After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $5,900 debit balance. This result implies that Cleaver earned a net income of $5,900.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Which of the following is one of the main advantages of using statistical reports as the source of information?
A. Statistical reports can be used to obtain firsthand knowledge. B. Unfiltered information can be obtained using statistical reports. C. Statistical reports are effective for showing relationships. D. Statistical reports allow verbal and non-verbal feedback.
The two-way flow of communication between a salesperson and a customer that is paid for by the firm and seeks to influence the customer's purchase decision is referred to as
A. advertising. B. publicity. C. sales promotion. D. public relations. E. personal selling.
Seller A has two counteroffers outstanding to Buyer B and Buyer C. B and C both accept the counteroffers
A)A need not perform on either acceptance.? B)?A must perform for the first party to accept. C)?A has a valid contract with both B and C. D)?A must perform for the acceptance that is closest to his desires.
Which of the following is part of the demographic environment of a country?
A. distribution of wealth B. lifestyles C. age distribution D. norms and customs E. exchange rates