Which One is False? Revenues - Expenses = Net Income The 3 forms, of Business Organizationare Sole Proprietorship, Partnership, and Corporation The Contributed Capital Account will Include both Debit and Credit Entries T.
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It's always a good time for a little financial math lesson! The formula you mentioned, Revenues - Expenses = Net Income, is as solid as your morning coffee. Now, when it comes to business types, you've got it right with Sole Proprietorship, Partnership, and Corporation – these are the trio that dominates the entrepreneurial landscape! Now, about the Contributed Capital Account – it’s typically just credit entries because that’s how you recognize owner investments. So, if you see a debit entry there, something might not be adding up!