James Service Company earned revenues of $100,000 and incurred expenses of $107,000. Prepare the entry to close the Income Summary account
What will be an ideal response
Retained Earnings 7,000
Income Summary 7,000
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Applying a data analytical approach to tests of controls is least likely to result in which of the following?
A. Documenting the engagement through an electronic representation letter obtained monthly. B. Testing a number of control simultaneously electronically. C. Testing all incidents of operation of a control during the year. D. Following up sample results with an analysis of the entire population.
Non-bankruptcy compromises to give debtors relief while protecting the rights of creditors include all of the following except:
A) mergers. B) nonstatutory assignments for the benefit of creditors. C) receiverships under the direction of a court with equity powers. D) compositions.
An example of an intangible asset is
A. real estate. B. production facilities. C. raw materials. D. company reputation. E. inventory.
Write the word form for the following numeral: 7.191
a. Seven and ninety-one one hundreds b. Seven and one hundred ninety-one thousandths c. Seven hundred and ninety-one thousandths d. Seven tenths and one hundred ninety-one