Question: Why is the account Dividends not closed with the expense accounts?

Why is the account Dividends not closed with the expense accounts?

Step by Step Solution

★★★★★

3.49 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The Dividends account is not closed with the expense accounts because it is no... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

1160-B-A-I-S(7832).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

The adjusted trial balance columns of the work sheet for Thao Company, owned by D. Thao, are as follows. Instructions (a) Prepare closing entries. (b) Use T accounts to post the closing entries and...

Q:

Why is the owner's drawings account not closed with the expense accounts? Why is a separate entry required to close this account?

Q:

The article GM to Take Charge of $ 20.8- Billion here reproduced from The Globe and Mail ( February 2, 1993) describes the potential impact of SFAS 106, Accounting for Postretirement Benefits Other...

Q:

The adjusted trial balance for Thao Company, owned by D. Thao, is as follows. Instructions a. Prepare closing entries. b. Use T accounts to post the closing entries and calculate the balance in each...

Q:

The adjusted trial balance for Thao Company, owned by D. Thao, is as follows: Instructions a. Prepare closing entries. b. Use T accounts to post the closing entries and calculate the balance in each...

Q:

that's ok for $20 TRUE OR FALSE 1. External auditors prepare the financial statements for corporations. 2. The balance in the accounts receivable account in the general ledger should be equal to the...

Q:

Multiple Select Question Select all that apply Identify the statements below which are correct regarding a merchandiser's multi - step income statement. Expenses are subtracted from gross profit in...

Q:

Select all that apply Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual Inventory system (Check all mat apply Merchandise Inventory...

Q:

Select all that apply Identify the statements below that are correct regarding the closing entries for a merchondiser using the perpetual irventory system. (Check all that apply) Cost of goods sold...

Q:

Select all that apply Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. Sales is closed as a revenue account....

Q:

The recent default rate on all student loans is 5.2 percent. In a recent random sample of 300 loans at private universities, there were 9 defaults. (a) Does this sample show sufficient evidence that...

Q:

7. Roslyn Inc. is a small, publicly traded company that had revenues of $250 million in the most recent year, while breaking even (a profit of zero). Currently, the company has total working capital...

Q:

If you have a credit card with a balance of $ 7 , 8 8 4 . 3 2 with an APR of 2 7 . 6 % Calculate: Compound daily: Compound monthly: Compound yearly:

Q:

Normally, rapidly increasing sales are a good thing. What seems to be the problem here?

Q:

The following are events experienced by a company in the past fiscal year and some common ratios used to analyze company performance. Instructions For each independent event listed in column (1)...

Q:

Condensed data from the income statement for Fleetwood Corporation follow: Instructions (a) Using vertical analysis, calculate the percentage of the base amount for each year. (b) Comment on three...

Q:

The income statement for Labelle Ltd. is shown below: Instructions (a) Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2016 is the base year. (b) Using...

Q:

answer with explanation (e) Derive the the Cramer-Rao lower bound (CRLB) for the variance of unbiased estimators of T(p). (f) For what functions (p) does there exist an unbiased estimator which...

Q:

2 Check my work 16 Problem 5-39 Loan Payments (LG5-9) 5 points You wish to buy a $26,000 car. The dealer offers you a 6-year loan with a 7.2 percent APR. What are the monthly payments? (Do not round...

Q:

Please help with these 3. Blue Llama Mining Company is evaluating a proposed capital budgeting project (project Sigma) that will require an initial investment of $800,000. Blue Llama Mining Company...