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Rudik [331]
3 years ago
14

Select the statement below that explains how to use the Income Summary account. Multiple choice question. The Income Summary acc

ount is credited during the adjusting process, as it is a contra asset account. The Income Summary account is used during the closing process to facilitate the closing of revenue and expense accounts. The Income Summary account is used during the closing process to facilitate the closing of all permanent accounts. The Income Summary account is debited for the sum of all revenue accounts during the closing process.
Business
1 answer:
Phoenix [80]3 years ago
7 0

Answer:

Facilitate closing of revenue

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One year ago, Stacey purchased 100 shares of KNF stock for $3,245. Today, she sold those shares for $35.00 per share. What is th
Nataly [62]

Answer:

7.86%

Explanation:

The computation of the capital gain yield on the investment is shown below:

As we know that

Capital gains yield is

= (Selling price per share × number of shares purchased) ÷ (Stock value) - 1

= $3,500 ÷ $3,245 - 1

= 0.07858

= 7.86%

We simply applied the above formula so that the capital gain yield could come and the same is to be considered

3 0
3 years ago
Gino's Restaurant is a popular resaurant in Boston, Massachusetts. The owner of the restaurant has been trying to better underst
RideAnS [48]

The answer & explanation for this question is given in the attachment below.

 

7 0
3 years ago
You have been elected to the governing board of your church. At the first meeting you attend, mention is made of building a new
tigry1 [53]

Answer:

1. Cash in hand and at bank balance

2. Is there land and buildings available

3. Are there any accumulated debt owed by the church

4. Collections or record of church document.

Explanation:

1. Cash in hand and at bank balance. This an example of a current asset. The first question is how much does the church have as cash and bank balance. The reason is to ascertain whether the fund will be sufficient for the new building project.

2. Land and Buildings availability. This is a fixed asset. The board would enquire whether there is an already existing building or land with which to begin the building project.

3. Debt or loan owed by the church. Loan forms part of liability in a balance sheet. Another question to be asked is whether the church is indebted to a bank or financial institution. This will determine whether or not to continue with the building project.

4. Record of church document. Does the church have any existing document with which to support the new building? This is pertinent as to begin or abandon the plan to build a new church.

3 0
3 years ago
Megan sold Stock A for a short-term capital gain of $5,500 and sold Stock B for a long-term capital loss of $2,242. What is the
bearhunter [10]

Answer:

solution below

Explanation:

(gain - loss)x35%

for megan

(5500 - 2242) * 35%

= $1140.3 is owed

a.) for megan

(5500-2100)*35%

= $1190

b. for margaret

(4000-2000) x 35%

=$700

c. For melissa,

It doesnt matter if she took this withdrawal at 65 years of age.

d. for morgan

110 - 100 = 10 this is the gain per share

total gain = 10 x 100 = 1000

income tax = 1000 x 0.35 = 350 dollars

e. for murphy,

his income tax would fall by

4000 x35% = 1400.

After this, selling the stock would have no effect on current taxes.

5 0
2 years ago
Which events listed below would terminate a brokerage relationship where a broker represented a seller
sertanlavr [38]

The events listed that would terminate a brokerage relationship where a broker represented a seller are:

  • The house sold and the transaction closed
  • The owner declares personal bankruptcy

<h3>Who is a broker?</h3>

Broker is a person or a company whose work is to sell a company's products hence charge a commission for each product sold. He is like an intermediator between the company and the client.

An agency relationship creates a fiduciary duty owed by the agent to the principal, hence must act in the best interest of his principal at all times.

However, a brokerage relationship may be dissolved where the owner of an item is declared bankruptcy and also were transaction have been completed or closed.

Learn more about brokerage here: brainly.com/question/7284696

#SPJ1

5 0
2 years ago
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