What is the Income Summary account and what is its purpose?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
An Income Summary account is an general ledger record used only ...View the full answer
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
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
Question Posted:
Students also viewed these Accounting questions
-
The partnership of Avery and Kirk was formed on July 1, when George Avery and Dinah Kirk agreed to invest equal amounts and to share profits and losses equally. The investment by Avery consists of...
-
The general ledger of Bray Personnel Service includes controlling accounts for Office Equipment, No. 123, and Accumulated Depreciation, Office Equipment, No. 124. Brays accountant also records the...
-
The general ledger of Rafferty Insurance Agency includes controlling accounts for Office Equipment, No. 123, and Accumulated Depreciation, Office Equipment, No. 124. Raffertys accountant also records...
-
Colors and More is considering replacing the equipment it uses to produce crayons. The equipment would cost $1.37 million, have a 12-year life, and lower manufacturing costs by an estimated $304,000...
-
a. Construct a scatter diagram showing the relationship between returns on Stock Y and the market, and then draw a freehand approximation of the regression line. What is the approximate value of the...
-
Fill in the missing information assuming a correlation of -.10. Stocks 1.00 Portfolio Weights Expected Standard Bonds Return Deviation 14% 20% 0.80 0.60 0.40 0,20 0.00 5% 8%
-
(Appendix) Describe the typical funds used to account for VHWO transactions, and prepare optional VHWO fund-based financial statements. AppendixLO1
-
The King Construction Company began work on a contract in 2007. The contract price is $4,000,000, and the company uses the percentage-of-completion method. Other information relating to the contract...
-
Question & Find the simple interest for the following. Round to the Nearest Cent. a Promissory Note for 5,380 at 6.2% made on July 15 and due Dec 28 04153.81 0 $ 151.70 0$ 150.79 04192.66 Questions...
-
The Dinosaur Adventure Theme Park needs $200 million to build a monorail that will run through the park. The park's financial advisors believe that it will be able to borrow the the money by issuing...
-
Identify which types of general ledger accounts are temporary and which are permanent.
-
What are the four types of closing entries, and why are they journalized?
-
Multiply, and then simplify each product. Assume that all variables represent positive real numbers. (V20 - 5)(20+ 5)
-
Lucy is using a one-sample test based on a simple random sample of size = 24 to test the null hypothesis = 23.000 cm against the alternative hypothesis < 23.000 cm. The sample has mean 22.917 cm and...
-
A motorcyclist of mass 60 kg rides a bike of mass 40 kg. As she sets off from the lights, the forward force on the bike is 200N. Assuming the resultant force on the bike remains constant, calculate...
-
A load downward load P = 400 N is applied at B. It is supported by two truss members with member BA at an angle of 0 = 45 from horizontal and member BC at an 01 = angle of 02 25 from vertical....
-
Gross profit, defined as Net sales less Cost of products sold increased by $279 million in 2017 from 2016 and decreased by $2 million in 2016 from 2015. As a percent of sales, gross profit was 38.8%...
-
An electro-magnetic shield is to be made of galvanized steel with conductivity = 1.74 x 106 S/m, and magnetic permeability HR = 80. The thickness of cold rolled steel is in the following table. Gauge...
-
A compound contains only carbon, hydrogen, and oxygen, and is 66.6% carbon and 11.2% hydrogen. What is the empirical formula of this substance?
-
Is times interest earned meaningful for utilities? Why or why not?
-
What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?
-
What are the primary objectives of financial reporting as indicated in Statement of Financial Accounting Concepts No. 1?
-
What are the primary objectives of financial reporting as indicated in Statement of Financial Accounting Concepts No. 1?
-
Suppose you bought a bon with an annual coupon rate of 6.5 percent one year ago for $1,032. The bond sells for $1,020 today. a. Assuming a $1,000 face value, what was your total dollar return on this...
-
During the year 2021, William has a job as an accountant, he earns a salary of $100,000. He has done some cleaning services work on his own (self-employed), where he earned a net income of $50,000....
-
Fixed cost per unit is $7 when 25,000 units are produced and $5 when 35,000 units are produced. What is the total fixed cost when 30,000 units are produced? Group of answer choices $150,000....
Study smarter with the SolutionInn App