Why are the income statement accounts closed but the balance sheet accounts are not?
Question:
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 92% (13 reviews)
The income statement accounts are closed at the end of the accounting period because in e...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Why are the income statement amounts under entity theory and traditional theory the same if the subsidiary investment is made at book value? (Do not consider the different income statement...
-
Why are the income and losses (or expenses) separately stated to the partner, shareholder or owner, and on what form(s) are they reported?
-
Following are the income statement and balance sheet for Medtronic PLC. Consolidated Statement of Income, 12 Months Ended ($ millions) April 26, 2019 Net Sales $30,557 Costs and expenses Cost of...
-
Limits from graph In this problem we evaluate limits from the graph. Consider the graph of f given in [Figure 1]. Evaluate each of the following limits (or explain why if the limit does not exist)....
-
McMillan Distributors, which uses the perpetual inventory system and makes all credit sales on terms of 2/10, n/30, completed the following transactions during July. McMillan records all sales...
-
In Exercises find the derivative. y ex(sin x + cos x) =
-
What basic assumption underlies the definition of an asset and the process of capitalizing and amortizing? Is this assumption realistic?
-
Chicago Supply Company manufactures paper clips and other office products. Although inexpensive, paper clips have provided the firm with a high margin of profitability. Sample size is 200. Results...
-
Spelli Cher puses aulepLS LIEU Lalus an evil Lalu TOIMUS Sie uddur. But they do offer trade accounts receivable to select customers. The September month end is fast approaching, and they wish you to...
-
Each of the following pairs represents the number of licensed drivers (X) and the number of cars (Y) for seven houses in my neighborhood: DRIVERS ( X ) CARS ( Y ) 5.............. 4 5.............. 3...
-
Differentiate among (a) Permanent, (b) Temporary, (c) Real, and (d) Nominal accounts.
-
What is a post-closing trial balance? Is it a useful part of the accounting information processing cycle? Explain.
-
The initial and terminal points of a vector are given. (a) Sketch the directed line segment (b) Find the component form of the vector (c) Write the vector using standard unit vector notation (d)...
-
Determine the magnitude of the magnetic flux through the south-facing window of a house in British Columbia, where Earth's B field has a magnitude of 5.8 x 10-5T and the direction of B field is 72...
-
A wedge with an inclination of angle rests next to a wall. A block of mass m is sliding down the plane, as shown. There is no friction between the wedge and the block or between the wedge and the...
-
Conner Leonard worked for Purges Manufacturing for 32 years. Along with four other men, he helped to start the company that designed and built products sold around the world. Purges Manufacturing...
-
Reconsider the collision between two objects diagrammed below where two objects move on a frictionless surface. Before collision After collision Experiment 1 A, 1 B A B Draw complete and properly...
-
3. Now the bomb arrives. Please catch fx,y(x, y) = = cx cx - dy, where 0 < x < 1, 0 y x. 13 a) Please find coefficients c, d such that cd= 8 b) Please find fx(x) and fy (y). Are X and Y independent?...
-
Identify the users and uses of accounting information. AppendixLO1
-
You have just begun your summer internship at Omni Instruments. The company supplies sterilized surgical instruments for physicians. To expand sales, Omni is considering paying a commission to its...
-
Why do we refer to the conversion of six molecules of carbon dioxide (six carbon atoms) to one molecule of glucose (also six carbon atoms) as a net reaction?
-
At December 31, 2017, Carlos Company had the following Retained Earnings and shares outstanding: Common shares (490,000 outstanding shares)........................................$490,000 Preferred...
-
Ava School of Learning obtained a charter at the start of 2017 that authorized 50,000 shares of no-par value common shares and 20,000 no-par value preferred shares. During 2017, the following...
-
Avery?s Rentals, Inc. and Rent-A-Matic, Inc. are two publicly traded rental companies. They reported the following in their 2017 financial statements (in millions of dollars, except per-share amounts...
-
Typical impact on product costs from implementing ABC include: a. Shifting of manufacturing overhead costs from low volume products to high-volume products. b. Decreases in per unit costs of high...
-
Elvis towing is selling one of its machines for $20,000. The book value of the machine is $15,000. Compute (a) the gain (loss) on the sale of the machine and (b) the net cash flow that will be...
-
In a world with no corporate taxes, Modigliani and Millers Proposition I that firm value is not affected by the firms capital structure requires that all firms have a constant annual EBIT. Question 6...
Study smarter with the SolutionInn App