Answer:B. Debit Income Summary $54,000; credit Revenues $54,000.
Explanation:
The following entries can be a closing entry
a)To record closing entry of revenue account
Account Debit Credit
Revenues $54,000
Income summary $54,000
b)To record closing entry of expense account
Income summary $43,250
Expenses $43,250
c)To record closing entry of income summary account
Income summary ( $54,000- $43,250) $10,750
Retained earnings $10,750
d) to record the closing entry of dividends account
Retained Earnings $5,950
Dividend $5,950
The entry that could not be a closing entry is B. Debit Income Summary $54,000; credit Revenues $54,000 because income summary account should be credited with the revenue amount of $54,000 as Revenue increases the income of every business.
Answer:
D) Finance/Administration
Explanation:
The major functions of the finance/administration section of the ICS are:
- Monitors costs related to the incident.
- Provides accounting, procurement, time recording, and cost analyses.
For example, paying for any expenses including food, gasoline, materials, etc.
The other sections are:
- Incident Command (incident commander)
- Operations section
- Planning section
- Logistics section
The head of an ICS section is called a chief, and each section is divided into divisions which are lead by a supervisor. Depending on the size of the incident, the section can be divided into groups, branches, task forces, strike teams and may even include single resources.
Answer:
2. Cash profit sharing plan
Explanation:
A cash profit-sharing plan is a plan that involves motivating an employee through paying an extra portion for their contribution toward the company. According to the question, Menthorp Inc. wants to design a payment plan for its employees. Since the company uses a variable-pay plan for the motivation of its employees, it suits the cash profit-sharing plan.
