Jean is a seller in Vernon smith's classroom experiment of the market model. She knows her own willingness to sell.
Not every salesperson is made the same. While others struggle to meet their quota, some surpass expectations while maximizing cross-sells, up-sells, and repeat business. The distinction between a good and a lousy salesperson typically boils down to particular personality attributes.
A good salesperson and a lousy salesperson are ultimately distinguished by their conduct. For instance, a poor salesperson will frequently impose their agenda on the prospect rather than learn about their requirements and goals in order to successfully assist them in solving their difficulties.
You must be prepared to hear your potential client out before you can expect him to pay attention to what you have to say. Giving your prospect time to speak does not imply active listening to what they have to say.
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your company’s events committee learned that there is a 20% chance of rain on the day of the company picnic. that also means an 80% chance of dry weather. renting an indoor facility would require a nonrefundable payment of $1,000. the events committee is operating under a as it decides whether to keep the outside location or to move the event indoors. tito often makes decisions based on ; he decides quickly, effortlessly, and based on his past experiences.
The day of the corporate picnic has a 20% probability of rain, your firm's activities committee has learnt. That implies an 80% likelihood of dry weather. A $1,000 non-refundable deposit would be required to rent an indoor facility state of risk. The decision-making process by the events committee to maintain the event outside or shift it indoors is fraught with risk.
We want to make sure that your opinions and expertise are included because the state of risk research is crucial to the success of our report. By taking a few minutes to offer your ideas later this year during our survey, you can help us deliver the greatest information on how firms manage risk.
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Hussain works for a ride-sharing company and a food delivery company. he decides what days he wants to work and how many hours. hussain would be classified as a(n):______.
Hussain works for a ride-sharing company and a food delivery company. he decides what days he wants to work and how many hours. Hussain would be classified as a(n): Gig worker
This is further explained below.
What is a Gig worker?Generally, People who work as independent contractors or freelancers on a temporary basis, often in the service industry, are referred to as gig workers.
Gig workers are distinct from those who are employed full time in that they are their own employers, choose their own working hours, and choose the projects on which they will take part, among other things.
Hussain is an example of a gig worker since he works for a food delivery business as well as a ride-sharing firm, and he determines his own working hours for each of these companies.
In conclusion, Hussain is employed by two different companies: one that provides ridesharing services and the other delivers meals.
He chooses the days of the week on which he will work and the number of hours he will put in. In this case, Hussain would be referred as a "Gig worker."
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complete question
Hussain works for a ride-sharing company and a food delivery company. He decides what days he wants to work and how many hours. Hussain would be classified as a(n)
a. gig worker.
b. temporary workers.
c. on-call workers.
d. independent contractor.
e. contract workers
An increase in the riskiness of corporate bonds will ________ the yield on corporate bonds and ________ the yield on treasury securities, everything else held constant.
An increase in the riskiness of corporate bonds will decrease the yield on corporate bonds and increase the yield on Treasury securities, with everything else held constant. The correct answer is option(d).
A corporation may issue a bond known as a "corporate bond" to raise funds for a variety of uses, including ongoing operations, mergers, and acquisitions, or business growth. It typically refers to debt instruments that are longer-term in nature and have a minimum one-year maturity.
In place of taxes, the United States Department of the Treasury issues United States Treasury securities, also referred to as Treasuries or Treasurys, to fund government spending. Because they are backed by the full faith and credit of the US government, Treasury securities are among the safest investments. Revenue from Treasury securities may be exempt from local and state taxes but not from federal taxes.
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The complete question is:
A increase in the riskiness of corporate bonds will ________ the yield on corporate bonds and ________ the yield on Treasury securities, everything else held constant.
A) increase; increase
B) decrease; decrease
C) increase; decrease
D) decrease; increase
When the interest rate is lower than the coupon rate on a bond, the price of the bond will be?
the interest rate is lower than the coupon rate on a bond, the price of the bond will be Higher then face value.
The face value of some equities may be more than the market value. When a stock's market value exceeds its face value, as in the example given above, it is said to be trading at a premium or above par. It is a premium if a stock having a face value of Rs. 10 is trading for Rs. 25.
4,600 of the 5,228 listed equities have a face value of 10 rupees. To put it another way, one in ten equities have a face value of less than ten rupees. So it comes as no surprise.
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on your camping trip, you had planned to sleep out under the stars but it began to rain. marketers might say you have a(n) blank to sleep in your tent instead.
On your camping trip, you had planned to sleep out under the stars but it began to rain, marketers might say you have a desire blank to sleep in your tent instead.
Define Marketers.
To maximize revenues for the business, marketers are in charge of creating and implementing plans to promote brands, goods, and services. They create price strategies, advertising campaigns, and trend monitoring. They keep an eye on market trends, design advertising campaigns, devise pricing and positioning strategy based on demographic information, and collaborate with the business to raise awareness of what they have to offer, according to the Department of Labor (BLS). Jobs in advertising can be found in marketing research companies, media outlets, corporate businesses' advertising divisions, advertising agencies, and nonprofit organizations. Accounting, creative, media, and analysis are the four main professional pathways in the advertising industry.
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Marketing encourages research and ____, the development and spread of new ideas, goods, and services.
Marketing encourages research and Innovation, the development and spread of new ideas, goods, and services.
What is innovation?Innovation is nothing but just a process where ideas or inventions are made, which is for goods and services. This is done to create value for which customers will pay.
There are various types of innovations available throughout the world, but for the sake of clarity, they have been classified into four categories: sustaining, breakthrough, disruptive, and basic.
Thus, it is marketing that encourages research and innovation with the help of which the development of new ideas, goods, and services is done and spread out.
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on her tenth birthday linda jones’s parents decide to deposit $4,000 in a savings account for their daughter. they intend to put an additional $4,000 in the account each year on her 11th, 12th, ..., 17th birthdays. assume that the bank pays linda’s parents 8% on positive account balances but charges them 10% on negative balances.
Following are a few questions and answers in a summarized manner.
Is the $4,000 saved annually enough to cover the envisioned college costs?No, as the maximum withdrawal allowed annually (for 4 years) at an interest rate of 8% is $12,846.23. Every year, her parents will be short $7,153.77.
Linda's 529 plan underfunded?Yes, she will have $42,548 in her account when she reaches 18; but, this is insufficient to pay for her college expenditures.
How much should Lynda put aside each year in her 529 plan to fully cover her tuition and fees?$6,227.51
When Lynda is 18 years old, what will the PV of her college expenses be?The parents of Lynda must have $66,242 in her 529 accounts if they want to pay for her college expenditures.
When Lynda turns 18, her 529 accounts will be funded with the following amount:
Future value equals annual payment times annuity factor (FV annuity factor, 8%, 8 periods)
= $4,000 times 10.637
= $42,548 Her parents will withdraw this amount in 4 installments:
Maximum yearly withdrawal: $42,548 / 3.3121
= $12,846.23
Present value: Annual Withdrawal x PV Annuity Factor (8%, 4 Periods)
20,000 times 3.3121, or $66,242, is the required balance.
payment per year: $66,242 / 10.637 = $6,227.51
What is Present Value?A future sum of money or stream of cash flows' present value (PV), assuming a given rate of return, is their current value. The discount rate determines the current value of future cash flows; the higher the discount rate, the lower the present value of the future cash flows. The key to correctly valuing future cash flows, whether they be earnings or debt obligations, is determining the appropriate discount rate.
According to the concept of present value, a sum of money is worth more right now than it will be in the future. Or, to put it another way, money received in the future is less valuable than money received in the present in the same amount.
A $1,000 gift today is worth more than a $1,000 gift in five years. Why? The $1,000 can be invested today with the expectation of earning a return over the following five years. Any interest rate that an investment might earn is taken into account by present value.
Thus, $6,227.51 is the correct answer.
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Complete Question:
Lynda Jones College Plan On her 10th birthday Linda Jone's parents decide to deposit $4,000 in a 529 account for their daughter to go to college. They intend to put an additional $4,000 in the account each year on her 11th, 12th, ..., and 17yh birthdays. Assume all account balances will earn 8% per year. On Lynda's 18th, 19th, 20th, and 21st birthdays, her parents will withdraw $20,000 to pay for Linda's college education. Questions: Is the $4,000 savings per year sufficient to cover the anticipated college expenses? Is Linda's 529 account underfunded? What should be the annual deposit in Lynda's 529 accounts to cover entirely her tuition and fees? What will be the PV of Lynda's college tuition on her 18th birthday? Summarize the results of your analysis and provide your recommendation in this quiz. Create a spreadsheet and submit it to your DropBox.
How is an ethical situation different from an everyday problem?
An ethical situation isn't the same as an everyday hassle: ethical problems occur whilst a given decision, state of affairs, or interest creates a battle with a society's ethical principles. each individual and corporation can be worried in those conflicts in view that any in their sports is probably positioned into question from a moral point of view.
Ethical situations, additionally known as ethical paradoxes or moral dilemmas, are situations wherein an agent stands under two conflicting ethical necessities, none of which overrides the other. An intently related definition characterizes moral dilemmas as situations wherein every available desire is incorrect.
Some examples of ethical situations and ethical predicaments include: Taking credit scores for others' work. offering a patron a worse product for your very own profit. making use of internal expertise for your very own profit.
Ethical situations are conditions in which there may be a hard preference to be made among or greater options, neither of which resolves the situation in a manner that is steady with regularly occurring moral guidelines.
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Carter sold 100 shares of mitsui, inc., for $8,000, but he only recognized $2,000 as income because the original purchase price was $6,000. this is because of the?
Carter sold 100 shares of mitsui, inc., for $8,000, but he only recognized $2,000 as income because the original purchase price was $6,000. This is because of the Capital recovery concept.
Capital recovery is a break-even measure because it primarily pertains to recouping initial investment capital through investment returns. It can also be used to describe recovering invested money through the sale of assets. The phrase can also be used to describe corporate debt recovery.
Long-term assets as well as businesses, divisions, or business lines are all included in the definition of "capital recovery." For instance, if your business spends $30,000 on a printing press, it won't be able to calculate its earnings until it has recouped that amount.
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when a company declares and then pays shareholders a dividend on the same date, what is the effect on the accounting equation for that company?multiple choice
A declaration on dividend distribution that is made by the board of directors is known as a dividend declared. The dividend's accounting impact is preserved, but the company's earnings balance is decreased.
A firm's stockholders' equity is reduced when it pays cash dividends to its shareholders; however, the impact of dividends varies based on the type of dividends a company pays. Cash dividends have a greater impact on stockholder equity than stock declaration distributions do.
A corporation will pay a dividend to its shareholders when business is good and it wants to thank them for their investment. A dividend is a payment made by a corporation to its shareholders out of its declaration earnings. Dividends are paid out in the form of cash or extra shares, and they provide a useful channel for businesses to showcase their financial health and profitability to the wider business community.
Investors generally like dividend-paying stocks, so many businesses take satisfaction in distributing regular dividends that keep rising year after year. Dividend payments not only reward current shareholders but also entice new investors to buy stock in a profitable business.
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examples of a substantive goal are winning, beating the other party, or getting a settlement at any cost.
Winning, defeating the other party, or reaching a settlement at any cost are a few examples of substantive goals.
Our capacity to obtain material resources or something measurable and obvious that we seek is what we call "substantive goals." For instance, if I were living with numerous roommates, I might seriously want to keep our place clean.
The goals that one needs to have met or traded as a result of talks are known as substantive interests. Important interests include the need for money, property, performances, time commitments, etc.
A substantive issue is one that could jeopardize a party's substantive rights, interests, or privileges, as opposed to a minor or merely procedural issue that the office of tax appeals handles.
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Which aspect of membranes are proteins not important for? group of answer choices identity signalling function compartment-making permeability
Membranes are proteins not important for identity signaling function compartment-making permeability rated Transport.
The membrane is a membrane that surrounds the mobile and separates it from the outdoor environment. In animals, this membrane is the outermost overlaying of the cell whereas in vegetation, fungi, and some bacteria it's far located beneath the cellular wall.
The membrane, also known as the plasma membrane, is discovered in all cells and separates the interior of the mobile from the out of doors surroundings. The cell membrane consists of a lipid bilayer that is semi-permeable. The cell membrane regulates the transport of materials entering and exiting the cell.
Membranes are skinny sheets of tissue that cover the frame, line frame cavities, and cowl organs inside the cavities in hollow organs. important classes of body membranes are epithelial and connective tissue membranes. Sub-classes encompass mucous membranes, serous membranes, synovial membranes, and meninges.
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Why was michael ovitz, a dynamic deal maker, such a bad corporate administrator?
Michael Steven Ovitz is an American businessman, investor, and philanthropist who previously worked for Disney, as well.
The authenticity paradox could be cited as one of the reasons for the fall of the great superagent, negotiator, and deal maker, Michael Ovitz. It is said people tend to follow leaders who invest in themselves and seem real to others. It is particularly in tune with modern times, i.e. disenchantment of people with politicians and business people, where masses fear being duped by the twin persona of the leaders they follow. Further, the spread of social media has accentuated this phenomenon even more.Emotional intelligence is yet another important jewel of a leader, lack of it devastates prospects for the future. This is particularly cited in the case of Ovitz as a person-situation or person-position misfit.
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Which is the most important predictor of job satisfaction and employee well-being?
The most important predictor of the job satisfaction is salary.
What is job-satisfaction?
The job satisfaction is a term that defines that how much the employees satisfy from their job.
The factor that predicts the job satisfaction and employee well-being is salary of the employees. It is the most important for the employees because it is help them to fulfill their basic needs. The amount of the salary determines whether the employee is satisfied from his job or not. If an employee gets good and reasonable salary, then the employee is completely satisfied from the job on the other hand, if the salary of the employee is low then the employee is not satisfied from this job. The salary is also, work towards the employee well-being of the employee because a good salary benefits employee is many ways.
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baldani manufacturing, an italian firm, plans to expand into asia. in order to take advantage of regional trading groups, baldani will most likely need to change its .
To be able to take advantage of regional trading groups, Baldini will probably have to change its operating strategies.
What are operating strategies?These refer to the way that a company operates in the different places that it has operations in. It involves the company's modus operandi, and the partnerships it forms to make more trades.
Baldini will have to change its operating strategies such that it can get a better partnership with regional trading groups that it can use to expand in Asia.
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a gain from the sale of equipment would be (added/subtracted) to (from) net income, when computing cash flows from operations using the indirect method.
Gains from operating operations that raise net income but do not result in cash receipts must be deducted from net income when converting to a cash basis.
What is net income?
Net income (NI), also known as net earnings, is calculated by deducting sales from cost of goods sold, selling, general and administration costs, operating expenses, depreciation, interest, taxes, and other expenses. This number can be used by investors to calculate how much a company's revenue exceeds its expenses. This number can be found on the income statement and serves as a gauge of a business' profitability. Net income is the amount of money that an individual has left over after taxes and other expenses.
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Three criteria for designing distribution networks to meet customer expectations are:_________
Rapid response, product selection, and service are three factors to consider when constructing distribution networks to satisfy client expectations.
What Is a Distribution Network?
A distribution network in a supply chain is a connected structure of warehouses and transportation hubs that receive inventories of goods before shipping them to customers.It serves as a connecting point between the maker and the final consumer, either directly or via a retail network.In today's instant gratification consumer society, a quick and reliable distribution network is crucial.Two of the most crucial components of a distribution network are its proximity to the client and the calibre of its infrastructure.Different kinds of distribution networks, such hub-and-spoke or decentralised ones, are more effective for specific kinds of products.To know more about Distribution network visit:
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The difference between bid and ask prices of a currency, or the fee earned by the bank is called the _____.
The greatest price a buyer will spend on a security is referred to as the bid price. The lowest price a seller will accept for a security is referred to as the "ask price."
A two-way price quotation that represents the best possible price at which a security can be sold and bought at a specific moment is referred to as "bid and ask" (also known as "bid and offer"). A buyer's maximum price that they are willing to pay for a share of stock or other security is represented by the bid price. The least amount a seller will accept for the identical security is represented by the ask price. When a seller is prepared to sell for the highest price or when a buyer is prepared to accept the best offer on the market, a trade or transaction happens.
One important measure of an asset's liquidity is the spread, which is the gap between the ask and bid prices. Liquidity is often better the narrower the spread.
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if 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? what is this total amount expressed on a per unit basis?
If 12,500 units are produced $58,750 of manufacturing overhead cost incurred to support this level of production $4.70 is the total amount expressed on a per unit basis.
More about manufacturing overhead cost:
All ancillary expenses incurred throughout the production process are referred to as manufacturing overhead. Units created within an accounting periods are subject to this overhead.
All marketing and management activities are not included in manufacturing overhead. As a result, expenses related to corporate salaries, legal and audit fees, and bad debts are excluded from manufacturing overhead.
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Wal-mart is famous for requesting ever lower price points from its suppliers: if a supplier offers a product for $45.00, wal-mart will ask the supplier to consider introducing a similar product for $39.00. according to the heckscher-ohlin factor theory, which consequences do such requests have?
cheaper made things
which of the following measures would a president adhering to supply-side economic principles most likely employ during an economic recession?
A budget that cuts individual and corporate income tax and decreases government regulation of the economy.
A directive from the president to raise the amount of money in circulation. Government efforts to boost productivity and efficiency in the economy are known as supply-side initiatives. If they are successful, they will eventually enable stronger economic development by moving aggregate supply (AS) to the right. According to supply-side economics, a nation's economy will grow if its supply of goods is increased. Practitioners of supply-side fiscal policy frequently concentrate on reducing taxes, bringing down borrowing costs, and industries to encourage increasing production.
Childhood is when political socialization starts. However, more recent research designs have more properly evaluated the strong influence of the media in the process of political socialization. Some research says that family and school teachers are the most influential variables in socializing children.
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quizliet a 15-year bond was issued in year 5 at a discount. during year 15, a 10-year bond was issued at face amount with the proceeds used to retire the 15-year bond at its face amount. the net effect of the year 15 bond transactions was to increase long-term liabilities by the excess of the 10-year bond's face amount over that of the 15-year bond's:
Carrying amount is the effect of the year 15 bond transactions was to increase long-term liabilities by the excess of the 10-year bond's face amount over that of the 15-year bond's.
What is Carrying amount?The cost of an asset less accumulated depreciation is its carrying amount, sometimes referred to as its carrying value. The carrying amount is often not included in the balance sheet because it needs to be determined. The carrying amount is, however, often never higher than the current market value.
According to accounting convention, original cost rather than market value is used to record assets on the balance sheet since original cost can be linked to a purchase document, like a receipt. Value in the market is more arbitrary. An asset's carrying value at the time of initial acquisition is equal to its original purchase price. However, an asset's value will shift with time.
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The british government has a consol bond outstanding paying per year forever. assume the current interest rate is per year. a. what is the value of the bond immediately after a payment is made?
As per the given data, the value of bond that has been found before and after payments made is as follow:
a) Value of Bond = 100/4% 2.500.00
b) Value of Bond = 100+100/4% 2,500.00
Hence, there is a huge difference in the value of bonds.
What is a bond?In order to get a particular exchange, it is necessary to make some kind of investment. It can be done either by the individual or by a form normally called a bond.
A bond is that which has been issued by a company so that investors can borrow money. In exchange for this, they can get the security of their investments.
They can loan the money to a company or a government. This landed money is not for the whole lifetime; it is for a particular period of time, and in exchange for this, they receive a particular or fixed regular interest payment.
When the British government issued a console bond that has an outstanding payment of $100 and also assumes that the current interest rate is 4%, the value of the bond which is after making the payment and before making the payment is 2.500.00 and 2,500.00
Thus, there is a huge difference in the value of bonds.
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The complete question has been attached in text form:
The British government has a consol bond outstanding paying £100 per year forever.
Assume the current interest rate is 4% per year.
a. What is the value of the bond immediately after a payment is made?
b. What is the value of the bond immediately before a payment is made?
In south america and other ldcs with high total fertility rates, farmers engage in slash and burn of the rain forest to?
In south America and other ldcs with high total fertility rates, farmers engage in slash and burn of the rain forest to increase the area of farming.
What is Deforestation?Deforestation, often known as forest clearance, refers to the removal of a forest or tree stand from a piece of land before it is put to another use. Forests have been destroyed throughout history and into the present to make room for agriculture, animal grazing, and to obtain wood for construction, manufacture, and fuel. Tropical rainforests see the most severe deforestation. Deforestation is defined by the Food and Agriculture Organization of the United Nations as the conversion of forest to other land uses. Slash-and-burn agriculture is a major contributor to deforestation in the tropics.. In order to enrich the soil for crops, farmers burn enormous tracts of forest using these agricultural practices.
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use the compound interest formulas, and , to solve the following problem. find the accumulated value of an investment of for years at an interest rate of if the money is a. compounded semiannually; b. compounded monthly; c. compounded continuously.
a. First, when the money is compounded semiannually, the accumulated value (balance) of investment is A=13116.5.
b. Second, when the money is compounded semiannually, the accumulated value (balance) of investment is A=13140.7
c. Third,when the money is compounded semiannually, the accumulated value (balance) of investment is 4.A=13154.4.
d. Last, when the money is compounded semiannually, the accumulated value (balance) of investment is A=13165.3
What is compound interest?
Compound interest is when you receive interest on both your interest income and your savings. Let's imagine you invest $1,000 (your principal) and it earns 5% once a year in interest or profits (the compounding frequency).
Therefore,
a. First, when the money is compounded semiannually, the accumulated value (balance) of investment is A=13116.5.
b. Second, wwhen the money is compounded semiannually, the accumulated value (balance) of investment is A=13140.7
c. Third, when the money is compounded semiannually, the accumulated value (balance) of investmentis 4.A=13154.4.
d. Last, when the money is compounded semiannually, the accumulated value (balance) of investment is A=13165.3
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reshoring is the practice of moving operations from the country where a company is headquartered to a country where pay rates are lower but the necessary skills are available.
It is true to say that reshoring involves shifting operations from the nation where a company has its headquarters to one where wages are cheaper but the essential skills are still accessible.
Reshoring is the process of moving manufacturing and production of goods back to the nation where the business was founded. Reshoring is sometimes referred to as backshoring, inshoring, business, and onshoring. It is the reverse of reshoring, which is the practice of producing things abroad in an effort to lower labor and manufacturing costs.
Even while offshore frequently offers financial advantages, such as cheaper labor and lower production costs, reshoring business can boost an economy. Reshoring generates manufacturing jobs, which bolsters labor force, lowers unemployment, and aids in reducing trade imbalances.
Many times in the United States, businesses business even discover that the additional cost of manufacturing there is so negligible that the advantages would outweigh the labor costs reshoring, especially when taking into account the costs associated with customs and shipping from abroad.
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a firm that wants to measure how effectively and efficiently its managers are using their resources to achieve company goals is measuring .
A firm that wants to measure how effectively and efficiently its managers are using their resources to achieve company goals is measuring organization performance.
What is meant by organization performance?This is the term that is sued to refer to the actual output of a firm tat would be based on the input that is used in that firm. This is actually measured against what was intended to be the output of the firm based on the input used.
Hence we can say that a firm that wants to measure how effectively and efficiently its managers are using their resources to achieve company goals is measuring organization performance.
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__________ refers to an attempt to cause fear or major disruptions in a society through hacking computers. such attacks target government computers, major companies, or key areas of the economy.
Cyberterrorism refers to an attempt to cause fear or major disruptions in a society through hacking computers.
What is Cyberterrorism?
The use of the Internet to perform violent acts that result in or threaten the loss of life or substantial bodily harm in order to accomplish political or ideological advantages through threat or intimidation is known as cyberterrorism. Acts of intentional, large-scale disruption of computer networks, particularly of personal computers connected to the Internet, using tools such as computer viruses, computer worms, phishing, malicious software, hardware methods, and programming scripts can all be considered forms of internet terrorism.
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The economic crisis in 2008 had a huge impact on eaton’s business to business customers. In response to the crisis, eatons customers tried to cut cost and lower their production. This in turn affected eatons sales negatively, which is an example for _______.
The economic crisis in 2008 had a huge impact on eaton’s business to business customers. In response to the crisis, Eaton's customers tried to cut costs and lower their production. This in turn affected eatons sales negatively, which is an example for solutions selling.
From peak to trough, US gross domestic product fell by 4.3 percent, making this the deepest economic crisis recession since warfare II. It absolutely was also the longest, lasting eighteen months.
The per centum quite doubled, from 5 percent to 10 percent. The collapse of the housing market — fueled by low interest rates, easy credit, insufficient regulation, and toxic economic crisis subprime mortgages — led to the slump. The good Recession's legacy includes new financial regulations and an activist Fed.
Of 198 Countries, compared to the proportion change in GDP between 2007 and 2009, the foremost impacted countries are predominantly Eastern European and trade-dependent economic crisis advanced economies. One of the foremost visible aspects of the recession, job losses and unemployment are known to be related to increased stress, poorer health outcomes.
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Which account would be credited when closing the account for fees earned for the year?
Income summary account would be credited when closing the account for fees earned for the year.
Income summary account reflects all the temporary accounts of a business received upon closing them at the end of every accounting period. It consists of all income statement revenue and expense accounts transferred at the end of an accounting period. The net amount into the income summary account is equal to the net profit or loss that the business incurred during the period.
The income summary account summarizes income and expenses arising from operating and non-operating activities. Thus, it is also termed as a revenue or expense summary account. In all, it is an intermediate account with the balances of the revenue and expenses.
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