In the closing process, the Dividends account is closed to the Retained Earnings account
Indicate whether the statement is true or false
TRUE
You might also like to view...
Fields Company purchased equipment on January 1 for $180,000. This system has a useful life of 8 years and a salvage value of $20,000. The company estimates that the equipment will produce 40,000 units over its 8-year useful life. Actual units produced are: Year 1 - 4,000 units; Year 2 - 6,000 units; Year 3 - 8,000 units; Year 4 - 5,000 units; Year 5 - 4,000 units; Year 6 - 5,000 units; Year 7 - 7,000 units; Year 8 - 3,000 units. What would be the depreciation expense for the final year of its useful life using the units-of-production method?
A. $24,000. B. $12,000. C. $164,000. D. $4,000. E. $33,750.
In human resource forecasting, ______ uses nonquantitative methods to forecast the future, usually based on the knowledge of a pool of experts in a subject or an industry.
A. mediation analysis B. regression analysis C. qualitative forecasting D. quantitative forecast
Downing, Inc., issues bonds to purchase new machinery for its factories. These bonds are secured by the machinery purchased with the proceeds of the bond issue. These are ____ bonds.
A. debenture B. mortgage C. convertible D. indenture E. sinking fund
What is the role of federal Employee Polygraph Protection Act of 1988?