Net income increases Retained Earnings. Retained Earnings is an item of [liabilities / equity] on the balance

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Net income increases Retained Earnings. Retained Earnings is an item of [liabilities / equity] on the balance sheet. Any increase in Retained Earnings is also an increase in [liabilities / equity].

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Essentials Of Accounting

ISBN: 9780273771463

11th International Edition

Authors: Leslie K. Breitner

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