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Q. Explain about closing process?
Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Retained Earnings. You as well learned that we prepare financial statements for certain accounting periods. The closing process transfers (a) the balances in the revenue and expense accounts to a clearing account called Income Summary and after that to Retained Earnings and (b) the balance in the Dividends account to the Retained Earnings account. The closing process reduces expense, revenue and Dividends account balances to zero thus they are ready to receive data for the next accounting period. Accountants may perform the closing process monthly or annually.
The two fundamental sources of equity in a company are stockholders and creditors their combined interests are called total equities. To discover the equity ratio divide stockholde
can you show me a sample balance sheet with retained earnings included?
A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the mar
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Over the past two decades, the People's Republic of China has invested billions of RMB in domestic and international air travel capability. Today, almost every major city in China
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Q. Explain about cash discount? In a few industries credit terms include a cash discount of 1 percent to 3 percent to induce untimely payment of an amount due. A cash discount
current and non current liabilties
J Green''s financial position at 1 May 2008 was as follows bank 2,910 cash 160 equipment 5,900 premises 25,000 creditors R smith 890 t thomas 610 debtors j car
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