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Logan Service Company earned revenues of $100,000 and incurred expenses of $107,000.The owner's name of the sole proprietorship is James Logan.Prepare the entry to close the Income Summary account.Omit explanation.
Fixed Cost
Overhead expenses that remain constant regardless of the volume of goods or services produced by a business.
Sales Commissions
A form of payment to a salesperson for services rendered, which is often calculated as a percentage of the sales they have generated.
Chief Financial Officer
The senior executive responsible for managing the financial actions of a company, including financial planning, management of financial risks, and financial reporting.
NPV
A financial metric used to assess the profitability of an investment by calculating the present value of expected future cash flows.
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