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
Rudik [331]
2 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]2 years ago
7 0

Answer:

Facilitate closing of revenue

You might be interested in
Select all that apply. Select the items that describe what happens at the equilibrium price. Producers supply the exact goods th
malfutka [58]
Answers are: 
<span>Producers supply the exact goods that consumers buy.
Consumers have enough goods, at the given price
</span><span>Producers use their resources efficiently

At the equilibrium price, the quantity bought= quantity sold. Consumers have enough goods at the given price, meaning that there isn't anyone who wants to buy the good at that price but can't, and producers use their resources efficiently.

The whole economy does not waste resources, since this is the market-efficient outcome, and there aren't many shortages or surpluses for the same reason. </span>
5 0
3 years ago
What is a demand relationship?
NeX [460]

Answer:

Demand relationship is the relationship between the dominant prices of a good and the quantity that will be bought at that price.

Explanation:

Demand can be defined as the quantity of a good that consumers are ready to purchase at different prices at a given period of time.

The basic demand relationship is between potential prices of a good and the quantities that would be bought at those prices. The relationship is always a negative one, this implies that an increase in price will lead to a decrease in the quantity demanded. This negative relationship is represented in the downward slope of the consumer demand curve. Take for instance, if the price of a bag of rice rises from $10 to a price of $20, this is a huge price increase. This increase forces the consumer to demand less of that product at the price of $20 because the new price is more expensive and also very unreasonable for a bag of rice.

8 0
3 years ago
Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in th
serg [7]

Answer:

Payment to suppliers was $ 17,100

Credit sales was $37,200

Explanation:

Please refer to the attached for working.

8 0
3 years ago
Cash investments made by the owner to the business are reported on the statement of cash flows in the
Julli [10]

Answer:

d. financing activities section

Explanation:

cash investment made by the owner and their withdrawals will be in the financing activities section

On the financing activities, the accounting does a detail ofthe origin of funds which paid for the assets. These funds could be from owners or lenders.

Therefore, the equity transactions are included in the financing activities sections

From the owner point of view, it is an investment. But, we must remember that the owner and te company are different entities. For the company it is financiation

6 0
3 years ago
In order to make sure it is possible to clean the floors under shelving units in food establishments, the shelves must be at lea
soldier1979 [14.2K]
The shelves must be at least SIX [6] INCHES above the floor. This is necessary in order to facilitates proper cleaning of the floors, the unobstructed space below the shelf will make it easier to clean the underneath of the shelves. This will prevent cockroaches and other kitchen pests from habouring the space.
3 0
3 years ago
Other questions:
  • Bonnie is writing a growth plan for her bicycle repair shop. She wants to pay off the loan for the building she uses for her bus
    5·1 answer
  • Mary, a single taxpayer, purchased 10,000 shares of § 1244 stock several years ago at a cost of $20 per share. in november of th
    9·1 answer
  • Resling Travel offers helicopter service from suburban towns to John F. Kennedy International Airport in New York City. Each of
    8·1 answer
  • In which case did the U.S. Supreme Court hold that the warrantless search authority normally reserved for probation and parole o
    10·1 answer
  • Costs that are NOT affected by the quantity of a product sold are _______ costs. Examples of these costs include rent, insurance
    5·1 answer
  • Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1)
    7·1 answer
  • 1. Most financial crises in the United States have begun with A. a steep stock market decline. B. an increase in uncertainty res
    7·1 answer
  • The Income Statement for Pumpkin Co. is shown below:
    14·1 answer
  • Canned food available for sale at grocery stores have been subjected to a commercial canning process. If you bought a can of pea
    12·1 answer
  • g The international Fisher effect: Group of answer choices is an example of absolute PPP focuses on changes over time in the rel
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!