Which of these is true about the normal balance of an income summary?

a) It depends on which financial statement it appears.

b) The balance is credit.

c) The account doesn't have a normal balance.

d) The balance is debit.

Answers

Answer 1

The answer is: c) The account doesn't have a normal balance.

Income summary only exist temporarily. It's used by accountant in the closing entries to close all incomes and expenses incurred in the previous year so the income and expense restarted from 0 in the next year. This account does not have a normal balance and would not be included on the balance sheet.


Related Questions

You bought a stock one year ago for $ 50.00 per share and sold it today for $ 55.00 per share. It paid a $ 1.00 per share dividend today. What was your realized​ return?

Answers

A realized return is the actual return on an investment including dividends, interest and other distributions. 

Bought = $50
Sold = $55
$5 = $55 - $50

Take the difference in profit and add $1 for the dividend pay out = $6 realized return.  


The human resources officer denied mrs. merkel employment because she believes that at 62 years of age, mrs. merkel is too old to start a new career. this is an example of

Answers

I believe this is an example of ageism.
Age Discrimination in the workforce


​a(n) _____ is a data validation rule that is performed on two or more fields to ensure that they are consistent or reasonable when considered together.

Answers

combination check is a data validation rule that is performed on two or more fields to ensure that they are consistent or reasonable when considered together. 

A combination check is usually used to enter a deposit and a recurring payment on one form. 

​The result of the data validation process is data quality. A combination check is a data validation rule that is performed on two or more fields to ensure that they are consistent or reasonable when considered together. This type of data validation verifies if the account combination entered is valid.

Kayla is a supervisor who manages a production line. she spends several hours each week developing specific employee work assignments and production schedules for the coming week so that the production department can meet its short-term production objectives. this suggests that a significant component of kayla's job involves

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 The fact that Kayla spends several hours each week developing specific employee work assignments and production schedules for the coming week suggests that a significant component of Kayla's job involves operational planning, where operational planning is the process that includes preparing plans of an organization that clearly defines the actions that should be taken in order strategic goals to be achieved.

Traditionally, small businesses tended to be concentrated in the ________ industry.

Answers

Traditionally, small businesses tended to be concentrated in the retail or retailing industry.

The retail industry involves a business that sells good or services to a consumer. The sell these items based on the demand of the good or service. Even today, the retail industry is growing fast and still one of the main focuses of small businesses. 

Traditionally, small businesses tended to be concentrated in the retail or retailing industry.

What is retailing industry?

Retail businesses are those that engage in the sale of goods or services to consumers. They rely on consumer demand to drive the selling of these products or services. The retail industry is still growing significantly and is one of the main focus areas for small businesses.

The retail sector includes all companies that provide goods and services to customers. There are many different sorts of retail sales and stores, including grocery, convenience, discount, independent, department, DIY, electrical, and specialized stores, all around the world.

A retail business sells modest quantities of products and services to customers, either in-person or online. Retail examples include grocery, clothing, and drugstores.

Thus, it is retailing industry.

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Toybox, inc., manufactures the spintop, a toy that the company has discovered can cause harm. before anyone is injured, anne, a pediatric nurse who has not purchased a spintop, files a suit against toybox. in seeking to have the suit dismissed, toybox's best argument is that anne does not have:

Answers

Product liability, which is the area of law that states that whoever makes products available to the public hold responsibility for injuries caused by those products. Here products usually refer to tangible personal property. Hope this helps!

The term __________, used to describe the cloud, means that the computing resources leased can be increased or decreased dynamically and that organizations only pay for the resources they use.

Answers

The answer is:  "elastic" . 
____________________________________________________
       "The term  elastic  , used to describe the cloud, means that the computing resources leased can be increased or decreased dynamically and that organizations only pay for the resources they use."
____________________________________________________

Loretta lives in Virginia, which has a sales tax of 4%. She just bought a pair of binoculars whose full price was $280, but she presented the retailer with a coupon for $60, which the retailer accepted. What was the total amount that Loretta paid?

Answers

$231.20  is the answer i got

ANSWER: $231.20

EXPLANATION: Loretta will have to pay $231.20 as the final amount. The pair of binoculars were priced $280 and the sales tax was 4%, which adds up to $291.20 as the net price. But, Loretta presented a which was of $60.

So, subtracting $60 from $291.20, we get $231.20

Which of the following actions is a part of information management:
a. Creating technology
b. Observing competitors
c. Creating data
d. Disseminating information

Answers

Which of the following actions is a part of information management? disseminating information. Information management, also known as IM is a management process that collects and manages all information from the source it collects it from and distributes it to other sources and audiences. Disseminating information is the act of giving out information.

If a contract term is ambiguous a court can consider extrinsic evidence
a. True
b. False

Answers

The correct answer is true. It is because if the contract term is likely ambiguous, the court will likely consider this as an extrinsic evidence or that the ambiguity is likely to be interpreted against the party who is responsible for drafting the term.

If a contract term is ambiguous a court can consider extrinsic evidence. True. If there is a contract drawn up, it is important to make sure the terms and in black and white and not ambiguous. Ambiguous means that there can be more than one interpretation of something or having a double meaning. This can be harmful in a court case because different people may understand the contract differently. Extrinsic evidence is outside, external evidence that is not usually used to make a determination of a situation. 

Ramon funds small businesses that he believes have the potential to grow large. when these companies are still in their initial stages and need investment, he buys their stocks at a low price and later sells them at higher prices when they are successful. thus, ramon is a

Answers

The fact that Ramon funds small businesses that he believes have the potential to grow large and when these companies are still in their initial stages and need investment, he buys their stocks at a low price and later sells them at higher prices when they are successful means that Ramon is a venture capitalist. The term venture capitalist in economics describes a person who invests in a business venture, providing capital for start-up or expansion. 
Thus, Ramon is a venture capitalist. A venture capitalist is someone who invests in small businesses when they are in their initial stage of startup. They will also support smaller companies that want to expand but need extra funds to do so. Ramon is a venture capitalist because he funds small businesses that he thinks will have the potential to grow, but they need start up funds or expansion funds to do so. 

How mcuh will a person pay for 6.8 pounds of bananas at a price of $1.19 per pound?

Answers

The answer will be $8.092.
You just need to multiply 6.8 pounds by $1.19, and the answer would be $8.092.
Or, if you want to have a long solution, you can multiply first 6 pound by $1.19, and it will give you an answer of 7.14. Next, multiply the .8 pounds by $1.19, which will give you an answer of 0.952. Then, add the two answers (7.14+0.952) which will give you $8.092.

6.8 pounds x $1.19 = $8.092
or
(6 pounds x $1.19) + (.8 pounds x $1.19) = $8.092

Some americans argue that _____ should be used to keep domestic wages high and unemployment low.

Answers

The answer is "tariffs".

If we define tariff in simple words, then we can say that tariff is a tax and it adds to the cost of imported merchandise and is one of a few exchange arrangements that a nation can authorize. 
Tariffs are regularly made to ensure newborn child ventures and creating economies but at the same time are utilized by further developed economies with created enterprises.

A white woman goes into an upscale shop to look at clothes. she is excited to see that there is a sale and gathers a huge pile of clothes to take into the dressing room. an african american woman goes into the store and is also excited about the sale but hesitates to take too many clothes into the dressing room because she is afraid the staff will think she might shoplift. w.
e.
b. du bois would say that the african american woman has:

Answers

The African American women is afraid that she will be racially profiled by the workers/customers in the upscale shop.

The African American woman is concerned that the staff and customers in the fancy establishment would racially profile her.

What do you mean by African American woman?

Beyond Rosa Parks and Katherine Johnson, one of the NASA mathematicians who helped put Americans in orbit for the first time, the groundbreaking firsts go back centuries.

Throughout the year, not just during Black History Month, it's critical to keep in mind these women and how they contributed to the development of society.

In an interview with Teen Vogue, Nadia Valentine, a former Drake University broadcasting major, underlined the significance of recognizing notable Black historical people.

It is so vital to see these folks contribute to a developing society, she remarked. Nadia, a Black woman, claimed that during Black History Month, her white mother used to ask her to spend some time after school researching significant Black historical people.

Although Mary McLeod Bethune understood the need of education, she also understood that it was challenging for young Black children to succeed, particularly in the segregated South.

According to PBS, she struggled to finish school and worked on a plantation to support her family before she decided to pursue a career in education and started the Daytona Educational and Industrial Institute for Girls in 1904.

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________ in an organization is the division of labor. for example, in a publishing company, there are people who acquire manuscripts (sponsoring editors), people who edit manuscripts (developmental editors), and people who turn manuscripts into printed books (production editors).

Answers

The division of labor inside an organization is called process specialization. "Process Specialization" refers to the division of a community's complete work-in-progress into distinct processes and the assignment of distinct individuals to each process.

What is the division of labor?

The splitting of a work process into a set of tasks, each of which is carried out by a different person or group of people, is known as the division of labor. It is most commonly used in mass manufacturing processes and is one of the main organizational principles of the production line.

By dividing a complex production activity into many, or many, smaller ones, division of labor integrates specialization and subtask division. The importance of the division of labor in economics stems from the fact that it allows a given number of people to create significantly more output than they could if they were all working independently.

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The price elasticity of demand measures the​ ________ that results from a​ ________.

Answers

The price elasticity of a demand measures the percentage change in the quantity demanded that results from a  percentage change in price.

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Juan is a top manager at i.f.l., a matrix organization. he oversees both the product and functional chains of command, and is responsible for maintaining a power balance between the two sides of the matrix. juan is a _____.

Answers

Juan is considered to be the top leader. The top leader is the leader of the topmost leader or the one who is considered to have the highest rank in a certain organization or group by means of leading the particular organization.

What is montag willing to do to convince faber to help carry out the plan? farenhiet 451?

Answers

Ripped books apart, burn the books would be the answer.

Arises when there are many firms each selling an identical​ product, many​ buyers, and no restrictions on the entry of new firms into the industry. ▼ oligopoly monopoly monopolistic competition perfect competition is a market structure in which a large number of firms compete by making similar but slightly different products. ▼ oligopoly monopoly monopolistic competition perfect competition is a market structure in which a small number of firms compete. ▼ oligopoly monopoly monopolistic competition perfect competition arises when there is one firm which produces a good or service that has no close​ substitutes, and the firm is protected by a barrier preventing the entry of new firms.

Answers

Final answer:

Perfect competition is a market with many firms selling identical products, monopolistic competition involves firms selling similar but differentiated products, oligopoly is when a few firms dominate the market, and monopoly is when there is only one firm with a unique product and barriers to entry.

Explanation:

The market structure characterized by many firms selling an identical product, with many buyers and no entry restrictions, is called perfect competition. A market with many firms selling similar but slightly different products and competing against each other is known as monopolistic competition. A structure where only a few firms exist and dominate the market, often selling identical or similar products, is termed an oligopoly. Finally, when a single firm produces a unique good or service with no close substitutes and is protected by barriers that prevent new firms from entering, the structure is known as a monopoly. In an oligopoly, firms may face the temptation to collaborate similarly to a monopoly or compete against each other, affecting market outcomes for prices and quantities. In monopolistic competition, firms seek to differentiate their products to stand out, which can lead to non-price competition, such as advertising, but also can result in inefficiencies as firms do not produce at the lowest point on their average cost curves.

The ________ consists of the unofficial but influential means of communication, decision making, and control that are part of the habitual way things get done in an organization. grapevine informal organization information tunnel interpersonal channel

Answers

The informal communication also known as grapevine, consists of the unofficial but influential means of communication, decision marking, and control that are part of the habitual way things get done in an organization. This type of communication can take place with face-to-face communication, email, text messages and phone calls. Formal communication, is a more structured form of communicating in the work place. 

Based on organizational management, the "grapevine " consists of the unofficial but influential means of communication, decision making, and control that are part of the habitual way things get done in an organization.

This is because grapevine is sometimes referred to as informal communication.

It often consists of rumors and can move from top to bottom or bottom to top in an organization.

It is sometimes referred to as gossips in an organization and can be termed informal or unofficial conversation.

Hence, in this case, it is concluded that the correct answer is option A. "Grapevine."

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_____ power is a function of the amount of knowledge one possesses relative to the rest of the members of a group

Answers

Expert power is a function of the amount of knowledge one possesses relative to the rest of the members of a group.

An expert power is regarded as a function of the amount of knowledge one possesses relative to the rest of the members of a group. Therefore, the option B holds true.

What is the significance of expert power?

Expert power can be referred to or considered as the amount of power held or possessed by an individual, which is significantly higher and greater than the other individual present in a close-knitted environment. Moreover, such power is having proficiency over others.

As mentioned above, it is rightly to be said expert power is not based upon strength, but upon the possession of knowledge in the hands of a person. This power is considered as the highest order of all the powers held by an individual.

Therefore, the option B holds true and states regarding the significance of expert power.

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The missing options to the incomplete question have been added below for better reference.

A. Coercive

B. Expert

C. Reward

D. Referent

Which of the following business processes would most likely be fully manual?

A. Amazon.com tracking data on its best-selling book titles
B. Walmart deciding which items to put on sale
C. A local grocery store tracking its inventory
D. A new restaurant choosing its weekly specials,

Answers

The answer is D. A new restaurant choosing its weekly specials. This is because there is no need of any assisting technologies and it is all in the works of the hands. This will also help them lessen their expenses in their business.

D. A new restaurant choosing its weekly specials is a business process that would most likely be fully manual. The other choices are all related to data and tracking different inventory or data processing. Since picking weekly specials isn't something that needs to be tracked intially due to the restaurant being new, this would be the easiest process to be fully manual.

In a relationalâ database, the three basic operations used to develop useful sets of dataâ are:

a. âwho, what, and where.

b. âselect, from, and join.

c. âselect, join, and where.

d. âselect, project, and join.

e. âselect, project, and where.

Answers

e is the correct answer

Management by objective is part of which type of performance appraisal system?

Answers

Management by objective is part of the goal-oriented appraisal system.

Using the goal-oriented appraisal system managers and their staff is focused on their current task and the end result of completing it. The set goals (what the want to accomplish) and strive for the end result to be a direct reflection of that goal. 

The total output produced by a firm divided by the quantity of workers employed by the firm is the definition of

Answers

The total output produced by a firm divided by the quantity of workers employed by the firm is the definition of the average product of labor (APL) or only average product (AP). This parameter is used by economists to describe the relationship between inputs (i.e. factors of production) such as  labor and the quantity of output that a firm can produce.

​walmart's practice of using a​ ________ strategy is designed to promise ultimate value to consumers.

Answers

Walmart's practice of using a​ price leadership strategy is designed to promise ultimate value to consumers. Price leadership is characterized with one dominant organization in the industry  which  is advantageous to other and this organization sets the price and others follow it.

Kuzu company discovers in 2015 that its ending inventory at december 31, 2014, was $7,000 understated. what effect will this error have on

Answers

The understatement of the ending inventory in 2014 will result to the overstatement of the cost of goods sold by $7,000 in 2014 as well as the understatement of the of the gross profit and net income. 

Aside from affecting the income statement, this understatement of the ending inventory will also affect the balance sheet. This error will understate the total assets and overstate the stockholder's equity.
Due to having an understated inventory at the end of 2014, there will be an overstated amount of the costs of good sold by $7,000. When the company said they had $7,000 less of inventory than they actually did, they then show they sold $7,000 more in inventory than they actually did. This error will change the amount of revenue the firm had and affect the share of stocks that the stockholder’s should be receiving.

Kym switched cell phone plans. she signed up for a new plan that will save her $3.50 per month compared to her old cell phone plan. the cost of the new phone plan for an entire year is $294. how much did kim pay per month under her old phone plan

Answers

New phone plan = $294
New phone plan compared to old phone plan (in savings) = $3.50 per month
12 months in a year, therefore multiply 12 with 3.50 and you get the total number of savings in the entire year

12 (months in a year) × $3.50 (savings per month) = $42 (per year in savings)
Since Kym saved $42 a year, and we know that Kym's new plan costs $294 a year, simply add $294 (new phone plan) and $42 (savings per year) to get the price of the old phone plan.

$294 (new phone plan) + $42 (savings a year) = $336 (old phone plan per year)

Now, since you want to find the monthly payment, simply divide $336 (old phone plan on a yearly payment) by 12 (months in a year).

$336 (old phone plan per year) ÷ 12 (months) = $28

Kym paid $28 per month under her old phone plan.

When the sales of a certain brand of diet soda slowed, a national grocery retailer decided to drop the price of that product, which resulted in a large increase in sales of the soda. this sales increase is a type of?

Answers

I don’t know ??vvvvv

list the steps of the decision making process.

Answers

Step 1: Identify the decision. You realize that you need to make a decision.
Step 2: Gather relevant information.
Step 3: Identify the alternatives.
Step 4: Weigh the evidence.
Step 5: Choose among alternatives.
Step 6: Take action
Step 7: Review your decision & its consequences.
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