Assume the balance in the Retained Earnings account at January 1, 2019 is zero, and no dividends
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Question:
Assume the balance in the Retained Earnings account at January 1, 2019 is zero, and no dividends are declared in 2019. Ma debit balance of $12.000 exists in Retained Earnings after closing out revenues and expenses at the end of 2019, this indicates:
A An increase in cash of $5,000
B. A decrease in cash of $5,000
C. The company had a net loss of $5,000
D. That the company had net income of $5.000
Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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