Ocean Shores is located in west Washington. Ocean Shores is part of Grays Harbor County. Ocean Shores has 8.51 square miles of land area and 3.89 square miles of water area. As of 2010-2014, the total Ocean Shores population is 5,609, which has grown 46.22% since 2000. The population growth rate is much higher than the state average rate of 17.05% and is much higher than the national average rate of 11.61%.
UGMA/UTMA: An Overview. UGMA / UTMA accounts are generally set up at a bank or brokerage firm. The custodian of an UGMA / UTMA account controls and manages the assets for a minor (the beneficiary of the account).
The Income Summary account is temporary. It is used to close income and expenses. As you will see later, Income Summary is eventually closed to capital. To close expenses, we credit the expense accounts and debit Income Summary. Now for the next step, we need to get the balance of the Income Summary account.