Question and answer
If the total of expenses is greater than the total of revenue in the income statement, the business has a net loss. True or False.
If the total of expenses is greater than the total of revenue in the income statement, the business has a net loss. TRUE.
s
Question
Asked 5/22/2013 10:31:33 PM
Updated 7/4/2018 2:26:16 PM
1 Answer/Comment
Flagged by emdjay23 [7/4/2018 3:33:53 AM], Edited by Masamune [7/4/2018 2:26:13 PM], Unflagged by Masamune [7/4/2018 2:26:16 PM]
Get an answer
New answers
Rating
3
If the total of expenses is greater than the total of revenue in the income statement, the business has a net loss. TRUE.
Added 7/4/2018 3:33:52 AM
This answer has been confirmed as correct and helpful.
Confirmed by Masamune [7/4/2018 2:26:15 PM]
Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
When Delivery Equipment is purchased on account, the journal entry to record this transaction includes Answer A. debiting Delivery Equipment and crediting Accounts Payable. B. debiting Delivery Expense and crediting Cash. C. debiting Delivery Expense and crediting Accounts Payable. D. debiting Delivery Equipment and crediting Cash.
Question
Updated 3/1/2015 11:37:24 AM
1 Answer/Comment
When Delivery Equipment is purchased on account, the journal entry to record this transaction includes: debiting Delivery Equipment and crediting Accounts Payable.
Added 3/1/2015 11:37:16 AM
This answer has been confirmed as correct and helpful.
The journal provides the information needed to transfer debits and credits to the accounts in the general ledger. A. True B.False
Question
Updated 7/25/2018 1:20:19 AM
1 Answer/Comment
The journal provides the information needed to transfer the debits and credits to the accounts in the ledger. TRUE.
Added 7/25/2018 12:31:32 AM
This answer has been confirmed as correct and helpful.
Confirmed by matahari [7/25/2018 12:47:17 AM]
The balance sheet reports assets, liabilities and owner's equity on a specific date. true or false
Question
Updated 5/4/2015 2:13:46 AM
3 Answers/Comments
The balance sheet reports assets, liabilities and owner's equity on a specific date. TRUE.



Added 5/4/2015 2:13:46 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [5/4/2015 2:16:35 AM]
A contra-asset has a normal debit balance.
Question
Updated 3/1/2015 11:37:55 AM
1 Answer/Comment
A contra-asset has a normal debit balance. This statement is False.

A contra asset account is an asset account which is expected to have a credit balance (which is contrary to the normal debit balance of an asset account).

Added 5/22/2013 10:38:18 PM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [3/1/2015 11:38:04 AM]
The account to which the Owner, Drawing account is closed at the end of the accounting period is Answer A. Revenue. B. Income Summary. C. Owner, Capital. D. Cash.
Question
Updated 5/16/2018 1:19:42 AM
1 Answer/Comment
The account to which the Owner, Drawing account is closed at the end of the accounting period is Owner, Capital.
Added 5/16/2018 1:19:42 AM
This answer has been confirmed as correct and helpful.
31,981,097
questions answered
GET
Answers.
GET THE APP.
weegy*
*
Get answers from Weegy and a team of really smart live experts.
Popular Conversations
Heterosexual meaning
7/29/2020 5:45:01 AM| 6 Answers
The most common age for shaken baby syndrome
7/30/2020 7:52:13 PM| 5 Answers
excretion rates of drugs vary greatly depending upon what
Weegy: Excretion rates of drugs vary greatly depending upon the type of drug involved and medical condition of the ...
8/1/2020 1:36:06 AM| 3 Answers
The NIMS Management Characteristic of Chain of Command and Unity of ...
Weegy: The National Incident Management System (NIMS) is a standardized approach to incident management developed by ...
7/30/2020 3:11:05 PM| 2 Answers
S
L
Points 261 [Total 3258] Ratings 1 Comments 251 Invitations 0 Online
S
L
P
L
P
Points 220 [Total 6243] Ratings 0 Comments 220 Invitations 0 Offline
S
L
P
R
P
R
L
P
P
C
R
P
R
L
P
R
Points 219 [Total 12310] Ratings 1 Comments 209 Invitations 0 Offline
S
L
P
1
Points 210 [Total 3066] Ratings 1 Comments 200 Invitations 0 Offline
S
L
Points 164 [Total 1657] Ratings 1 Comments 154 Invitations 0 Offline
S
L
Points 154 [Total 4539] Ratings 1 Comments 144 Invitations 0 Offline
S
L
1
Points 75 [Total 3386] Ratings 1 Comments 65 Invitations 0 Offline
S
L
Points 71 [Total 230] Ratings 0 Comments 71 Invitations 0 Offline
S
Points 56 [Total 56] Ratings 0 Comments 56 Invitations 0 Offline
S
L
L
Points 22 [Total 5310] Ratings 0 Comments 22 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.