Homework Answers
D) The answer is correct. This is because the Income Summary Account is a temporary account in which all income statement and expense accounts are transferred at the end of the accounting period, ie after the close of the accounting period. At that time, the second closing record in the income summary account is the sum of the income equal to the net income or the equilibrium.
Add Answer to:
Problem #16 of 16 After the second closing entry is posted, Income Summary is equal to...
Which of the following accounts would not appear in a closing entry? Select one: A. Net...
Which of the following accounts would not appear in a closing entry? Select one: A. Net income B. Depreciation expense C. Cost of goods sold D. Inventory E. Both A and D Which of the following accounts would not appear in a closing entry? Select one: A. Net income B. Depreciation expense C. Cost of goods sold D. Inventory E. Both A and D
Closing Entry #1:Close ALL revenues and Sales Returns/Discounts to Income Summary. The credit to Income Summary...
Closing Entry #1:Close ALL revenues and Sales Returns/Discounts
to Income Summary. The credit to Income Summary will therefore
represent Net Sales/Service Revenuesfor the period.
ii.Closing Entry #2: Close ALL expenses to Income Summary. Every
individual expense, loss must be closed out with a credit, and the
sum of all expenses/losses can then be debited to your Income
Summary in this entry.
Thank You!!!!! will give thumbs up:)
12/31/19 AJES Debit Credit 25,365 7,700 81,675 13,828 Adjusted Balance 12/31/1912/31/19 Closing Debit...
AHD Home Insert Design second exam... Zakari, Satu References Mailings Review View D Layout - Grammarly...
AHD Home Insert Design second exam... Zakari, Satu References Mailings Review View D Layout - Grammarly Help 16) 16) On a multi-step income statement, the operating expenses are subtracted from arrive at operating Income. to A) cost of goods sold B) net profit C) gross profit D) net sales 17) Which of the following is the correct order of subtotals that appear on a multi-step income statement? A) Operating income, Gross profit, Net Income B) Gross profit, Operating income,Net Income...
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause....
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
When the income summary has total debits of $10,500 and total credits $15,500, the closing entry...
When the income summary has total debits of $10,500 and total credits $15,500, the closing entry is: Select one: A. Debit owner's capital $5,000; Credit Income Summary $5,000 O B. Credit owner's capital $5,000; Debit Income Summary $5,000 C. Credit owner's capital $10,500; Debit Income Summary $10,500 O D. Debit owner's capital $15,500; Credit Income Summary $15,500
After closing entries are posted, the balance in the retained earnings account in the ledger will...
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
Keep getting second entry wrong, don't know what it could be! Prepare correct income statement data...
Keep getting second entry
wrong, don't know what it could be!
Prepare correct income statement data for the 2 years. 2021 2022 Sales $ 205800 $ 245000 Sales Beginning Inventory Begining Inventory 29400 2900 35280 35280 Cost of Goods Purchased 169540 197960 Cost of Goods Available for Sale 198940 233240 Cost of Goods available for Sale $ 0 198940 3 5280 233240 | 49000 Ending Inventory 35280 i Cost of Goods Sold 163660 184240 i Gross Profit 42140 60760
3. The balance in the income summary account before it is closed will be equal to...
3. The balance in the income summary account before it is closed will be equal to A) the net income or loss on the income statement. B) the beginning balance in the retained earnings account. C) the ending balance in the retained earnings account. D) zero. 4. A post-closing trial balance will show A) only permanent account balances. B) only temporary account balances. C) zero balances for all accounts. D) the amount of net income (or loss) for the period....
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a d...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
anything helps 29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances,...
anything helps
29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances, after clos been posted to reset the temporary accounts, as follows: A) zero balances for balance sheet accounts. B) Balances only showing in income statement accounts C) Balances only showing for balance sheet accounts. D) zero balances for all accounts. 30. True or False: Ratio analysis expresses the relationship among selected items or financial statement data and includes liquidity, solvency and profitability ramos. A)...
Closing Entry #1:Close ALL revenues and Sales Returns/Discounts
to Income Summary. The credit to Income Summary will therefore
represent Net Sales/Service Revenuesfor the period.
ii.Closing Entry #2: Close ALL expenses to Income Summary. Every
individual expense, loss must be closed out with a credit, and the
sum of all expenses/losses can then be debited to your Income
Summary in this entry.
Thank You!!!!! will give thumbs up:)
12/31/19 AJES Debit Credit 25,365 7,700 81,675 13,828 Adjusted Balance 12/31/1912/31/19 Closing Debit...
AHD Home Insert Design second exam... Zakari, Satu References Mailings Review View D Layout - Grammarly Help 16) 16) On a multi-step income statement, the operating expenses are subtracted from arrive at operating Income. to A) cost of goods sold B) net profit C) gross profit D) net sales 17) Which of the following is the correct order of subtotals that appear on a multi-step income statement? A) Operating income, Gross profit, Net Income B) Gross profit, Operating income,Net Income...
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
When the income summary has total debits of $10,500 and total credits $15,500, the closing entry is: Select one: A. Debit owner's capital $5,000; Credit Income Summary $5,000 O B. Credit owner's capital $5,000; Debit Income Summary $5,000 C. Credit owner's capital $10,500; Debit Income Summary $10,500 O D. Debit owner's capital $15,500; Credit Income Summary $15,500
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
Keep getting second entry
wrong, don't know what it could be!
Prepare correct income statement data for the 2 years. 2021 2022 Sales $ 205800 $ 245000 Sales Beginning Inventory Begining Inventory 29400 2900 35280 35280 Cost of Goods Purchased 169540 197960 Cost of Goods Available for Sale 198940 233240 Cost of Goods available for Sale $ 0 198940 3 5280 233240 | 49000 Ending Inventory 35280 i Cost of Goods Sold 163660 184240 i Gross Profit 42140 60760
3. The balance in the income summary account before it is closed will be equal to A) the net income or loss on the income statement. B) the beginning balance in the retained earnings account. C) the ending balance in the retained earnings account. D) zero. 4. A post-closing trial balance will show A) only permanent account balances. B) only temporary account balances. C) zero balances for all accounts. D) the amount of net income (or loss) for the period....
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
anything helps
29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances, after clos been posted to reset the temporary accounts, as follows: A) zero balances for balance sheet accounts. B) Balances only showing in income statement accounts C) Balances only showing for balance sheet accounts. D) zero balances for all accounts. 30. True or False: Ratio analysis expresses the relationship among selected items or financial statement data and includes liquidity, solvency and profitability ramos. A)...
Most questions answered within 3 hours.
-
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 10 minutes ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 8 minutes ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 1 hour ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 1 hour ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 1 hour ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 1 hour ago -
What's the streaming business's problem on the
horizon?
asked 2 hours ago -
I need help with writing the conclusion for this online lab
report
Abstract
By testing the...
asked 2 hours ago -
For the reaction 1N2+3H2-----> 2NH3, would the reaction rate
trend be: delta[NH3]/ delta t = -2...
asked 3 hours ago -
Within your current/past organization, identify a problem/issue
and format a design to address same. You may...
asked 3 hours ago -
A sock stuck to the side of a clothes-dryer barrel has a
centripetal acceleration of 24...
asked 4 hours ago -
A perfect gas undergoes an isentropic process such that its
volume doubles. If the ratio of...
asked 4 hours ago