Each individual expense account is debited when closing, and the total of all the expense accounts is transferred to Income Summary.
79) The balance in Income Summary after posting all revenues and expenses for the period is equal to net income/loss.
80) A nominal account is the same as a permanent account.
81) A real account is the same as a permanent account.
82) After posting adjusting entries, the temporary accounts will be set back to zero.
83) Closing entries will update the Capital account to the same figure that is on the balance sheet for that date.
84) Income Summary does not have a normal balance.
85) The goal of closing is to clear all temporary accounts and update Capital.
86) The first entry to close accounts is to debit Revenue and credit Income Summary.
87) Closing Entries are necessary before completing the Financial Statements.
88) The Withdrawals account is closed to Income Summary.
89) When closing Income Summary, the balance is transferred to the Capital account.
90) All revenue, expenses, and withdrawals will have zero balances before closing.
91) Income Summary is a permanent account.
92) Income Summary is closed to Capital.
Could you help me pls make a list of 2 brands facing their problem but they solved it successfully .( digital marketing area)ex: Starbuck uses oder and pay application on...Apr 13 2021
Information taken from a Sears, Roebuck and Company annual report follows.Required:1. How much interest expense did the company record during Year 2 on the 7% debentures?...May 24 2020
Assume that the enrollment at Texas College is expected to grow by 10 percent each year. How will this affect CHC’s estimated earnings?Nov 28 2019
An international business, like a domestic business, would like to minimize its tax liability. Describe three ethical strategies an international business can implement t...Aug 25 2020
Inc. has a current stock price of $42.40 per share. The company will pay an annual dividend yield of 6% on its stock. If FPA's returns have a standard deviation of 25% an...Apr 18 2021
A garage is comparing the cost of buying two different car hoists. Hoist A will cost $20,000, will require servicing of $1000 every two years, and last ten years. Hoist B...May 19 2020
What factors impact the risk of a fixed income security (such as a bond)?The risk of a security is impacted by the provisions related to options available to the issuer.T...Aug 30 2020
ABC Inc. just paid a dividend of $1.55 per share. The dividends are expected to grow at 20 percent for the next fifteen years and then level off to a growth rate of 2.5 p...Aug 17 2020
This problem refers to equations provided above for equation b) only. The slope of the line tangent to function (b) at x=2 equals: show working please!Jun 05 2020
Week 5 For this discussion, we will explore psychological disorders by hearing from those who have experienced one of these disorders in a personal way. Choose ONE of the...May 02 2020