The purpose of the closing entries is to transfer account balances to the permanent records, moving all income statement balances into retained earnings.
Common stock - $9000
Dividends - $800
Service revenue - $13,000
Wages Expenses - $8,400
Rent Expenses - $1,600
Closing Entries
Particulars Dr Cr
Income Summary $10,000
Wages Expenses $8,400
Rent Expenses $1,600
Service Revenue $13,000
Income Summary $13,000
Income Summary $3,000
(13000-10000)
Retained Earnings $3,000
Retained Earnings $800
Dividends $800
Haylie ought to consider reallocating her funds elsewhere. Given the current state where her funds are tied up for five years and her investments are at a record low, renewing them wouldn't serve her well. To prepare for her renewal, Haylie should seek various alternatives to ensure she has a strategy for reinvesting her money. She must prioritize finding a bank that offers better terms with a higher interest rate.
Answer: Instant messaging allows for immediate communication via the Internet.
Explanation:
Messages are received immediately upon dispatch.
B. Control, Convenience, Litigation, Speed
The user has authority over it, it is user-friendly, can serve as evidence in legal matters, however, it can be intrusive and potentially disrupt the recipient, plus the presence functionality can only be determined after it has been sent and received.
The company should opt for system A, as it boasts a six-year lifespan and lower annual operating expenses.
Rationale:
- Despite system A's price of $438,000, it is of good quality and lasts for six years. Thus, its quality is quite sufficient. It incurs an $83,000 tax operating cost annually.
- Conversely, system B has a lower cost of $369,000, but its $92,000 tax operating cost per year is higher than that of system A.
- System A outlasts system B, making it the preferable choice for the firm.
