Multiple Choice
Which of the following accounts has a balance equal to net income immediately before it is closed?
A) Income Summary
B) Owner,Withdrawals
C) Net Income
D) Owner,Capital
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q10: The Salaries Expense account is a temporary
Q18: A balance sheet prepared in the account
Q22: James Service Company earned revenues of $100,000
Q24: On December 31,2016,Axle Services Company prepared the
Q26: Liquidity is a measure of how _.<br>A)quickly
Q27: The beginning balance in the Owner,Capital account
Q28: Asset and liability accounts are closed to
Q122: Assets that are expected to be converted
Q123: The Accounts Receivable account is a permanent
Q154: Buildings,land,and equipment are classified as _.<br>A) current