Find the balance in income summary

Assignment Help Accounting Basics
Reference no: EM132641046

Question - The June income statement for Ramirez Enterprises contains the accounts Revenues $7,000, Wages Expense $2,000, Rent Expense $1,000, Supplies Expense $300, Advertising Expense $200, Insurance Expense $100. After the revenue and expense accounts have been closed, find the balance in Income Summary?

Reference no: EM132641046

Questions Cloud

How relevant is your race or your gender : How relevant is your race or your gender to your understanding of yourself? Why? Has technology changed the primary and secondary groups to which you belong?
What is the policy about confidentiality : What is the policy about confidentiality? What type of information is considered confidential?
Find how much will have in retirement account : He is thinking of saving $1,250 a month in a 401K account that pays an annual rate of 3.5%. How much will he have in his retirement account when he turns 65?
What kind of system would you design that would reach goal : Stratification is a way or organizing society based on a ranking system that measures money, occupation, education, family background, and life style.
Find the balance in income summary : Advertising Expense $200, Insurance Expense $100. After the revenue and expense accounts have been closed, find the balance in Income Summary
Why an erm is a senior management issue : Explain why an ERM is a senior management issue and not simply an IT issue?
Disease found in the lymphatic-immune or respiratory system : Write an essay describing a disease found in the Lymphatic/Immune or Respiratory System. Describe possible treatments.
Primary functions of a database and a data warehouse : Explain why enterprises need both of these data management technologies.
Post to the depression case study for marcus : In the initial stages of psychopharmacological intervention, mental health professionals must be aware that complications or concerns can arise.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which order should you accept why explain

You are evaluating orders from two customers but can accept only one of the orders because of your company's limited capacity. Which order should you accept

  Examine the negative results on stakeholders

Examine the negative results on stakeholders and the financial statements of an IRS audit which generates additional tax

  Carrying value of the bonds using straight-line amortization

A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2006. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. Using straight-line amortization, what is the carrying value of the bonds o..

  Parties that have joint control of the arrangement

Joint ventures. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint  venturers) have   rights to the net assets of the arrangement.

  Prepare the journal entry necessary to record

prepare the journal entry necessary to record a change from the average cost method to the FIFO method

  Monopolistically competitive industry

Explain the process by which economic profits are eliminated in a monopolistically competitive industry as compared to a perfectly competitive industry.

  What is revaluation of plant assets

What is component depreciation, and when must it be used? What is revaluation of plant assets? When should revaluation be applied?

  Johnson chemical company manufactures a wide variety of

johnson chemical company manufactures a wide variety of industrial chemicals and adhesives. it purchases much of its

  Sold stock received as an inheritance from pamelas mother

sold stock received as an inheritance from pamelas mother for 35000. pamelas mother purchased the stock 10 years ago

  What is jeremy total income tax liability

Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him.

  Discuss about self-employment income

Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $432,600 of self-employment income and Ruth has a self-employment.

  Determine the maximum income from operations

Battonkill Company, operating at full capacity, sold 176,600 units at a price of $81 per unit during 2010. Determine the maximum income from operations possible

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd