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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.
Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces. Fruits enter the production process in pounds; the prod
A company’s sales volume averages 4,000 units per year. Recently, its main competitor reduced the price of its product to $48. The company expects sales to drop dramatically
Q. Maplehurst Company? Maplehurst Company manufactures huge spinning machines for the textile industry. The company had purchased USD 100000 of small hand tools to utilize in i
discuss the features of unincoporated associations
Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense
An airfoil of surface area 1ft squared is tested for lift (L) in a wind tunnel. At an angle of attack of 5 degrees with standard air of density 0.0024 slugs/ft cube at a speed of 1
A(n) _______ loss occurs when the reduced price is below the actual cost. A. net B. operating C. absolute D. incurred
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. Elaborate and explain why journal is necessary?
What is the implication of applying accounting concepts wrongly
what is the implications of applying accounting concepts wrongly
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