In the closing procedure, expenses and dividends are zeroed out by crediting each account, and incomes are zeroed out by debiting each account.
<h3>What is the objective of the closing process?</h3>
One purpose of closing admissions is to communicate net income or net loss for the period to Retained Earnings. A second objective is to "zero out" all temporary accounts (revenue accounts, expense accounts, and Dividends) so that they begin each new period with a zero balance.
The statement of cash flows must be prepared last because it takes data from all three previously prepared financial statements.
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Answer:
Net Income $ 495,000
Explanation:
The net income represent the amount that would be left after all expenses have been deducted from all the sales revenue.
$
Sales revenue 4,597,000
Cost of goods sold <u>(3,399,000)</u>
Gross profit 1,198,000
Operating expenses <u> (448,000)</u>
Profit before taxes 750,000
Taxes (34%×750,000) <u> (255,000)
</u>
Net Income <u> 495,000
</u>
Answer:
<u>Price</u> risk is the risk of a decline in a bond's value due to an increase in interest rates. This risk is higher on bonds that have long maturities than on bonds that will mature in the near future.
<u>Reinvestment</u> risk is the risk that a decline in interest rates will lead to a decline in income from a bond portfolio. This risk is obviously high on callable bonds. It is also high on short-term bonds because the shorter the bond's maturity, the fewer the years before the relatively high old-coupon bonds will be replaced with new low-coupon issues.
Which type of risk is more relevant to an investor depends on the investor's <u>investment horizon</u>, which is the period of time an investor plans to hold a particular investment.
Continuously learning about your captivity environment and the captor is known as situational awareness. It <span> is the ability to identify, process, and comprehend the critical elements of information about what is happening. Hope this answers the question.</span>
Answer:
B) liable to Niki under the doctrine of promissory estoppel.
Explanation:
In contract law, promissory estoppel refers to a theory that when you make a reasonable promise but later you decide to back down, the other party may sue you in order to force you to fulfill your promise.
This theory has been upheld by the Supreme Court in Cohen v. Cowles Media Co. 501 US 663 (1991). So a reasonable promise will have the same binding effect as a contract.
