The journal entry to close the capital account includes
a. debiting the expense accounts and crediting the income summary account; b. debiting the income summary account and crediting the expense accounts; c. debiting the expense accounts and crediting the capital account; d. debiting the revenue accounts and crediting the capital account; e. none of these.
E
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Use the following information to answer the following questions. The following totals for the month of April were taken from the payroll register of Magnum Company. Salaries $12,000 FICA taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 450 Federal Unemployment Taxes 32 State Unemployment Taxes 216 The entry to record accrual of employer's payroll taxes would include a
A) debit to Payroll Tax Expense for $248. B) credit to FICA Taxes Payable for $1,100. C) credit to Payroll Tax Expense for $248. D) debit to Payroll Tax Expense for $798.
If direct materials cost per unit increases, the break-even point will decrease
Indicate whether the statement is true or false
Manufacturers use product development strategies to create new products for new markets
Indicate whether the statement is true or false a. True b. False
Which approach to marketing was especially important during the Great Depression when consumers did not have much money and firms competed intensely for customer sales?
A. marketing concept B. sales orientation C. production orientation D. customer orientation E. relationship marketing