1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
marta [7]
3 years ago
14

Tiptoe shoes had annual revenues of $201,000, expenses of $111,700, and dividends of $24,400 during the current year. the retain

ed earnings account before closing had a balance of $313,000. the entry to close the income summary account at the end of the year, after revenue and expense accounts have been closed, is:
Business
1 answer:
Andreyy893 years ago
4 0

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





You might be interested in
Eric is an hr manager at communication connections. which task would he perform as a part of the human resource planning process
artcher [175]

Forecasting future human resource requirements for his company is a part of the human resource planning process.

Forecasting is the method of making predictions based totally on past and present statistics. Later those can be compared to what takes place. For example, an agency may estimate its sales within the next year, then examine it against the actual consequences. Prediction is similar, but the extra preferred time period.

Forecasting is a way that uses historic statistics as inputs to make informed estimates which can be predictive in determining the course of destiny traits. Businesses utilize forecasting to decide on a way to allocate their budgets or plan for expected expenses for an upcoming time frame.

There are 4 trendy steps in the Human Resource Planning process: identifying the modern supply of personnel, determining the future of the body of workers, balancing between labor supply and demand, and developing plans that help the employer's goals.

Learn more about Forecasting here brainly.com/question/23009258

#SPJ4

7 0
1 year ago
Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of mone
Alex787 [66]

The statement " An economist would look for data on past changes in the money supply, and note the resulting changes in the price level " is correct.

Explanation:

In the past, the knowledge economist will research price-money ties and observe trends; then analyse data, and establish the theory.

Financial experts analyse the market activity of economists. Their main responsibility includes the compilation and review of economic and socio-economic data, guidance on economic choices for companies and governments and the creation of models for economic predictions.

  • Financial political and socio-economic data collection and review.
  • Surveys and diverse sampling techniques are carried out.
  • Researching different areas such as governance, economics, employment, electricity, etc.
  • Using historical information. Market trends analysis.
5 0
3 years ago
You plan on making a $235.15 monthly deposit into an account that pays 3.2% interest, compounded monthly, for 20 years. At the e
erma4kov [3.2K]

Answer:

Monthly payment = $769.27

Explanation:

First we have to determine the future value of the ordinary annuity:

Payment = $235.15

N = 20 * 12 = 240

Rate = 3.2% / 12 = 0.267%

Using a financial calculator and the FV function, the FV = $78,910.41

Again, using the financial calculator or Excel, you can determine the monthly payment:

N = 10 / 12 = 120

Rate = 0.267%

PV = $78,910.41

FV = $0

Monthly payment = $769.27

8 0
3 years ago
(I don't need this answered, I just wanted to put the correct answers out there for other users)
Ronch [10]

Answer:

1 with c

2 with b

3 with a

Explanation:

brain list pls

7 0
3 years ago
HELP PLEASE!!!!!
dalvyx [7]
Extractive industry
8 0
3 years ago
Other questions:
  • Sometimes, while on the job at dairy king, jimmy forgets to ask, "do you want fries with that?" when customers order burgers. th
    9·1 answer
  • Which of the command systems would be the most appropriate when there are six victims at a mvc?
    8·1 answer
  • The best time to acquire technological literacy is before you have to apply for a job because ________.
    6·2 answers
  • Match the scenarios with the economic concepts they illustrate.
    9·2 answers
  • What are the two types of merchant wholesalers?
    9·1 answer
  • Which of the following is a disadvantage of using credit
    15·2 answers
  • A government deficit has decreased from 100 to 60. The country's trade deficit is 120 and private savings equal 80 and investmen
    10·1 answer
  • The table below pertains to a small agricultural economy where the typical consumer's basket
    9·1 answer
  • When ________, business firms will collectively supply a lower quantity of output at any given price, and the supply curve will
    12·1 answer
  • the graph to the right depicts the per unit cost curves and demand curve facing a shirt manufacturer in a competitive industry
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!