Assume the Beginning Balance in the Retained Earnings Account Is

question 84

Multiple Choice

Assume the beginning balance in the Retained Earnings account is zero. If a debit balance exists in Retained Earnings after closing out revenues and expenses at the end of the current period, it indicates:

• A) an increase in cash for the current period
• B) a decrease in cash for the current period
• C) the company incurred a net loss for the current period
• D) the company had net income for the current period

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