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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Income Elasticity of Demand Income elasticity of demand may be defined as the ratio or proportionate change in the quantity demanded of a commodity to a given proportionate change in the income. In short‚ it indicates the extent to which demand changes with a variation in consumer’s income. Practical application of income elasticity of demand 1. Helps in determining the rate of growth of the firm. If the growth rate of the economy and income growth of the people is reasonably forecasted‚ in that
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As per the Income Tax Act‚ 1961 where a person dies‚ his legal representatives shall be liable to pay any sum which the deceased would have been liable to pay if he had not died‚ in the similar manner and to the same extent as the deceased. As per section 159 of the Income Tax Act‚ 1961 (Act)‚ even when a person dies‚ the assessment of his income is to be done upto the time of his death. So‚ the legal representative of the deceased has to file the income tax return for the income on which the deceased
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The Negative Effects of Day Care on Children Now more than ever parents around America are dropping their children off at day care centers. Currently more than 56% of children in the USA‚ aged three to five years old are enrolled in day care centers. (Safety) According to the 1992 Census Bureau 60% of the mothers that leave their children at day care centers do it in order to maintain or improve the family ’s standard of living. (Child) In today ’s world standard means a few TV ’s‚ a computer
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Low Visibility Laura is married to her husband John‚ a marriage where John is very dominating and John finds contentment by being violent towards Laura‚ and she is taking the violence lying down‚ she had resigned herself. Laura is only spoken when spoken to‚ and her relationship with John‚ most of all reminds of something that belongs to the past. “She wishes she could protest‚ but has forgotten how” This is a good example of how she cannot stand up for herself‚ but it also shows us that it not
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Effects of Violent Video Games on Children The use of video games has become tremendously popular among children and adolescents in the past decade. In fact‚ “Sixty-eight percent of U.S. households play computer or video games.” (David Jenkins‚ 2009) This statistic reveals how important it is to understand the effects that these games can have on individuals and more specifically‚ children. Over the years‚ numerous studies have been conducted investigating whether video games have positive
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distribution of income is to achieve economic equality‚ which is to give every citizen the opportunity of earning a decent living. However‚ our current system’s inability to better allocate the resources we have at our disposal has widened the gap between the wealthy and the poor especially during the past 20 years. The primary benefit of the distribution of income is to transfer wealth‚ with the help of the government‚ to those who are less fortunate. The current distribution of income is a cost to
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Social web and its impact on children‚ adolescents and families Alexandra Hoover INFO 103: Computer Literacy Anjit Bose 05/04/2013 The impact of the social web on our families‚ children and teens is something that a lot of people do not always think about before using it‚ or while using it. The impact the social web has can either be detrimental or very helpful and positive. Of course‚ this depends on which social web platform is being used and how it is being used. The social web is a set
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Violent Video Games Are Stealing the Innocence of Young Children Violent video games are harming children‚ and they need to be stopped. Many parents allow their children to play violent video games‚ but they probably don’t know the consequences. The time in a person’s life when she/he is a child is one of the most important time periods of his/her life. It’s the time when they absorb knowledge from everything around them. Their surroundings and what they see and hear are what shapes them into what they will become. Children play violent video games and kill
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That is not true. BCFS helps anyone regardless of their religious beliefs. With its roots in San Antonio‚ Texas‚ BCFS has been helping children for a total of seventy-one years. It began as the Mexican Baptist Orphanage in 1944 (BCFS). The centers have now spread all over the globe. BFCS has a department dedicated to emergencies around the nation‚ such as when help was needed because of
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