Net income of a corporation should be closed to retained earnings and net losses should be closed to the share premium account.
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Q5: A correction in income of a prior
Q7: Retained earnings that are restricted are unavailable
Q15: A debit balance in the Retained Earnings
Q26: Preference shareholders have the right to receive
Q27: Unpaid dividends on non-cumulative preference shares are
Q28: The number of ordinary shares outstanding can
Q33: Net losses reduce the balance of Share
Q34: A 3-for-1 ordinary share split will increase
Q35: Treasury Shares is a contra equity account.
Q36: Preference shares have contractual preference over ordinary
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