The Final Price of a LCD Television Was $2,016 That

question 97

True/False

The final price of a LCD television was $2,016 that included 5% GST and 7% PST. The value of GST and PST were $90 and $126 respectively.

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Definitions:

Dividends

Payments made by a corporation to its shareholder members, usually as a distribution of profits.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, revealing profit or loss.

Retained Earnings

Retained earnings are the portion of a company’s profits that is kept or retained rather than being paid out as dividends to shareholders or reinvested into the business.

Closing Entries

Entries recorded at the conclusion of an accounting cycle to shift balances from temporary to permanent accounts.