dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 10. After closing entries have been journalized and posted‚ all temporary accounts in the ledger should have zero balances. 11. Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. 12. Closing the dividends account to Retained Earnings is not necessary if net income is greater than dividends during
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Is it ethically acceptable for companies to employ very low wage labor? On the subject of low wage‚ Companies employ its staff on low salary for specific reasons. A low wage is sometime misinterpreted as minimum wage‚ but a low wage means a salary that stands just above minimum. Low wage labor is role played in many firms today but why‚ the assignment will talk about why companies pay some staff a low or minimum wage. Low salary’s is what most companies prefer because by implementing minimal
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In order for Jane to establish her Break-even for one month‚ she needs to identify and calculate the following Firstly‚ Jane needs to gather all her products with their Cost Price (Variable Cost per item) as well as her Selling Price. By identifying each products’ selling price and cost price‚ Jane can determine the difference – The Profit. This helps establish her fixed costs in which are referred to as the direct costs of production. This ensures how many need to be made and sold to cover
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Undeniably‚ breaking even is not the ultimate goal of firms. Why then bother about the break-even analysis? THE IMPORTANT OF BREAK-EVEN ANALYSIS It is an undisputable fact that every business’ objective is to survive and make profit as compensation of being in existence. Frankly‚ predicting a precise amount of sales or profits is nearly impossible. No business aims at making losses whatsoever. Given this‚ a person starting a new business often asks‚ ‘’ At what level of sales will my company make a profit
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music CD’s and movies from street vendors. Especially when you know that by buying these copies‚ the record companies‚ movie production companies‚ actors‚ artists and others involved in their production do not get a profit from the sale. This is the dilemma I had as weather or not I should buy bootlegged products because while they are cheaper‚ it is depriving the legitimate profits that companies who produce the music and movies would receive along with the actors and artists involved. The situation
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success of the company. These decisions involve applying the concept of both contribution margin and breakeven analysis to make the best decision for the company. When evaluating the financial position of the company‚ Maria must analyze the contribution margins of the products supplied by Aunt Connie’s Cookies to determine the direction of the company. Maria must also evaluate the breakeven point of the company when making a decision on whether or not to purchase another company. According to
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Question 6: Violins are very delicate instruments and must be handled very carefully. Something as small as a speed bump could cause the fingerboard‚ bow or soundbox to crack. Big changes in air pressure or weather condition could also warp the wood. Therefore‚ no matter how the instrument is being transported‚ there are steps that should be taken to avoid any mishaps. First‚ the strings should be loosened slightly‚ but not too much because colder weather will cause the strings to tighten while
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This is a comparison of two fast food restaurants and the interesting facts that have been uncovered. In uncovering the vast and complicated world of fast food and the many comparisons the information that is found here will be very interesting. While both restaurants are both very similar both restaurants are equally both very different. When you consider the many different choices that can be made when choosing where to eat. In past times the fast food restaurant industry had taken a comfortable
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Why The Drinking Age Should Remain The Same Final Draft In 2009 it was reported that the 21- to 24-year-old age group had the highest percentage‚ 35 percent to be exact‚ of drivers in fatal crashes with blood-alcohol concentration (BAC) levels of .08 or higher (Steven C. Markoff). Coincidentally studies showed when the minimum legal drinking age (MLDA) was lowered to 18‚ the fatalities in traffic accidents that were related to alcohol were decreased by nearly 7.5 percent. However‚ the argument
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September 4‚ 2014 1. Can a firm guarantee complete product safety? Discuss. Although a firm can assure that a product is safe through design‚ a firm cannot guarantee complete product safety to the consumer. For example‚ Conair‚ a producer of electric hair dryers‚ includes illustrated tags warning the user not to use the product near water. However‚ it is possible that a product goes out the door with bad wiring and causes an electric shock to the user. A firm can and should take every precaution
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