Question 5 5 out of 5 points the net income of

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Question 55 out of 5 pointsThe net income of Hendley Company for the year is $25,000. Withdrawals during the year were$30,000. No new capital contributions were made during the year. Which of the followingstatements is TRUE?
Hendley, Capital account decreases by $5,000.Correct Answer:Hendley, Capital account decreases by $5,000.Question 65 out of 5 pointsPatents, copyrights, and trademarks are examples of __________.
Question 75 out of 5 pointsA company has $120,000 in current assets; $550,000 in total assets; $90,000 in current liabilities,and $110,000 in total liabilities. Calculate the current ratio of the company. (Round your answer totwo decimal places.)
Question 85 out of 5 pointsBrownstone Company has a current ratio of 4.00. This indicates that the company has $4 in__________.
Question 95 out of 5 pointsMartinville Company earned revenues of $20,000 and incurred expenses of $4,000. Martinvillewithdrew $3,500 for personal use. What is the balance in the Income Summary account prior toclosing net income or loss to the Martinville, Capital account?

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