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StormLrd StormLrd
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6 years ago
Assume the beginning balance in the Retained Earnings account is zero. If a debit balance exists in Retained Earnings after closing out revenues and expenses at the end of the current period, it indicates;
A) the company had net income for the current period
B) an increase in cash for the current period
C) the company incurred a net loss for the current period
D) a decrease in cash for the current period
Textbook 
Cost Accounting: A Managerial Emphasis, Canadian Edition

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
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#1
6 years ago
C
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