Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?
A) Salaries Expense
B) Fees Earned
C) Unearned Rent
D) Depreciation Expense
C
You might also like to view...
When the principal is trying to avoid being bound by the acts of the agent after the agency has ended, constructive notice is sufficient for:
A. persons who never knew of existence of the agency. B. persons who knew of the agency but had never dealt with it before termination. C. everyone who the principal was in contract with before the termination. D. persons who have dealt with the former agent.
Which of the following is (are) a strategy for dealing with environmental effects
a. End-of-pipe strategies. b. Process improvements. c. Pollution Prevention. d. All of the above.
Corporations are formed by filing which document with the secretary of state?
a. Bylaws b. Articles of incorporation c. Stock permit d. Partnership agreement e. Shareholder agreement
Simons, Inc sells plasticware
The following information summarizes Simons' operating activities for the year: Utilities Expense $ 65,000 Rent Expense 10,000 Sales Commissions Expense 32,500 Purchases of Merchandise 260,000 Merchandise Inventory on January 1 65,000 Merchandise Inventory on December 31 97,500 Sales Revenue 650,000 Prepare an income statement for Simons, Inc, a merchandiser, for the year ended December 31 using the format below: Sales Revenue Cost of Goods Sold: Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Selling Expenses: Sales Commissions Expense Administrative Expenses: Rent Expense Utilities Expense Total Operating Expenses Operating Income What will be an ideal response