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Which of the following is true of the black population in the mainland colonies by the mid-eighteenth century?
Net Income
The company's net income following the deduction of all costs and taxes from the total income.
Income Summary
An account to which the revenues and expenses are transferred in order to close the books; it reflects the net income or loss at the end of a period.
Owner's Capital Account
An account on a company's balance sheet that represents the owner's investment and retained earnings in the business.
Credit Balance
This represents the amount that a company or individual owes to creditors; in accounting, it indicates a balance on the right side of a ledger.
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