The closing entry for utilities expense would include:
A. a debit to Utilities Expense and a credit to Income Summary
B. a debit to net income and a credit to Utilities Expense
C. a debit to Utilities Expense and a credit to net income
D. a debit to Income Summary and a credit to Utilities Expense
Ans: D. a debit to Income Summary and a credit to Utilities Expense
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If a financial manager earning interest on a future date were to buy Futures and interest rates end up going up, the position outcome would be:
A) Futures price falls; short earns a profit. B) Futures price rises; short earns a loss. C) Future price falls; long earns a loss. D) Futures price rises; long earns a profit.