FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Income summary
owners capital
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- Identify the correct components of the income statement.A. revenues, losses, expenses, and gainsB. assets, liabilities, and owner’s equityC. revenues, expenses, investments by owners, distributions to ownersD. assets, liabilities, and dividendsarrow_forwardThe income statement should be prepared Oa. after the retained earnings statement and before the balance sheet Ob. before the retained earnings statement and balance sheet Oc. after the balance sheet and before the retained earnings statement Od. after the retained earnings statement and balance sheetarrow_forwardWhich of the following accounts would not be included in the closing entries?a. Service Revenueb. Depreciation Expensec. Retained Earningsd. Accumulated Depreciationarrow_forward
- Is depreciation expense closed? If so, is it closed to income summary like the other expense accounts?arrow_forwardWhich of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledgerarrow_forwardDefine income from continuing operations.arrow_forward
- How do you close revenue, expense, dividend, and income summary accountsarrow_forwardThe retained earnings statement should be prepared a.after the income statement and before the balance sheet b.after the income statement and balance sheet c.before the income statement and after the balance sheet d.before the income statement and balance sheetarrow_forwardeflects each situation. Principle or Assumption eports can be prepared for those Business entity assumption Expense recognition (matching) principle S. s reported. Going-concern assumption npact users' decisions. Measurement (cost) principle Monetary unit assumptionarrow_forward
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