Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 14, 2024

Rose Company earned revenues of $15000 and incurred expenses of $9000.The withdrawals of Mary Rose,the owner,were $3000 .What is the balance in the income summary

Rose Company earned revenues of $15000 and incurred expenses of $9000.The withdrawals of Mary Rose,the owner,were $3000 .What is the balance in the income summary account after closing net income or loss to the Rose,Capital account?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Blood Audit

Authors: Edward S Blythe

1st Edition

1480180394, 978-1480180390

More Books

Students also viewed these Accounting questions

Question

★★★★★

Drive-through service time is an important quality attribute for fast food chains. The data in ServiceTime are the mean service times for Burger King, Chick-Fil-A, McDonald's, and Wendy's in 12...

Answered: 1 week ago

Question

★★★★★

After obtaining a masters degree in international economics at the University of Utrecht, Ivan Vogels travelled and worked for two years in Asia and North America before he became junior product...

Answered: 1 week ago

Question

★★★★★

3. Luca recently discovered that his favorite actress supports a radical political group that Luca despises. According to cognitive dissonance theory, what is most likely to happen in this situation?...

Answered: 1 week ago

Question

★★★★★

Rocky Mountain Races, Inc., sponsors the Pioneer Trail Ultramarathon with an advertised first prize of $ 10,000. The rules require the competitors to run 100 miles from the floor of Blackwater Canyon...

Answered: 1 week ago

Question

★★★★★

7) P Company owns 80% of the outstanding common stock of S Company. On January 1. 2018, S Company sold land to P Company for OMR 500,000. S Company originally purchased the land for OMR 300,000. On...

Answered: 1 week ago

Question

★★★★★

Problem 1 [15 marks] Three types of infections in a population, which we call A, B and C for simplicity, are mutually exclusive: they cannot be present together. Infection A afflicts one per cent of...

Answered: 1 week ago

Question

★★★★★

Two factories I and II produce phones for brand ABC. Factory I produces 60% of all ABC phones and Factory II produces 40%. 10% of the phones from Factory I are defective, and 20% of those produced by...

Answered: 1 week ago

Question

★★★★★

At the beginning of the year, Sandhill Company had total assets of $883,000 and total liabilities of $368,000. Answer the following questions. (a) If total assets increased $151,000 during the year...

Answered: 1 week ago

Question

★★★★★

Michael participates in several motocross races. He has won 8 more silver medals than gold medals. The number of bronze medals he has won is half that of the silver medals. If he has won 27 medals in...

Answered: 1 week ago

Question

★★★★★

Which of the following items is reported in accumulated other comprehensive income? Cumulative foreign exchange translation loss Unrealized foreign exchange transaction gains Foreign exchange...

Answered: 1 week ago

Question

★★★★★

a. The owner invested $17,800 cash in the company. b. The company purchased supplies for $1,200 cash. c. The owner invested $11,400 of equipment in the company in exchange for more common stock. d....

Answered: 1 week ago

Question

★★★★★

(Appendices) The Bureau of Labor Statistics provides detailed information on unemployment at the national, state, and local level. Go to www.bls.gov/lau/home.htm. See Latest Numbers and answer the...

Answered: 1 week ago

Question

★★★★★

(Appendices) Medicaid is a major public assistance program that provides health care to certain low-income individuals and families. Answer the following questions with respect to current Medicaid...

Answered: 1 week ago

Question

★★★★★

(Appendices) Jeremy, age 45, is the general manager of five fast-food restaurants. Each restaurant has a delivery service for customers who call in orders. Employees drive company cars to deliver the...

Answered: 1 week ago

Previous Question Next Question