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The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) After all closing entries have been posted, the Income Summary account will have a balance of a) $6,500 debit b) $6,500 credit. Oc) $0. d) $79,500 credit
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) The entry to close Income Summary to Owner's Capital includes a) credits to Expenses totalling $79,500. b) a credit to Owner's Capital for $6,500. c) a credit to Income Summary for $6,500. d) a debit to...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) After the revenue and expense accounts have been closed, the balance in Income Summary will be a) $0. b) a debit balance of $6,500. c) a credit balance of $73,000. d) a credit balance of $6,500.
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) At January 1, 2020, Bugati reported owner's equity of $50,000. Owner drawings for the year totalled $13,000. At December 31, 2020, the company will report owner's equity of a) $37,000. Ob) $30,500. c) $43,500. d) $19,500.
26. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000...
26. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) The entry to close the revenue account includes a A) debit to Revenues for $70,000. B) debit to Income Summary for $7,500. C) credit to Revenues for $70,000. D) credit to Income Summary for $7,500.
25. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000...
25. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) After the revenue and expense accounts have been closed, the balance in Income Summary will be A) a credit balance of $7,500. B) $0. C) a credit balance of $70,000. D) a debit balance of...
. The income statement for the month of March, 2020 of Copper Corporation contains the following...
. The income statement for the month of March, 2020 of Copper Corporation contains the following information: Revenues $15,000 Expenses: Salaries and Wages Expense $4,000 Rent Expense 1,000 Advertising Expense 750 Supplies Expense 250 Insurance Expense 200 Total expenses 6,200 Net income $8,800 After the revenue and expense accounts have been closed, the balance in Income Summary will be a. $0. b. a debit balance of $8,800. a credit balance of $6,200. d. a credit balance of $8,800. C.
the following information relates to stormy incorperated for the year 2020 PREPARE AN INCOME STATEMENT with...
the following information relates to stormy incorperated for the year 2020 PREPARE AN INCOME STATEMENT with the following information: R.E. January 1st, 2020 - rent expense 18,500 advertising expense 9,500 - unearned revenue $11,500 dividends during 2020 $5700 - revenue 93,000 accounts payable 43,000 - utilities expenses 5,500 salaries and wages expense 21,000- deprication expense $3500 inventory $31,000 - accounts revievablr $6730
The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following...
The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following information: Revenues $7,300 Expenses: Salaries and Wages $3,000 Expense Rent Expense 1,300 Advertising Expense 700 Supplies Expense 200 Insurance Expense 100 Total expenses 5,300 Net income $2,000 The entry to close Income Summary to Owner's, Capital includes a) a debit to Revenues for $7,300. Ob) a credit to Income Summary for $2,000 c) credits to Expenses totalling $5,300. d) a credit to Owner's Capital...
The income statement for the month of March, 2020 of Copper Corporation contains the following information:...
The income statement for the month of March, 2020 of Copper Corporation contains the following information: Revenues $15,000 Expenses: Salries and Wages Expense $4,000 Rent Expense 1,000 Advertising Expense 750 Supplies Expense 250 Insurance Expense 200 Total expenses 6.200 Net income $8.800 At March 1, 2020, Copper Corporation reported retained earnings of $40,000. The company declared and paid a dividend of $2,300 during March. At March 31, 2020, the company will report retained earnings of a. $29,300. b. $37,700. c....
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) After all closing entries have been posted, the Income Summary account will have a balance of a) $6,500 debit b) $6,500 credit. Oc) $0. d) $79,500 credit
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) The entry to close Income Summary to Owner's Capital includes a) credits to Expenses totalling $79,500. b) a credit to Owner's Capital for $6,500. c) a credit to Income Summary for $6,500. d) a debit to...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) After the revenue and expense accounts have been closed, the balance in Income Summary will be a) $0. b) a debit balance of $6,500. c) a credit balance of $73,000. d) a credit balance of $6,500.
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) At January 1, 2020, Bugati reported owner's equity of $50,000. Owner drawings for the year totalled $13,000. At December 31, 2020, the company will report owner's equity of a) $37,000. Ob) $30,500. c) $43,500. d) $19,500.
26. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) The entry to close the revenue account includes a A) debit to Revenues for $70,000. B) debit to Income Summary for $7,500. C) credit to Revenues for $70,000. D) credit to Income Summary for $7,500.
25. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) After the revenue and expense accounts have been closed, the balance in Income Summary will be A) a credit balance of $7,500. B) $0. C) a credit balance of $70,000. D) a debit balance of...
. The income statement for the month of March, 2020 of Copper Corporation contains the following information: Revenues $15,000 Expenses: Salaries and Wages Expense $4,000 Rent Expense 1,000 Advertising Expense 750 Supplies Expense 250 Insurance Expense 200 Total expenses 6,200 Net income $8,800 After the revenue and expense accounts have been closed, the balance in Income Summary will be a. $0. b. a debit balance of $8,800. a credit balance of $6,200. d. a credit balance of $8,800. C.
The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following information: Revenues $7,300 Expenses: Salaries and Wages $3,000 Expense Rent Expense 1,300 Advertising Expense 700 Supplies Expense 200 Insurance Expense 100 Total expenses 5,300 Net income $2,000 The entry to close Income Summary to Owner's, Capital includes a) a debit to Revenues for $7,300. Ob) a credit to Income Summary for $2,000 c) credits to Expenses totalling $5,300. d) a credit to Owner's Capital...
The income statement for the month of March, 2020 of Copper Corporation contains the following information: Revenues $15,000 Expenses: Salries and Wages Expense $4,000 Rent Expense 1,000 Advertising Expense 750 Supplies Expense 250 Insurance Expense 200 Total expenses 6.200 Net income $8.800 At March 1, 2020, Copper Corporation reported retained earnings of $40,000. The company declared and paid a dividend of $2,300 during March. At March 31, 2020, the company will report retained earnings of a. $29,300. b. $37,700. c....
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