The researchers said these diseases will account for nearly $500 billion in total health care spending. Current estimates suggest that the yearly medical cost of adult obesity today is between $147 billion and $210 billion, the study said.he researchers said these diseases will account for nearly $500 billion in total health care spending. Current estimates suggest that the yearly medical cost of adult obesity today is between $147 billion and $210 billion, the study said.
In addition, the adjustments tend to be forced upon the accountant because the accounting cycle is coming to an end. and the financial statements need to be prepared. Closing entries occur at the end of the accounting cycle as well. These entries are made in order to. prepare for a new accounting cycle. For example, we do not want to carry over the amounts in cost of. goods sold expense account into the next cycle. Rather, we want that account to start fresh from a zero. balance.
Four Steps in Preparing Closing Entries. 1  Close all income accounts to Income Summary. 2  Close all expense accounts to Income Summary. 3  Close Income Summary to the appropriate capital account. 4  Close withdrawals to the capital account/s (this step is for sole proprietorship and partnership only).