After Closing the Revenue and Expense Accounts,Income Summary Showed a Debit

question 102

Multiple Choice

After closing the revenue and expense accounts,Income Summary showed a debit balance of $1,500.Which of the following statements is true?

• A)The company had a net loss of $1,500.
• B)The company had a net income of $1,500.
• C)The company's cash increased $1,500.
• D)None of these answers is correct.

Recognize the distinct ethical and philosophical perspectives in different cultures, specifically in Confucianism.

Distinguish between reasoning processes and the influence of emotions and self-interest on critical thinking.

Appreciate the role of empathy in critical thought and its application in ethical reasoning.

Evaluate the impact of media portrayals on societal attitudes towards violence and justice, with reference to viewpoints of public figures like Al Gore.

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Definitions:

Locked Warehouse

A secured storage facility used to hold goods or collateral, often for financial arrangements or until customs duties are settled.

Cost of Goods Available for Sale

The total cost incurred for the merchandise sold by a company during a specific period, including the cost of inventory at the beginning of the period and purchases made during the period.

Inventory at Year-End

The valuation of unsold goods and materials on hand at the close of a fiscal year, recorded as a current asset on the balance sheet.

Purchase of Inventory

The acquisition of goods and materials a company intends to sell in the normal course of business.