Preparing closing entries, which involves journalizing and uploading the entries to the ledger, is the eighth phase in the accounting cycle. During closure, there are four entries. To the Income Summary account, the initial entry cancels revenue accounts.
<h3>What order should the steps for closing an account be taken in?</h3>
Following is the basic order of closing entries: Clear the balances in the revenue accounts by debiting each revenue account and crediting the income summary account. To eliminate the balances in all expenditure accounts, credit all expense, accounts and debit the revenue summary account.
A journal entry debiting all revenue accounts and crediting the income summary is used to accomplish this. The same procedure is then used to calculate expenditures. Crediting the expense accounts and debiting the income summaries closes out all expenditures.
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Answer:
50,000
Explanation:
Hughes Corporation can calculate the incremental cash outflow required to acquire the new machine by just deducting the sales proceeds from the cost of the new machine.
DATA
New machine = $150,000
Old machine = 100,000
Cash outflow per year (18,000 - 10,000) = 8,000
Salvage value = 25,000
Annuity factor = 8%
Solution
Incremental Cash outflow = Cost of new machine - Sales proceeds from old machine
Incrementa Cash outflow = 150,000 - 100,000
Incremental Cash outflow = $50,000
Answer:
The correct answer is letter "D": Both A&C.
Explanation:
Incentive compensation schemes are established provided by employers based on the performance of employees. Employers set a reward system that could take the form of bonuses, prizes or recognition, and goals workers should reach or pass so those rewards can be provided.
Incentives are given at work aiming to motivate employees to work efficiently and effectively.
Answer:
A variety of factors affect development, prenatally and postnatally. A non-biological factor, the drug use by parents before and after child´s birth, affect both.
Explanation:
Drug use before, during and after pregnacy problem outcomes form, both individual and environmental reasons. Drug prevention and treatment, traditionally focused on changing individual behaviours have had very limited impact
, as the environment hasn´t had necessary change, and the social determinants of drug use have increased, with exacerbating factors that include cognitive limitations, poor parenting and low family socio-economic status, causing the development of children, not receiving the nutrition and stimulation necessary, to be significantly impeded since the very conception, causing genetic predisposition to drug use; in neonatal and infancy, the consequence might be to get a child with difficult temperament
, in preschool, children could develop early behavioural and emotional disturbances, such as oppositional defiant disorder or, depression
; in primary school, children could be unable to self-regulate emotions and behaviour
; if they get to high school, children may be exposed to drug-using social contexts.
