Select the statement below that explains how to use the Income Summary account. Multiple choice question. The Income Summary account 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.

Answers

Answer 1

Answer:

Facilitate closing of revenue

Answer 2

In accounting, the Income Summary account is used during the closing process to facilitate the closing of revenue and expense accounts.

What is an Income Summary account?

This is an account that records all the temporary accounts of a business after they have been closed at the end of every accounting period.

Therefore, the Option B is correct.

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Related Questions


A(n) is a general belief about a person or group of people that may not be true.
prestige
b culture
c. occupation
d stereotype

Answers

It’s d stereotype. Mark brainliest pls

Answer:

Stereotype

Explanation:

Trust.

Help me with this Econs question, please...thank you!

Answers

Is there a certain PFF to look at ?

why do companies have to study their environtment first before venturing into new businesses ?

Answers

Answer:

because if they don't how will they know what to do and or look for in competition

Answer:

From getting to know your target audience to exploring potential competitors, market research gives businesses a competitive edge, allowing them to thrive in new environments.

Explanation:

나는 귀엽다

__________ are items of value your company owns.

Answers

Answer:

it is the business asset

"Girls Just Wanna Have Funds" is a Washington, DC, support group that consists mostly of young women who offer tips on budgeting and debt relief. Since you cannot evaluate the quality of the financial advice until after you have received it, this is an example of the _____ characteristic of service. Group of answer choices reliability search quality heterogeneous satisfaction experience quality temporal quality

Answers

The service provided by "Girls just want to have funds" shows the experience quality characteristic of services.

Service includes all intangible products. This means, in service, there are no physical goods involved but customers obtain a benefit. Examples of services include:

EducationMaintenanceRecreationTransportation

Moreover, services have special characteristics such as :

Experience qualityTemporal qualityReliability

In the case of experience quality, this quality refers to the value the service has for the customer. In this case, the value would be the way the advice provided by this organization can help women improve their finances.

Moreover, this experience of quality is usually not immediate but the satisfaction or value for the customer can increase or decrease over time. This occurs with the service from "Girls just want to have funds" because the satisfaction is women depends on whether the advice they apply improves their finances.

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in the actual economy, goods and services are purchased by

Answers

Answer:

In the actual economy, goods and services are purchased by households, firms, and the government GDP is defined as the market value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time

Explanation:

Answer is D

The night before you take an exam, you should

eat a healthy meal
stay up late to review notes
take a break from studying
turn off alarms to get a good night's rest

Answers

wow thx!!! great tips
Answer (stay up late to review notes)

Hope this was helpful have a nice day :)

what is Advertising , according to the Advertising practitioners council of Nigeria ​

Answers

Answer:

Advertising bis the act of raising awareness big product to consumers in order to buy more from them than other costumers

Which of the following is required to be present in an Employment Verification Letter?

Answers

Answer:

name, title, salary, and dates of employment. 

Explanation:

Im not sure with my answer ♥️

Name, salary, title, and dates of employment is required to be present in an Employment Verification Letter

What is the significance of  Employment Verification Letter?

An employment verification letter is a document that confirms that a person is now employed or has previously worked for a company. This official document validates job status in a variety of scenarios when legal verification of work or income is required.

Employment verifications are an essential component of the pre-employment screening process, since they indicate if the prospects are trustworthy and a suitable match for the position.

Employment verification is the process of confirming a person's previous or present employment status. It guarantees that the individual has the necessary experience to do the job properly. Employment verification may also show incorrect claims, gaps in employment, or job title forgery.

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Janet, a regular customer needs to send money. Her granddaughter's best

friend called to ask for her help after their money was stolen while traveling

across the country. After asking her some "Know Your Customer" questions,

she tells you her granddaughter was unable to come to the phone because

she had been injured. She doesn't regularly see her granddaughter. Also,

while Janet has heard of her friend, she had never actually met him.

Answers

While there is no question attached, it would appear that a crime is being perpetuated here and that crime is identity theft and fraud.

There are two main issues with the story above that point towards identity theft:

The granddaughter could not come to the phone - it cannot be verified that it is indeed the granddaughter that is asking for the money. This "friend" might not actually be with the granddaughter.

Janet has never met the friend - Because Janet has never met the friend, she has no way of verifying if it is actually the friend that she is talking to.

These two issues point to someone trying to use the identity of Janet's granddaughter's friend to solicit money from her. As a bank teller, you should flag this transaction and explain to Janet the reservations you have with this transaction.

Janet should try to reach her granddaughter directly to find the facts.

In conclusion, this is most likely a case of person trying to use identity theft to commit fraud.

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True/False

Mary must decide between two alternatives for the weekend: babysitting or yard work. If she babysits, she will receive $40 and will incur $15 in transportation costs. If she does yard work, she will receive $40 and will incur $3 in lawn mower gas and oil costs and $5 in transportation costs. The payment she would receive for the jobs is relevant in deciding which alternative to select.

Answers

Answer:

FALSE

Explanation:

NO SORRY I DONT HAVE ENOUGH TO GIVE

Buyers and sellers are brought together by
A. agents
B. wholesalers
C. distributors
D. rack jobbers

Answers

the answer is c- wholesalers

outline 4 reasons why most developing countries rely on extractive levels of production ​

Answers

Explanation:

The World Bank helps developing countries manage their natural resource wealth responsibly and sustainably, in a way that contributes to sustainable growth and development, protects communities and reduces carbon emissions.

A friend told Mohammed, Your business would be more successful if you only served in the shop and let your workers make the bread and cakes. Do you agree? Justify your answer

Answers

Answer:

Yes

Explanation:

As the 9wner of business, you will know how to controll your finance than paying someone.

highlight characteristics of itinerant traders​

Answers

Some features of such itinerant retailers are:

The scale of operations is small. ...

The capital is also limited in the case of itinerant retailers.

They usually deal in day to day products and perishable items of daily use like fruits, vegetables, milk, toiletries etc.

The table shows the demand curve for monster trucks. There are two monster truck producers. For simplicity, assume that the cost of producing a monster truck is zero. ( AC=0
, FC=0
)

Q demanded Price
1
$18

2
$16

3
$14

4
$12

5
$10

6
$9

7
$7

8
$6

9
$5

Assume the two producers initially collude to maximize profits, splitting production and profits evenly.

What price will they charge?
$

What is the total quantity produced?

monster trucks

What are the profits for each firm?
$

If one of the producers produces an extra unit to get higher profits, what is the new market price?
$

What are the profits for this firm when it breaks the agreement?
$

What are the other firm's profits after the agreement is broken?
$

Answers

Answer:

What price will they charge:

$9

What is the total quantity produced?

$6

What are the profits for each firm?

$27

If one of the producers produces an extra unit to get higher profits, what is the new market price?

$7

What are the profits for this firm when it breaks the agreement?

$28

What are the other firm's profits after the agreement is broken?

$21

Explanation:

you have a credit card and the average balance on that card, year after year, is $4,000. The credit card company charges 21% annual intrest on your average balance, how much extra money would you have to invest each year if you weren’t paying intrest on that credit card debt?

A. $117
B. $840
C. $273
D. $791

Answers

the answer is b. 840$

The amount of $840 will be extra money one will have to invest each year if you are not paying interest on that credit card debt.

What is a credit service?

This is a loan service provided by credit firm to an individual, business etc which is expected to be repaid with interest.

Extra money = $4,000 * 21%

Extra money = $840

Therefore, the Option B is correct.

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Which of the following statements is true?

Most countries have laws and court procedures protecting intellectual property such as those in the United States.

Civil laws tend to be relatively nonspecific.

Laws of a country regulate the manner in which business transactions are executed.

Global entrepreneurs cannot specify in the contract that any contract disputes will be heard in the courts of another country.

Answers

The statements that are true include "Laws of a country regulate the manner in which business transactions are executed."

Also, the other statements among the options that are considered true are "Most countries have laws and court procedures protecting intellectual property such as those in the United States."

Research has shown that many countries have rules and regulations guiding their business transactions, including intellectual property rights, such as Trademarks, Patents, and Copyrights.

Hence, in this case, it is concluded that the correct answer is options A and C.

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Rina depositó $ 3,000 en un CD de 12 meses. La tasa de interés anual es de 3.75% y se compone trimestralmente. ¿Cuál es la cantidad de interés que Rina ganará en un trimestre?

Answers

The amount of the interest that Rina will earn in a quarter is $28.52 on 3.75% interest rate.

Here, we are going to employ the use of Future value to enable use derive the amount of interest.

The formula for Future value is A(1+i/m)^mn.

Given Information

Present value = $3,000

Years (n) = 1

Annual interest rate = 3.75%

Compound (m) =  4

Future value = $3,000 * (1 + 3.75%/4)^1*4

Future value = $3,000 * (1+0.009375)^4

Future value = $3,000 * 1.03803064737

Future value = $3,114.09194

Future value = $3,114.09.

interest = Future value - Present value

interest = $3,114.09 - $3,000

interest = $114.09

Therefore, the amount of the interest that Rina will earn in a quarter is $28.52 ($114.09/4) on 3.75% interest rate.

The translated word is "Rina deposited $ 3,000 on a 12-month CD. The annual interest rate is 3.75% and is compounded quarterly. What is the amount of interest Rina will earn in one quarter?"

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Question in attachment​

Answers

B - he owns the business and is doing the physical work for it

Healthy Plants Ltd. (HP) produces its premium plant food in 50-pound bags. Demand for the product is 100,000 pounds per week. HP operates 50 weeks per year and can produce 250,000 pounds per week. The setup cost is $200, and the annual holding cost rate is $0.55 per bag. Currently, HP produces its premium plant food in batches of 1,000,000 pounds. Using the data provided in Problem 23, determine what will happen if HP uses the economic production quantity model to establish the quantity produced each cycle.

Answers

Based on the weekly demand, production capacity and holding cost, the EPQ must be 550,482.88 pounds or 11,009.66 bags.

The Economic Production Quantity can be found by the formula:

= √( ( 2 x Annual demand x Setup cost) / ( Annual holding cost per pound x ( 1 - Demand rate per week / Production rate) ) ) )

Annual demand = Demand per week x Number of weeks in HP year)

= 100,000 x 50

= 5,000,000

Annual holding cost per pound = Cost per bag / Number of pounds in bag

= 0.55 / 50 pounds

= $0.011 per pound

Economic Production Quantity = √( ( 2 x 5,000,000 x 200) / ( 0.011 x ( 1 - 100,000 / 250,000) ) ) )

= 550,481.88 pounds

In bags this is:

= 550,481.88 / 50 pounds per bag

= 11,009.66 bags

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The question is:

Calculate the economic production quantity (EPQ) in pounds and bags

1. Which of the following is an example of an intermediary?
A. Auto manufacturer
B. Auto parts manufacturer
C. New car dealership
D. Auto repair shop

Answers

Considering the available options, an example of an intermediary is "New car dealership."

This is based on the idea that an intermediary is an organization between the producers and the final consumers in the business chain transaction.

Thus, a new car dealership is considered an intermediary because he is neither a producer nor the final consumer of the automobile product.

Generally, in any industry, there are different types of intermediaries, they include:

agents, wholesalers, distributors, and retailers.

Hence, in this case, it is concluded that the correct answer is option C. "New Car Dealership."

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kielyn has a degenerative eye disease that is causing her to gradually lose her eyesight. when kielyn asked her employer, ideal accessories, to purchase a low-vision computer for her use at work, she was fired. ideal accessories has violated the

Answers

Considering the situation described above, the ideal accessories has violated the American with Disabilities Act.

This is because Kielyn, with degenerative eye disease, is a form of disability, and firing her by her employer is a form of discrimination.

This situation is against the Americans with Disabilities Act of 1990.

The Americans with Disabilities Act (ADA) clearly stated that there should be no discrimination against people with disabilities in many situations such as employment, transportation, public accommodation, access to government programs and services, etc.

Hence, in this case, it is concluded that the correct answer is "Americans with Disabilities Act (ADA)."

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Answer: Americans with Disabilities act

Explanation: trust

A large city passed a new tax on sugary beverages. A few months after the tax goes into effect, the mayor wants to use social media to learn about how residents feel about the tax. The mayor creates a poll on Twitter and invites residents to share how they feel about the new tax. About 70\pp, percent of responses oppose the new tax. Which of these is the best explanation for why this result is probably biased

Answers

In survey, most report or data collected are often biased due to some factors. The best explanation for why this result is probably biased is that Opponents of the new tax are more likely to respond than anyone else, so 70%, percent is likely an overestimate.

Bias in regards to feedback can simply be defined as a form of systematic error that enters into into sampling or testing through the aid of selection or encouraging one outcome.

Leading questions are example of bias in survey. They are often very noticeable form of bias in research.

Conclusively, the Three types of bias can be refered to as information bias, selection bias, and confounding.

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Answer: Opponents of the new tax are more likely to respond than anyone else, so 70% is likely an overestimate.

moving production from a high-cost producer to a low-cost producer will

Answers

Answer:

there would be an increase i the marketing of your product.

Explanation:

if the product is expensive it wouldn't be accessible to all buyers caliber, certainly the small business person.

what is the goal of effective marketing research studies?

Answers

Answer:

The goal is to identify and assess how changing element of the marketing mix impact customer behavior.

Explain the importance of thoroughly checking your SAR and what steps you can
take if you find any errors?

Answers

Based on financial analysis, the importance of thoroughly checking your SAR is that "possessing an accurate SAR gives individuals the high tendency of earning a financial aid award."

Generally, the financial aid awards depend on the accurate details given in the SAR report.

However, should there be an error in the SAR report, here is the step you can take:

Either you correct or update your Free Application for Federal Student Aid, often referred to as FAFSA form.

The FAFSA form can be filled online.

SAR is an acronym for Student Aid Report.

Hence, in this case, it is concluded that SAR information is crucial for students that need financial aids.

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write about veterinary service available in you locality​

Answers

Answer:

write your locality not my locality there is your locality

Your friends parent are worried about going over their budget for the month.Which expense would suggest is not a need
A.Groceries
B.Rent payment
C.Car insurance
D.Cable service

Answers

Answer:

D

please give brainliest

Which of the following is acceptable behavior?

Answers

Answer:

All of the above.

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