Net income is entered as the balancing amount on the debt side of the income statement columns and the credit side of the balance sheet columns of the worksheet O O True False Click to select your answer Osteen, Inc., earned revenues of $69.000 and incurred expenses of $76,000. No dividends were declared. Which of the following statements is correct? A Retained Earnings wil be debited for $7,000 and Income Summary will be credited for $7,000 OB. The entry to close Income Summary is the same regardless of a net income or a net loss OC. The entries to close revenues and expenses will differ if there is a net loss. OD. The entry to close Income Summary requires a debit to the income Summary account Click to select your answer. Refer to the following adjusted trial balance after the first year of operations. Credit Debit $1,700 8,400 100 21,600 Accounts Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Uneamed Revenue Common Stock Dividends $3,000 1,600 750 450 3,100 2,000 O A. $28,000 O B. $24,900 OC. $22,900 OD. $26,900 Click to select your answer. UI 12 19 complete Which of the following accounts will be included in a post-closing trial balance? O A. Rent Expense OB. Interest Expense O C. Accumulated Depreciation OD. Service Revenue Building Click to select your answer. The following contains information from the records of the Becker Architecture Firm Becker Architecture Firm Selected Financial Information December 31, 2019 Current Assets $90,000 Current Liabilities 30,000 Long-Term Assets 99,000 Long-Term Liabilities 60,000 Total Revenues 55,000 Total Expenses 37,000 Which of the following statements is an accurate interpretation of the current ratio of the Becker Architecture Firm? (Round your answer to two decimal places.) O A. The company has $3.00 of current assets for every $1.00 of current liabilities. B. The company has $0.62 of current assets for every $1.00 of current liabilities. O c. The company has $2.53 of current assets for every $1.00 of liabilities. OD. The company has $1.65 of current assets for every $1.00 of liabilities. Click to select your