Solved

If a Corporation Reports a Net Income, It Should Be

Question 9

True/False

If a corporation reports a net income, it should be closed to retained earnings.If it reports a loss, it should be closed to the contributed surplus account.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q4: Return on common shareholders' equity is a

Q5: A stock dividend results in a decrease

Q6: A loss<br>A)occurs if operating expenses exceed cost

Q8: The two ways that a corporation can

Q10: Under the corporate form of business organization<br>A)a

Q11: Which one of the following events would

Q12: The issue of common shares affects both

Q13: Declaration and distribution of a stock dividend

Q14: Placing a restriction on retained earnings will<br>A)ensure

Q207: A corporation is not an entity that