[Answered] The purpose and use of the income summary account is to summarize the difference between revenues ...

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Author Question: The purpose and use of the income summary account is to summarize the difference between revenues ... (Read 97 times)

jlmhmf

Hero Member
Posts: 552

on: Jul 5, 2018

The purpose and use of the income summary account is to summarize the difference between revenues and expenses.
a. True
b. False
Indicate whether the statement is true or false

Question 2

In retail businesses, inventory is reported as a current asset.
a. True
b. False

Indicate whether the statement is true or false

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Marked as best answer by a Subject Expert

chevyboi1976

Sr. Member
Posts: 344

Reply #1 on: Jul 5, 2018

Answer to Question 1

True

Answer to Question 2

True

jlmhmf

Member
Posts: 552

Reply 2 on: Jul 5, 2018

Great answer, keep it coming

nathang24

Member
Posts: 314

Reply 3 on: Yesterday

Gracias!

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