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Q. What is Income Summary account?
The Income Summary account is a clearing account used merely at the end of an accounting period to summarize revenues and expenses for the period. Subsequent to transferring all revenue and expense account balances to Income Summary the balance in the Income Summary account represents the net income or net loss for the period. Transferring or Closing the balance in the Income Summary account to the Retained Earnings account results in a zero balance in Income Summary. As well closed at the end of the accounting period is the Dividends account containing the dividends declared by the board of directors to the stockholders? We close the Dividends account straight to the Retained Earnings account and not to Income Summary because dividends have no effect on income or loss for the period.
"Periodic Review" is the suitable method of controlling stock in hotel bar.
How to perform a basic accounting training progrum ..
Difference between Fica and federal income taxes Employers should file Form 940 with the IRS at the end of every calendar quarter. There are several rules about when to turn i
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
Liz Marett is the chief financial officer for Fulton Restaurants. She delivered the following comments in a recent conference call with analysts that follow the company: "20X5
Q. What is the use of balance sheet? Balance sheet -- a statement of the financial position of a company at a single specific time(often at the close of business on last day
stpes to be taken prepaing for final accounts
what is the BRS
Create an adjusted trial balance & journal entries Bank charges of $932.70 were not recorded in the books for 2014. These were credit card fees charged by the bank for Edwards
The comparative statements of Lucille Company are presented here. LUCILLE COMPANY Income Statements For the Years Ended December 31 First number are 2012 2012 then 2011
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