Question
TRUE or False - Revenues have a direct relationship with retained earnings. - Company A paid off $500 it owed Company C in period 1.
TRUE or False
- Revenues have a direct relationship with retained earnings.
- Company A paid off $500 it owed Company C in period 1. In the same period, Company A collected $500 that was owed by Company D. Assuming these were the only transactions in period 1, owners equity will be REDUCED by $500 at the end of period 1.
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Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
23rd Edition
978-0324662962
