Answer:
d. It will have a credit balance of $100,000.
Explanation:
In the income statement, the total revenues and the total expenses are recorded.
If the total revenues are more than the total expenditure then the company earns net income
And, If the total revenues are less than the total expenditure then the company have a net loss
This net income or net loss would reflect in the statement of the retained earning account.
So, the balance of income summary equals to
= Sales - expenses
= $540,000 - $440,000
= $100,000
The dividend should be deducted from the retained earning account. Hence, it will not be consider here
Answer:
The correct answer is C) Point of execution of a mission or task
Explanation:
The critical period is a limited time where an event can occur, and that results in some kind of transformation. For this reason, when identifying a risk, for example, it can be determined as the main point where a specific task is started to try to solve some problem.
Explanation:
The adjusted journal entry is shown below:
Corp Laundry supplies Expense A/c Dr $6,580
To Corp Laundry supplies A/c $6,580
(Being the corp supplies expense is recorded)
It is computed below:
= Purchased value of laundry supplies - still on hand
= $7,990 - $1,410
= $6,580
The answer is correct but The options that are given are incorrect.
Answer:
a) Assets and expenses
Explanation:
Credit balance can be regarded as amount that is been owed by a business to a customer. This occur when the payment by the customer to the business exceed the current invoice stipulates. credit balances can be located or found at right side of a subsidiary ledger account, it can be found on right side of a general ledger account. credit balance that is contained on billing statement of the customers can be regarded as amount that card issuer is owing the customer.
It should be noted that one if account groups that is normally has a credit balance is Assets and expenses
Answer:
B) $135 F
Explanation:
The computation of the variable overhead efficiency variance for supplies cost is given below:
= (Actual hours - Standard hours) × Standard Rate
= (10,930 hours - 3,800 × 2.9 hours) × $1.50 per hour
= (-90 hours) × $1.50 per hour
= $135 favorable
Hence, the variable overhead efficiency variance for supplies cost is $135 favorable
Therefore the option b is correct
