If the Retained Earnings account is credited for $3,600 in the closing process, the company had a net income of $3,600.
Answer the following statement true (T) or false (F)
True
The closing entries include a debit to each revenue account for the amount of its credit balance, a credit to each expense account for the amount of its debit balance, and record the difference in Retained Earnings. The amount credited to Retained Earnings should equal Net Income on the Income Statement. (If the company has a net loss, Retained Earnings will be debited.)
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The challenge in designing an activity-based costing system is to identify all of the activities that explain the variation in overhead costs.
Answer the following statement true (T) or false (F)
Explain the basic principle of the Loyalty Ladder
What will be an ideal response?
__________ is the process by which a country asserts a right to regulate activities that occur beyond its borders
a. Internationalization b. Nationalization c. Extraterritoriality d. Appropriation
In good faith, Clinton gave Jane $500 for a negotiable promissory note made out to Jane for $550. She needed some money before the due date on the note, and Clinton had no notice of outstanding claims or other defects of the note. Clinton A)has more rights than Jane
B)has the same rights as Jane. C)has only conditional rights because they depend on Jane's rights. D)cannot transfer the note to anyone else.