If a Corporation Reports a Profit, It Should Be Closed

question 16

True/False

If a corporation reports a profit, it should be closed to retained earnings.If it reports a loss, it should be closed to a contributed capital account.

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Definitions:

Pulmonary Circulation

The passage of blood from the heart to the lungs and back to the heart, where it is oxygenated and rid of carbon dioxide.

Pulmonary Arteries

The arteries that carry deoxygenated blood from the heart to the lungs, where it is oxygenated before being returned to the heart.

Lungs

Organs in the respiratory system involved in the exchange of oxygen and carbon dioxide between the body and the environment.

Cerebral Arterial Circle

Also known as the Circle of Willis, this is a circulatory anastomosis that supplies blood to the brain and surrounding structures.