The net increase or decrease in retained earnings for a period is recorded by closing entries.

True

Explanation:

The net revenue or net loss would be expressed in the retained earnings account statement.

The computation of the ending retained earning balance is shown below:

The ending balance of retained earning = Opening balance of retained earnings + net income or net loss - cash dividend paid

These are the closing entries which are shown below:

Income summary A/c Dr

      To Retained earning

(Being the difference is credited to retained earning)

Retained earnings A/c Dr

       To Cash Dividend A/c

(Being dividend account is closed)

answer; /// the above statement is (true);

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total