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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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A firm has a return on equity of 20 percent. The total asset turnover is 2.8 and the profit margin is 7 percent. The total equit
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The net income of the firm is $1,200

<h3>What is net income?</h3>

Net income refers to the amount an individual or business makes after deducting costs, allowances and taxes.

Net profit is also amount of money a business earns after deducting all operating, interest, and tax expenses over a given period of time.

First, we know that:

Return on equity

= Net income / Total equity

Fixing the given values, we'll have

20% = Net income / $6,000

Net income = $6,000 * 20%

Net income = $1,200

Therefore, net income of the firm is $1,200

Learn more about computation of net income here: brainly.com/question/24836146

4 0
2 years ago
Your team leader puts a suggestion box in the break room. At team meetings, he lists all the reasons why the suggestions can't b
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4 0
3 years ago
What is one reasons why mixed economies exist?
Snowcat [4.5K]

<u>Answer:</u>

<em>Mixed economics places some limits on the safety of society. </em>

<em></em>

<u>Explanation:</u>

As the name infers, a mixed economy is a type of framework where all exercises underway, just as those performed by private and government substances, mix free enterprise with different sorts of regulations. Both the general population and individual parts can work similarly, which implies that financial advancement will be speedier.

This is particularly evident, thinking that financial assets will be used effectively. Additionally, the consumption of assets will be backed off. What's more, the legislature would likewise attempt to build up every division of the population.

3 0
3 years ago
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The phases of project management are: A. planning, scheduling, and controlling. B. planning, programming, and budgeting. C. plan
o-na [289]

Answer:

A. planning, scheduling, and controlling.

Explanation:

The phases of project management are -

1. Initiation

2. Planning

3. Execution - Scheduling

4. Control

5. Close

Option A is correct because the answer includes the 2nd, 3rd, and fourth phases of project management.

Option B is wrong because programming is not a phase of project management. Option C is a combination of management functions. Therefore, it is incorrect. Option D is not correct as the service project is not different from the manufacturing project. Option E is the project management technique.

4 0
3 years ago
Which of the following is NOT an accurate statement?
Mandarinka [93]

Answer:

The correct answer is c. Workers in high-tech fields do not need good communication skills.

Explanation:

Communication skills refer to the ability to send, receive, elaborate and issue information, ideas, opinions and attitudes of the highest quality and oriented towards personal and organizational objectives. To properly carry out their activities, administrators must have at least the basic skills of oral, written and non-verbal communication related to: communication with clients, communication with their subordinates, communication with their superiors, with the media , sensitivity to cultural differences, among others.

  • Nonverbal communication skills refer to the use of facial expressions, movements and body language for the transmission of meaning.
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Communication is immersed in all the activities of the administrators, intimately relating to their performance.

4 0
4 years ago
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