The Income Summary account has a debit balance of $2,000 after the first two closing entries have been journalized and posted. The $2,000 represents the net loss of the business that will be closed into the Capital account

________ is a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law

A) The common law of contracts B) The Restatement of the Law of Contracts C) Equity D) Letter of credit

A firm with a gross profit margin which meets industry standard and a net profit margin which is below industry standard must have excessive ________

A) general and administrative expenses B) cost of goods sold C) dividend payments D) principal payments