After All the Closing Entries Are Posted to the Ledger

question 35

Short Answer

After all the closing entries are posted to the ledger, the Income Summary account will have a________ balance.

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Definitions:

LLC

Limited Liability Company; a business structure in the United States that protects its owners from personal responsibility for its debts or liabilities.

Share Profits

The division of net profits among the shareholders or partners of an organization.

Losses

Financial reductions or negative outcomes typically resulting from expenses surpassing revenues or due to the decrease in value of an asset.

Limited Liability Company

A corporate configuration that unites the straightforward tax treatment of sole proprietorships or partnerships with the limited personal liability characteristic of corporations.