A Business Has Beginning Capital of $100,000

question 154

Multiple Choice

A business has beginning Capital of $100,000.During the year,Sales revenues were $20,000,Sales returns and allowances were $300,Sales discounts were $700,Cost of goods sold were $12,000,and all other expenses totaled $4,500.$1,000 of withdrawals were taken.The fourth closing entry would include which of the following line items?

• A) Debit to Income summary of $1,000
• B) Credit to Income summary of $1,000
• C) Debit to Capital of $1,000
• D) Debit to Capital of $16,500

Understand the definition and scope of sociology as a systematic and scientific study of human society and social behavior.

Recognize the weaknesses and limitations of the sociological approach and the everyday actor perspective.

Grasp the concept of sociological imagination and its significance in connecting individual experiences with larger social and historical forces.

Differentiate sociology from other social sciences and understand its unique perspective on social phenomena.

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Definitions:

Gross Pay

The total amount earned by an employee before any deductions or taxes are applied.

FICA-OASDI

Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance, a U.S. payroll tax to fund Social Security.

State Unemployment Tax

A tax imposed by state governments on employers to fund unemployment insurance benefits for workers who lose their jobs.

Rate of Pay

The fixed amount of compensation an employee receives for their services, typically expressed on an hourly, daily, or per-task basis.