Emerald, Inc., earned revenues of $69,000 and incurred expenses of $74,000. No dividends were declared. Which of the following statements is correct?
A) The entry to close Income Summary is the same regardless of a net income or a net loss.
B) Retained Earnings will be debited for $5,000 and Income Summary will be credited for $5,000.
C) The entries to close revenues and expenses will differ if there is a net loss.
D) The entry to close Income Summary requires a debit to the Income Summary account.
B
Business
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Which item below is not true of a Ginnie Mae bond?
A) Ginnie Mae purchases mortgages from banks. B) It usually has a lower yield than a Treasury bond. C) It is based on a pool of mortgages. D) It is issued by the GNMA.
Business