Which of the following journal entries is required to close the Income Summary account of a company with a net loss?
a. Debit Income Summary, credit Capital Stock.
b. Debit Income Summary, credit Retained earnings.
c. Credit Income Summary, debit Retained earnings.
d. Credit Income Summary, debit Dividends.
c
You might also like to view...
______________________________ reorders inventory when the item reaches a certain inventory level that was determined in advance based on the item's sales rate
Fill in the blank(s) with correct word
If Willis Corporation has 80,000 shares of common stock authorized, 50,000 shares of common stock issued, and holds 12,000 shares of common stock as treasury stock, the total number of outstanding shares of Willis Corporation amounts to
a. 22,000. b. 68,000. c. 38,000. d. 26,000.
Use this inventory information for the month of May to answer the following question. May 1 Beginning inventory 40 units @ $76 7 Purchase 140 units @ $80 18 Sale 50 units 22 Purchase 20 units @ $88 29 Sale 80 units Assuming that a perpetual inventory system is used, what is cost of goods sold (rounded) under the average-cost method?
A) $5,620 B) $6,420 C) $10,380 D) $12,040
List the six standards that upper level management can use when practicing EBM.
What will be an ideal response?