Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
a. Accumulated Depreciation-Equipment
b. Dividends
c. Sales
- For the above question, I don't think it's either A or B.
After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the Debit and Credit columns are $377,750 and $387,750, respectively. What is the amount of net income or net loss for the period?
a. $377,750 net income
b. $10,000 net loss
c. $388,750 net income
2006-11-13
11:15:39
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6 answers
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asked by
thefishbag
2