Why is the Dividends account closed directly to Retained Earnings rather than to the Income Summary account?
Question:
Why is the Dividends account closed directly to Retained Earnings rather than to the Income Summary account? (Appendix)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting The Impact On Decision Makers
ISBN: 9780324655230
6th Edition
Authors: Gary A. Porter, Curtis L. Norton
Question Posted:
Students also viewed these Business questions
-
Why is the Dividends account closed directly to Retained Earnings rather than to the Income Summary account?
-
In the case "H. J. Heinz M&A" what is the financial analysis of the case? Please explain the financials. Send only a word file with the tables of financials and the explanation of each financial. I...
-
Why is the Dividends account not closed to the Income Summary account when closing entries are prepared?
-
A firm has initial fund of $800. The market rate of return is 12%. The firm has identified good investment opportunities to invest $640 at an average 25 per cent rate of return. How much dividend...
-
A constant-volume tank contains 30 kg of nitrogen at 900 K, and a constant-pressure device contains 15 kg of argon at 300 K. A heat engine placed between the tank and device extracts heat from the...
-
A parallel RLC circuit, with R = 200 , L = 0.28 H, and C = 3.57 F, has an initial voltage V 0 = 50.0 V on the capacitor. Obtain the voltage function when the switch is closed at t = 0.
-
In the past year, have you had opportunities at work to learn and grow? 38 62 LO.1
-
Management of Shreveport Community Hospital has decided to allocate the budgeted costs of its three support departments (administration, public relations, and maintenance) to its three operating...
-
This is the book of Mr. Lindsay Kidd Jan 1 started business with $6000 in the bank and $500 cash in hand Jan 2 bought $2500 goods on credit from Allen. D Jan 3 credit sales: Leon. F $660; Earl. A...
-
Assuming the use of a work sheet, are the formal adjusting entries recorded and posted to the accounts before or after the financial statements are prepared? Explain your answer. Would your answer...
-
What two purposes are served in making closing entries? (Appendix)
-
Examine the overview of different types of security architectures that can help with blueprint construction, implementation, and maintenance. These include spheres of security, levels of controls,...
-
In Exercises 29 and 30, find the probabilities and indicate when the "5% guideline for cumbersome calculations" is used. 29. Medical Helicopters In a study of helicopter usage and patient survival,...
-
Introduction to Internetworking Project 1: Ctrl-Alt-Del Inc. INTRODUCTION You have accepted a contract to participate in the design of the network infrastructure of a company called Ctrl-Alt-Del Inc....
-
Construct Arguments Tell whether each statement is always true, sometimes true, or never true. Explain. a. An integer is a whole number. b. A natural number is a rational number. c. An irrational...
-
Please answer the following Questions : 1. Who are the competitors for Whole Foods? 2. Do you consider traditional supermarkets to be competitors for natural and organic supermarkets? 3. How would...
-
LNC Corp is trying to determine the effect of its inventory turnover ratio and DSO on its cash conversion. Credit sales in 2016 is $101,000, cost of goods sold will be 70% of sales and it earned a...
-
The Brandt Company presents the following December 31, 2010 balance sheet: The following information is also available: 1. Current assets include cash, $3,800; accounts receivable, $18,500; notes...
-
Conduct a VRIO analysis by ranking Husson University (in Maine) business school in terms of the following six dimensions relative to the top three rival schools. If you were the dean with a limited...
-
Mediocre Company has sales of $120,000, fixed expenses of $24,000, and a net income of $12,000. If sales rose 10%, the new net income would be: Question 18 options: $16,800 $36,000 $13,200 $15,600
-
1. Why might managers of small restaurants decide not to adopt the standard work hour approach to controlling labour cost? (minimum 150 words )
-
Which statement is true regarding the U.S. GAAP impairment test for limited life intangibles? A. U.S. GAAP impairment is likely to be greater than IFRS impairment. B. The impairment test for limited...
Study smarter with the SolutionInn App