Net income was $60,000 in Year 1 and $45,000 in Year 2. The percentage increase or decrease in net income was:

The entries that transfer the revenue, expense, and dividends balances to the Retained Earnings account to prepare the company's books for the next period are called ________

A) closing entries B) opening entries C) adjusting entries D) temporary accounts

If a cheese factory was interested in estimating the market potential for a new light cheese and estimated the potential by multiplying a base number (population) by several adjusting percentages

(e.g., personal discretionary income per capita, average percentage of discretionary income spent on food, etc.), it would be using the chain-ratio method to estimate market potential.