All categories

2 years ago

What accounts are closed during the closing process? Please answer in complete sentences

2 answers:

5 0

Each cycle, temporary accounts such as revenue, cost, and dividends paid are closed. However, the balance sheet's assets, liabilities, and owner's equity accounts remain open. These permanent accounts and their ending balances serve as the basis for the subsequent accounting period's beginning balances.

jenyasd209 [6]2 years ago

4 0

Answer:

Brainliest pls

Explanation:

Just income, cost, and profit accounts are shut not a resource, responsibility, Common Stock, or Retained Earnings accounts. The four fundamental stages in the end interaction are: Closing the income accounts-moving the credit adjusts in the income records to a clearing account called Income Summary.

You might be interested in

Wilfred Nadeau owns 300 shares of Consolidated Glue. The company's board of directors recently declared a cash dividend of 45 c

dedylja [7]

Answer:

a. Zero dividend.

b. 3.5 new shares;

texes will be paid.

Explanation:

a. March 20 is a date earlier than when the dividends are too be paid on April 18, and as such Wilfred Nadeau will not receive any dividend if he sells his stocks since he no longer has ownership of them.

b. 45 cents dividends per 300 stocks of Wilfred is $135 (reinvestment dividend plan).

With a discount of 3.4% at $39.8 (3.4%*39.8) current price per stock makes the total cost per stock after discount= $38.4.

Dividing the reinvestment dividend plan over the discounted price (135/38.4) = 3.5 new shares, According to the requirements of law the investor must still pay tax annually on his or her dividend income, whether it is received as cash or reinvested.

8 0

3 years ago

If the company budgets to need 4000 units to sell for a month, has a beginning inventory of 1000 units and a desired ending inve

Alecsey [184]

Answer:

5,500 units

Explanation:

The computation is shown below:

Given that

Need to sell the units in a month = 4,000 units

Beginning inventory = 1,000 units

Desired ending inventory = 2,500 units

So, by considering the above information, the units to be produced is

= Desired ending inventory + need to sell the units in a month - beginning inventory

= 2,500 units + 4,000 units - 1,000 units

= 5,500 units

5 0

3 years ago

Sarah has been working full-time at Eve's Golf Inc. for three years. While at college, she worked as a part-time employee at Bur

Olin [163]

Answer:

The appropriate solution will be the "establishment" stage.

Explanation:

The establishment stage throughout professional advancement or career progress is the time where someone who starts to pursue jobs and receives one's first assignment.
Thus, during that point, the candidate goes through all the induction process, the acknowledgment of a position as well as the accommodation of the particular organization.

So that Sarah's profession has been at the level of the establishment.

3 0

3 years ago

Mike has one hour to spend at the gym where he will jog, play handball and cycle. jogging uses 10 calories per minute, handball

slega [8]

Let
x = minutes used for jogging
y = minutes used for handball
z = minutes used for cycling

Th total time spent is 1 hour (60 minutes), therefore
x + y + z = 60

Because Mike jogs as long as he cycles, therefore
x = z
Therefore
2x + y = 60
or
y = 60 - 2x (1)

Jogging consumes 10 calories/min, handball consumes 9 calories/min and cycling consumes 12 calories/min.
The calories consumed in 60 minutes is 580, therefore
10 x + 9y + 12z = 580
Because x = z,
22x + 9y = 580 (2)

Substitute (1) into (2).
22x + 9(60 - 2x) = 580
22x + 540 - 18x = 580
4x = 40
x = 10
y = 60 - 2x = 40
z = x = 10

Answer:
10 minutes of jogging
40 minutes of handball
10 minutes of cycling.

4 0

3 years ago

Ralph gives his daughter, angela, stock (basis of $8,000; fair market value of $6,000). no gift tax results. if angela subsequen

Andreas93 [3]

Answer:

D) $2,000

Explanation:

Angela's basis on the stocks will be the same as her father's. Since she sold the stocks, her basis will be $8,000, so her recognized gains will = selling price - basis = $10,000 - $8,000 = $2,000

The IRS allows the donee (Angela) to use the doners (Ralph) basis when selling an asset received as a gift in order to determine the realized gain/loss.

6 0

3 years ago

Read 2 more answers