If the Income Summary account has a credit balance just prior to closing it to retained earnings, the company must have incurred a net income for the year.
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Q23: The worksheet facilitates preparation of the income
Q24: In the worksheet, the first set of
Q25: Closing entries are necessary to assure that
Q26: Dividends, like expenses, are closed to the
Q27: On the worksheet, the retained earnings balance
Q29: _ is the allocation of the cost
Q30: Since dividends do not impact income, the
Q31: The _ principle determines when revenue is
Q32: During the closing process, revenues, expenses, and
Q33: The difference between accrual-based revenue and accrual-based
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