Two Accounting Questions?

Question

Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
a. Accumulated Depreciation-Equipment
b. Dividends
c. Sales
- For the above question, I don't think it's either A or B.

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the Debit and Credit columns are $377,750 and $387,750, respectively. What is the amount of net income or net loss for the period?
a. $377,750 net income
b. $10,000 net loss
c. $388,750 net income

Answer 1

I don't fully understand your question so I will go with assumptions....

Question 1
If you are are asking what account should be closed at the end of the fiscal year, then the answer is "c". Reason is that Sales is an Income Statement account and therefore these accounts are always closed and reset at the end of the fiscal year.

Question 2
If by saying debit you mean money coming in and credit means expenses, then the answer is b. Net income is total revenue minus total expenses

Answer 2

C. because Sales is a Income Statement Account
B. I can say just by looking at it

Answer 3

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Answer 4

C...its hard to think that sales woudn't be part of the income summary

B...that one is simple

Answer 5

http://www.fms.indiana.edu/auxiliary/dept_contact_info.asp

1. Balance Sheet - A report of your business for a selected period, which lists assets, liabilities, and fund balance. The Balance Sheet adheres to the fundamental accounting principle of Assets = Liabilities + Fund Balance.

2. Balance Sheet-Comparison to Prior Year - A report of assets, liabilities, and fund balance compared to the same period of the prior year, and to the beginning balance of the fiscal year, with a calculated change and percentage change.

3. Balance Sheet-Executive Summary - A report of assets, liabilities, and fund balance, consolidated at object level. It makes a comparison to the same period of the prior year, and to the beginning balance of the fiscal year, with a calculated change and percentage change.

The income statement is a summary of the organization's profit or loss for a given fiscal period. The income statement records revenues and operating expenses for the organization.

The purpose of the income statement is to track revenues and expenses in order to determine the operating performance of the organization over a period of time. It can be used for things such as budget comparison, pinpointing unexpected or problem expenses, pinpointing increases in product returns, or cost of goods sold as a percentage of sales.

There are currently six types of income statements available to auxiliary and service units: 1) Income Statement, 2) Income Statement-Quarterly, 3) Income Statement-Comparison to Budget, 4) Income Statement-Comparison to Prior Year, 5) Income Statement-Executive Summary, and 6) Income Statement-Object Level. Following is a description of each report:

1. Income Statement - A report that measures how your business did during a selected period. This report calculates a net margin or loss.

2. Income Statement-Quarterly - This report presents an income statement comparing actual transactions to prior year, and comparing actual transactions to budget. It shows quarter-to-date and year-to-date balances.

3. Income Statement-Comparison to Budget - A detailed income statement comparing actual income and expense to budgeted income and expense for the same period and year-to-period.

4. Income Statement-Comparison to Prior Year - A detailed income statement comparing actual income and expense to prior year income and expense for the same period and year-to-period.

5. Income Statement-Executive Summary - A detailed income statement comparing actual income and expense to budgeted income and expense for a selected period and year-to-period, and compares income and expense to year-to-period budgeted income and expense for the same period. Also compares actual income and expense to prior year income and expense for a selected period, and year-to-period income and expense to year-to-period prior year income and expense for the same period.

6. Income Statement-Object Level - An income statement comparing actual transactions to budget and to prior year transactions. The data is presented by object level with an option to show object code detail.

In addition to the above auxiliary reports, the Monthly Operating Statement (MOS) and Monthly Operating Detail (MOD) reports are also available on the IUIE for each Indiana University account. The MOS provides a monthly and year-to-date summary for an individual account. Budget, actual, and encumbrance information is included by object code. The MOD (or Transaction Listing) provides a listing of general ledger transactions for an account during a given month. Transaction object code, document number, description, and amount are included on this report. These reports can be accessed from the IUIE Master Catalog by selecting Financial, then General Ledger, then 1st Day

Answer 6

just go bankrupt it'll be easier than doing the maths