Justify the use of only three closing entries for a corporation although a sole proprietorship uses four.
Question:
Justify the use of only three closing entries for a corporation although a sole proprietorship uses four.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
Recording closing entries There are four closing entries closing revenues to income summary closing ...View the full answer
Answered By
Hardik Dudhat
I am semi-qualified Chemical Engineering ,I have scored centum in accounting in my senior secondary and in my graduation. I have always helped my fellow students with their concerns on the subject, i have tutored on various tutoring sites in the past and also have taken home tuitions for degree and MBA students. As a tutor, I don't want my students to just get a solution, I want them to understand the concept and never have a doubt in that area thereon and i believe in excelling and not in educating.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
How do the closing entries for a corporation differ from the closing entries for a sole proprietorship?
-
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of...
-
Closing entries for a corporation are made from information in a work sheets a. Trial Balance columns. b. Adjustments columns. c. Income Statement columns. d. Balance Sheet columns. e. none of these...
-
What has been the trend in sales over the years presented? July 29, July 30, 2023 2022 (Unaudited) (Unaudited) Net sales $ 5,164,072 100.0% $ 4,643,014 100.0% Cost of sales 3,115,603 60.3% 2,773,824...
-
Suppose there is a stock option plan at See Saw Company that rewards managers for achieving a certain level of reported net income. What incentives might this create for management to influence the...
-
A cyclotron is used to produce a beam of high-energy deuterons that then collide with a target to produce radioactive\(\mathbb{N T}\) isotopes for a medical procedure. Deuterons are nuclei of...
-
Consider the steady potential flow around the circular cylinder shown in Fig. 6.26. On a plot show the variation of the magnitude of the dimensionless fluid velocity, \(V / U\), along the positive...
-
Isner Racket Company manufactures two types of tennis rackets, the Ace and Pro Tour models. The production budget for August for the two rackets is as follows: Both rackets are produced in two...
-
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA...
-
Hydro Systems Engineering Associates, Inc. provides consulting services to city water authorities. The consulting firms contribution-margin ratio is 20 percent, and its annual fixed expenses are...
-
In the middle of the end-of-period activities, the accountant for Buzz Newsstand was called away because of an illness in the family. Before leaving, the accountant prepared the work sheet and the...
-
A partial list of the accounts used by Cycle Tech Bicycles appears on shown below. All of the accounts have nonzero balances. Instructions In your working papers, list all account numbers and names...
-
As part of a quality control process for computer chips, an engineer at a factory randomly samples 212 chips during a week of production to test the current rate of chips with severe defects. She...
-
In a slap shot, a hockey player accelerates the puck from a velocity of 7 . 1 4 m / s to 3 6 . 3 m / s in the same direction. If this shot takes 3 . 2 7 * 1 0 ^ - 2 s , calculate the distance in m...
-
Company XYZ is looking for a Finance/Accounting intern. The student filling this position will handle a wide range of important duties. Responsibilities *Assist with month-end financial reports *Post...
-
Describe the difference between a lower coefficient of thermal expansion and a higher coefficient of thermal expansion in a material in response to the change in heat and resistance and how does that...
-
What is the final speed of a free electron accelerated from rest through a potential difference of - 1 0 4 V ? The mass of the electron is 9 . 1 1 x 1 0 - 3 1 kg . You need to express the speed in km...
-
Susan is considering adding toys to her gift shop. She estimates that the cost of inventory will be $ 8 , 0 0 0 . The remodeling expenses and shelving costs are estimated at $ 2 , 7 0 0 . Toy sales...
-
True or false;. Every planar quadratic form q(x, y) = ax2 + 2bxy + cy2 can be written as a sum of squares.
-
What is the maximum volume of 0.25 M sodium hypochlorite solution (NaOCl, laundry bleach) that can be prepared by dilution of 1.00 L of 0.80 M NaOCl?
-
How are information technology and smart products related to these strategies? Describe the role of information technology in these products.
-
Are there any ethical issues raised by these smart products such as their impact on consumer privacy? Explain your answer .
-
Which features of organizations do managers need to know about to build and use information systems successfully?
-
J is going to receive a 30-year annuity of 8,500 and L is going to receive perpetuity of 8,500. If the appropriate interest rate is 6%, how much more is L's cash flow worth?
-
. Assume that over the past 88 years, U.S. Treasury bills had an average return of 3.5% as compared to 6.1% on long-term government bonds. What was the average risk premium on the long-term...
-
The following data were gathered to use in reconciling the bank account of Bradford Company: Balance per bank $ 18,050 Balance per company records 10,040 Bank service charges 50 Deposit in transit...
Study smarter with the SolutionInn App