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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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Advertising revenue, the lifeblood of newspaper operations, ______.
aleksklad [387]

Answer:

c. has fallen dramatically in the last few years, with Internet ad sales unable to fill the gap

Explanation:

Newspaper is the most old source of information and country wide updates to human beings.

But with evolution of time, and introduction of internet, people have started using it more, and that the feed of newspaper deliver things late.

Thus, people have switched to internet for information, and also the advertising companies, as the audience is more on internet.

Thus, this clearly depicts that the revenue of newspapers have fallen down because of the rising spread of internet and its increasing users.

6 0
3 years ago
Talks-A-Lot, Inc. sells cell phones to customers and expects that 5% of phones sold will be returned for repair under its warran
ivann1987 [24]

Answer:

Warranty liability $2,128

Explanation:

680 phones sold x 5% x $76 per repaired phone = $2,584 total warranty liability

6 phones were repaired during the year x $76 =  $456

remaining warranty liability = total estimated liability - money spent repairing phones during the year = $2,584 - $456 = $2,128

total outstanding warranty liability = $2,128

Since phone warranties last less than a year, the full amount should be recorded under current liabilities.

5 0
3 years ago
Difference between Private and public Company company
HACTEHA [7]
A private company, the company's stock, or its net is spread amongst few people, usually people close to the CEO/Owner.
A public company, the company's stock is available to purchase to anyone, and can be spread world wide.
8 0
3 years ago
A bond par value is $1,000 and the coupon rate is 5.1 percent. The bond price was $946.02 at the beginning of the year and $979.
Licemer1 [7]

Answer:

the bond's real return for the year is 6.18 %.

Explanation:

First find the nominal return of the bond then the real return as follows :

PV = - $946.02

Pmt = $1,000 × 5.10% = $51

P/yr = 1

FV = $979.58

n = 1

r = ?

Using a Financial Calculator, the nominal return of the bond, r is 8.9385 %.

Real Return = ( 1 + nominal return) / (1 + inflation rate) -1

                   =  (1 + 0.089395) / (1 + 0.026) - 1

                   = 0.0618 or 6.18 %

6 0
3 years ago
Which statement about transfer batch sizes is BEST?A) Transfer batches are the same size as process batches when arriving at a b
inn [45]

Answer:

D. Transfer batches can be as small as one unit

Explanation:

4 0
3 years ago
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