If the Retained Earnings account is debited for $4,000 in the closing process,the company had a net income of $4,000.
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Q3: The carrying value of an asset is
Q4: As a company uses supplies,an adjustment should
Q5: The amount charged for a good or
Q6: If a company forgot to record depreciation
Q6: If a contra-account of $20,000 is mistakenly
Q7: The closing process includes a transfer of
Q10: Corporate income taxes cannot be calculated until
Q12: The asset,liability,and stockholders' equity accounts are referred
Q14: Depreciation is a measure of the decline
Q15: The temporary accounts will have zero balances
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