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A debit balance in a partnership's income summary account at the end of the accounting year indicates that the partnership earned a profit O None of the answers are correct. experienced a greater amount of partners' withdrawals than owners Investments during the year. O experienced a greater dollar amount of owners investments than withdrawals during the year. O incurred a loss Just berfore Soni, Inc., issued a 15% stock dividend on November 1, the following data were collected: Retained Earnings $750,000 Shares Outstanding 10,000 Market value per share $15 Par value per share $ 5 Shares issued 12,000 The amount that retained earnings will increase (decrease) as a result of recording the stock dividend is $0 O ($22,500) O (9.000) $7,500 Kern Corporation signed a 5 year equipment lease agreement. Th annual payments are $11,000 at 8 %. The present value of an annuity factor for 5 years at 8% is 3.9927. The present value factor of $1 for 5 years is .6806. The present value of the lease (rounded) is: 0 $43.920 O $47,433 $55,000 O None of the answers are correct. O $44.000 23 nts The journal entry to close out a corporation's net income includes O a credit to income summary a O a credit to retained earnings. O Two of the answers are correct. O a credit to paid-in-capital. O a debit to retained earnings A corporate income statement includes information on O discontinued operations O A corporate income statement includes all of the sections listed in this question. earnings per share O continuing operations A sale of a segment of a corporation to another corporation O is never acceptable. O at least two of the selections are correct may result in a gain or loss from discontinued operations, O is reported on the balance sheet Unsecured bonds O are never issued to the public are known as debentures are called collateral based bonds O have specific assets of the issuing company pledged as collateral