprise system is also known as Capitalist economy, Capitalism and Free market system. Countries that practice more of free enterprise system are Singapore, New Zealand, Hong Kong, Australia and Switzerland.

5 0
3 years ago
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