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The Clearing Account

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15y ago

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What is income that is not subject to taxes also called tax exempt income?

what is income that is not subject to taxes, also called "tax exempt income?"


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What accounts should be closed to income summary at the end of the fiscal?

All revenue and expense accounts should be closed to the income summary account, as shown:Revenue xxIncome Summary xxTo close revenue accounts.Income Summary xExpenses xTo close expense accounts.If the business is a merchandising company, the following transactions must also be recorded.Income Summary xxInventory xxTo close opening inventory.Inventory xxIncome Summary xxTo record ending inventory.Supplies Expense


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How do you claim child support on your income tax return?

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What is a taxation strategy when the consumer pays a specific percentage of their income towards taxes no matter what their level of income?

== == Flat Tax or also called a proportional tax.


What accounts will be closed to the capital accounts at the end of the fiscal year?

Which of the following accounts will be closed to the Capital account at the end of the fiscal year?


What is a summary of an opera called?

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What is the value of all the goods and services produced in a country called?

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