Question

Question 153.33 pts Which account would be best suited to AI? A Taxes B Retained earnings...

Question 153.33 pts

Which account would be best suited to AI?

A Taxes

B Retained earnings Chegg

C Cash

D Long-term liabilities

Homework Answers

Answer #1

Answer- option (B)

  • AI stands for annual income. It includes salary, bonus, commission, overtime allowances etc. Annual income refers to how much income an organisation earned before deduction.
  • Retained earnings are the profit a company earned as of date by reducing dividends and distributions. So it can be treated under annual income for an organisation.
  • Liabilities and taxes are not considered as income. These are the debt and expenses for the corporation.
  • Hence option B is the suitable one.

All the best for your exam! Thank you!

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