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The Income Summary Account Shows A,What Does This Indicate?
B

question 103

Essay

The Income Summary account shows:
 Incame Summary  Clos. 211,000 Clos. 13,5001\begin{array}{l}\text { Incame Summary }\\\begin{array} { l | l } \hline \text { Clos. } 2 & 11,000 \text { Clos. } \\13,500 & 1 \\\hline\end{array}\end{array} a,What does this indicate?
b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson.

Analyze the effects of forward contracts and options on financial risk management.
Determine the effective use of hedging in foreign exchange risk management.
Calculate the foreign exchange gain or loss on transactions.
Understand the concept of fair value and cash flow hedges in accounting.

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