After Posting the Entries to Close All Revenue and Expense

question 25

True/False

After posting the entries to close all revenue and expense accounts,Hatfield Company's Income Summary account has a credit balance of $6,000,and the Hatfield,Withdrawals account has a debit balance of $2,500.These balances indicate that net income for the accounting period amounted to $3,500.

---

Definitions:

Unionization

The process by which workers form or join a union, a collective organization that represents them in negotiations with employers over wages, benefits, and working conditions.

Productivity

Measures the efficiency of production in terms of the output produced per unit of input.

Profit Margins

An indicator of a company's financial health, calculated as the difference between revenue and expenses in relation to revenue.

Employee Benefits

Compensation in forms other than cash.