Why are the income statement accounts closed but the balance sheet accounts are not?
Question:
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 92% (13 reviews)
The income statement accounts are closed at the end of the accounting period because in e...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Why are the income statement amounts under entity theory and traditional theory the same if the subsidiary investment is made at book value? (Do not consider the different income statement...
-
Why are the income and losses (or expenses) separately stated to the partner, shareholder or owner, and on what form(s) are they reported?
-
Following are the income statement and balance sheet for Medtronic PLC. Consolidated Statement of Income, 12 Months Ended ($ millions) April 26, 2019 Net Sales $30,557 Costs and expenses Cost of...
-
Limits from graph In this problem we evaluate limits from the graph. Consider the graph of f given in [Figure 1]. Evaluate each of the following limits (or explain why if the limit does not exist)....
-
McMillan Distributors, which uses the perpetual inventory system and makes all credit sales on terms of 2/10, n/30, completed the following transactions during July. McMillan records all sales...
-
The Fast Reader Company supplies bulletin board services to numerous hotel chains nationwide. The owner of the firm is investigating the benefit of employing a billing firm to do her billing and...
-
If 1 of the 839 challenges is randomly selected, find the probability of getting a challenge that was rejected. Use the following results from the 839 player challenges to referee calls in the first...
-
Carter Corporations sales are expected to increase from $5 million in 2008 to $6 million in 2009, or by 20%. Its assets totaled $3 million at the end of 2008. Carter is at full capacity, so its...
-
provide the evaluating the performance for this query? This query analyze the average seller users and buyer users are buying and selling in the relevant country using the Etsy Platform. Query...
-
Kollins Kids, Ltd. began the current year with 320,000 common shares outstanding and issued an additional 120,000 shares on August 1. The firm has $ 8,000,000, 5% convertible bonds outstanding at the...
-
Differentiate among (a) Permanent, (b) Temporary, (c) Real, and (d) Nominal accounts.
-
What is a post-closing trial balance? Is it a useful part of the accounting information processing cycle? Explain.
-
In Exercises 914, perform the indicated operations. Write the resulting polynomial in standard form and indicate its degree. (17x 3 - 5x 2 + 4x - 3) - (5x 3 - 9x 2 - 8x + 11)
-
At June 1, Wildhorse Co had total assets of $40,350 and total liabilities of $15,500. Calculate each of the following amounts. 1. If total assets increased $12,150 in June and total liabilities...
-
Name Displacement (change in position) Average Speed Average Velocity. Average Acceleration. Kinematic Formulas for Constant Acceleration Relative Velocity Formula 2 Af=f-f Vfy Savg = Vavg= Av At V =...
-
CYU 2-2.4 What is the total energy of a 5-kg object with KE = 10 kJ. PE = 15 KJ, u = 20 kJ/Kg (a) 20 kJ (b) 25 kJ (c) 45 kJ (d) 125 kJ (e) 225 kJ CYU 225 What is the total mechanical energy of a...
-
A planet experiences a force of 2.65 x 1012 N from it's moon (mass of 2.77 x 1017 kg). If the moon is 3.05 x 109 m away from the planet and their radii can be neglected, what is the planet's mass? a....
-
L = LL_ + L2 - hL L=-ih L = heti [(2) i cot 0 ()] L+L_ = [(322) + i (2). + cot 0 (2) + cot 0 a 1 = - [102 (sin 0g) + (0) | sin a) Derive Equation 4.131 from Equation 4.130. (3)] Eqn. 4.112 Eqn. 4.129...
-
What are the different types of advances of a bank according to RBI prudential norms?
-
Define deferred revenue. Why is it a liability?
-
Why do we refer to the conversion of six molecules of carbon dioxide (six carbon atoms) to one molecule of glucose (also six carbon atoms) as a net reaction?
-
At December 31, 2017, Carlos Company had the following Retained Earnings and shares outstanding: Common shares (490,000 outstanding shares)........................................$490,000 Preferred...
-
Ava School of Learning obtained a charter at the start of 2017 that authorized 50,000 shares of no-par value common shares and 20,000 no-par value preferred shares. During 2017, the following...
-
Avery?s Rentals, Inc. and Rent-A-Matic, Inc. are two publicly traded rental companies. They reported the following in their 2017 financial statements (in millions of dollars, except per-share amounts...
-
Strategic Decision-Making: Innovation and Implementation of a New Reporting Solution Tatjana Vasiljeva, RISEBA University of Business, Arts and Technology, Latvia A beautiful sunny winter day......
-
SUCCESSION LAW - Could you please provide a brief explanation and particular legislation and case law in relation to the intestacy rules in a blended family? A table or diagram to explain would also...
-
How does the concept of concurrency control in multi-threaded environments facilitate synchronization and coordination among threads, particularly concerning issues such as race conditions,...
Study smarter with the SolutionInn App