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If the Income Summary account has a net credit balance that will be transferred to the Retained Earnings account by the closing entry, it signifies
If the Income Summary account has a net credit balance that will be transferred to the Retained Earnings account by the closing entry, it signifies that:
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Dividends were declared during the year.
The company reported net income.
There was a reduction of net worth during the year.
The company reported a net loss.
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, George Foster, Srikant M. Datar
10th International Edition
0130851779, 978-0130851772
