The common size income statement expresses each income statement ...

[j.rubin]

The common size income statement expresses each income statement item as a percentage of total assets.
 
  Indicate whether the statement is true or false

Question 2

If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is a debit to Income Summary and a credit to Capital.
 a. True
   b. False
   Indicate whether the statement is true or false

[Moriaki]

Answer to Question 1

T

Answer to Question 2

False