Katiecakerbathankw Katiecakerbathankw

26-05-2016
Business

Answered

At the end of the accounting cycle, net income will be closed into

ATreasury Stock.
BPaid-In Capital.
CCash.
DRetained Earnings

Verified Answer :

meerkat18 meerkat18

06-06-2016

D. Retained
Earnings. Net income is a nominal or temporary account. All nominal income or expense
accounts must be closed at every end of the accounting cycle using the Income
Summary account. The Income Summary account is then closed into Retained
Earnings.

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