The Income Summary account is closed to which of the following accounts?

Which of the following sequences correctly represents the flow of electrons during photosynthesis?A. NADPH -> O2 -> CO2B.

ch4aika [34]

Answer and Explanation:

B. H2O -> NADPH -> Calvin cycle

4 0

3 years ago

Keisha is buying John's house. The closing date (day belongs to seller) of the sale transaction is September 1 (day 244 of the y

SSSSS [86.1K]

Answer: $116.026

Explanation:

Given the following ;

Yearly hazard insurance = $350

Keisha is the buyer and the closing date of transaction is September 1 of the year.

January 1 till September 1 = 244days

Now Keisha will have to credit John from September 2 till December 31st of that year

Therefore,

September 2 till December 31 = 365 - 244 = 121 days

Daily hazard insurance = $350 ÷ 365 = $0.9589

Keisha's share = $0.9589 × 121 = $116.026

7 0

3 years ago

Below is the trial balance for Sugar Almonds Ltd as at 31st December 2020

valentina_108 [34]

Answer:

Net income = $31,130

Total Assets = Owner's Equity and Liabilities = $104,230

Explanation:

The the Income Statement of Profit or Loss and the Statement of Financial Position can be prepared as follows:

Sugar Almonds Ltd

Income Statement of Profit or Loss

For the Year Ended 31st December 2020

Particulars $ $

Sales Revenue 93,700

Cost of sales:

Opening inventory 12,000

Purchases 49,000

Closing inventory - income statement (24,350)

Cost of sales (36,650)

Gross profit 57,050

Operating expenses:

Administrative Expenses (850)

Rent paid (2,000)

Telephone (900)

Wages (21,650)

Travel expenses (330)

Total operating expenses (25,730)

Interest income (expense):

Interest paid (190)

Net income  31,130 

Sugar Almonds Ltd

The Statement of Financial Position

As at 31st December 2020

Particulars $ $

Fixed Assets

Premises at cost 70,000

Vehicles at cost 5,800

Total Fixed Assets 75,800

Current Assets

Cash 630

Bank 2,100

Closing inventory - Statmt of fin positn 24,350

Trade Receivables 1,350

Total Current Assets 28,430

Total Assets  104,230 

Owner's Equity

Capital 72,000

Drawings (6,450)

Net income 31,130

Total Owner's Equity 96,680

Current Liabilities

Trade Payables 6,400

VAT 1,150

Total Current Liabilities 7,550

Owner's Equity and Liabilities  104,230 

6 0

3 years ago

2. the forex markets are different kinds of markets where customers are connected globally. elaborate.

ipn [44]

It means that the currency that exist in forex market could be either sold or bought by anyone around the world.

for example ,

I live in United states. But through forex market, i could easily buy or sell Yen currency, which is used in Japan

6 0

4 years ago

Taylor Company has $10,000 of assets, $2,000 of liabilities, and $5,000 of common stock. Based on this information alone, the co

Citrus2011 [14]

Based on this information alone, the company's retained earnings equal $3,000.

<h3>Retained earning</h3>

Using this formula

Retained earning= Assets-liabilities-Common stock

Where:

Assets=$10,000

Liabilities=$2,000

Common stock=$5,000

Let plug in the formula

Retained earning=$10,000-$2,000-$5,000

Retained earning=$3,000

Inconclusion the company's retained earnings equal $3,000.

Learn more about retained earning here:brainly.com/question/25631040

3 0

3 years ago