Question 34 (1 point) When closing entries are made: O All real accounts are closed but not the temporary accounts. All balance sheet accounts are closed. O All ledger accounts are closed to start the new fiscal period. All temporary accounts are closed but not the permanent accounts. Question 35 (1 point) Which statement is incorrect? Income Summary is closed to Capital Expense accounts are closed to Income Summary. Revenue accounts are closed to Income Summary. Withdrawals are closed to Income Summary. Question 36 (1 point) The current ratio: Is used to measure a company's profitability. O Measures the effect of operating income on profit. Is used to measure the relationship between assets and long-term debt. ols used to evaluate a company's ability to pay its short-term obligations. Question 37 (1 point) The information on a worksheet can be used to prepare: Year-end financial statements. Adjusting entries. Closing entries. All of these answers are correct. uestion 38 (1 point) Which of the following statements is incorrect? Permanent account are another name for nominal accounts. Temporary accounts carry a zero balance at the beginning of each accounting period. The Income Summary account is a temporary account. Permanent accounts are another name for real accounts. Question 39 (1 point) After all appropriate closing entries to the following accounts have been made, what will be the balance in the Jeff Corvette, Capital account? Service Fees Revenue $140,000 Various Expenses 60,000 Jeff Corvette, Capital 80,000 Jeff Corvette, Withdrawals 15,000 >$65,000