Which account is closed at the end of an accounting period? Select one: a. Inventory b. Prepaid Expense c. Income Summary O d. Retained Earnings At the end of the current year, the Owners' Equity in LaRose Corporation is $188,000. During the year, the assets of the business had decreased by $90,000, and the liabilities had decreased by $36,000. Owners' Equity at the beginning of the year must have been: Select one: a. $242,000 b. $314,000 c. $332,000 d. $134,000 e. $126,000 Which item is expensed as Cost of Goods Sold upon sale of inventory? Select one: O a. Product Costs O b. Period Costs O c. Freight-Out O d. Depreciation on Office Furniture Blue Heron Company, with an applicable income tax rate of 30%, computed after-tax Net Income of $400,000. However, Blue Heron failed to recognize pre-tax Wage Expense of $2,000 and Interest Revenue of $5,000 in its computation. The company's final Net Income is: Select one: O a. $402,100 b. $402,900 c. $397,900 d. $397,100 e. $403,000 The Pieper Corp. recorded the accrual of an expense by debiting Prepaid Expense and crediting Accounts Payable. Indicate the effect of the error on Assets, Liabilities, and Net Income, respectively: Select one: a. Understated, Understated, No Error O b. Overstated, No Error, Overstated c. Understated, No Error, Overstated d. Overstated, Understated, No Error e. Understated, Understated, Understated Which account has a normal debit balance? Select one: O a. Treasury Stock b. Purchase Discount c. Preferred Stock d. Common Stock