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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.
At the reception it is decrypted and actual data is obtained. Explain the different methods of encryption technique
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Go to http://moneycentral.msn.com and look up the companies Lowe’s (symbol: LOW) and Home Depot (symbol: HD). To the left, you will see several different tabs. At the bottom, yo
Q. Show double-entry procedure or duality? In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we deb
You should have recorded in your cash books all amounts you've really received and payments you've really made. Though the cash books may be incomplete as your bank may have put ex
Q. What are Bad debts? Bad debts -- amounts owed to a company which aren't going to be paid. An accountreceivable becomes a bad debt when it's recognized that it won't be paid.
Steps in recording business transactions Look at Exhibit 5 to observe the steps in recording and posting the effects of a business transaction. Note that a source document offe
Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset
Credit -- an accounting entry on the bottom or right of a balance sheet. Generally an increase inliabilities or capital or a reduction in assets. Opposite of credit is debit. Every
Declared semiannual dividends of $1.20 on 75,000 shares of preferred stock and $0.08 on the 600,000 shares of $20 par common stock to stockholders of record on March 31, payable
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