Multiple Questions Answers 2023 Business Finance
2023 1 The is are transferred from the income statement to the statement of owner s equity
1. The _____is/are transferred from the income statement to the statement of owner’s equity.
a. ending capital
b. withdrawals
c. net income
d. beginning capital
2. Revenues total $10,200, expenses total $7,300, and the owner’s withdrawals account has a balance of $2,600. What is the balance in the income summary account prior to closing net income or net loss?
a. $2,900 debit
b. $300 debit
c. $2,900 credit
d. $300 credit
3. Revenues total $10,200, expenses total $7,300, and the owner’s withdrawals account has a balance of $2,600. What is the balance in the income summary account after all closing entries are completed?
a. $2,600 credit
b. $2,900 debit
c. $2,900 credit
d. $ -0-
4. The balance in the Accumulated Depreciation account must be:
a. $8,050
b. $10,200
c. $65,250
d. impossible to determine with this data
We give our students 100% satisfaction for their assignment, which is one of the most important reasons students prefer us from other helpers. Our professional group and planners have more than ten years of rich experience. The only reason that our inception days, we have helped more than 100000 students with their assignments successfully. Our expert’s group have more than 2200 professionals of different topics, and that not all; we get more than 300 jobs every day more than 90% of the assignment get the conversion for payment.
Place Order Now