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Author Question: The common size income statement expresses each income statement item as a percentage of total ... (Read 178 times)

j.rubin

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on: Jul 6, 2018
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

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Reply #1 on: Jul 6, 2018
Answer to Question 1

T

Answer to Question 2

False


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