Homework Answers
After closing income and expenses, income summary will have the balance equal to net income or loss. here company having loss. so balance will be Debit.
So, answer will be D) a debit balance of $7,500
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25. 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...
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.
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) 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 all closing entries have been posted, the revenue account will have a balance of a) $73,000 debit. b) $73,000 credit. O c) $0. d) $6,500 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) 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.
. 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 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 June, 2015 of Camera Obscura Enterprises contains the following...
The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses Salaries and Wages Expense $3,000 Rent Expense 1,500 Advertising Expense 800 Supplies Expense 300 Insurance Expense Total expenses Net income 100 5.700 $1.300 26) What is the journal entry to close the revenue ount to Income Summary? 27) What is the journal entry to close the expense accounts to Income Summary? 28) What is the journal entry to close Income...
57. The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the...
57. The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses: Salaries and Wages Expense $3,000 1.500 Rent Expense 800 Advertising Expense 300 Supplies Expense Insurance Expense 100 Total expenses 5,700 Net income $1.300 At June 1, 2015, Camera Obscura reported retained earnings of $35,000. The company had no dividends during June. At June 30, 2015, the company will report retained earnings of A) $36,300 B) $29,300. C) $42,000. D)...
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.
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) 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 all closing entries have been posted, the revenue account will have a balance of a) $73,000 debit. b) $73,000 credit. O c) $0. d) $6,500 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) 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.
. 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 June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses Salaries and Wages Expense $3,000 Rent Expense 1,500 Advertising Expense 800 Supplies Expense 300 Insurance Expense Total expenses Net income 100 5.700 $1.300 26) What is the journal entry to close the revenue ount to Income Summary? 27) What is the journal entry to close the expense accounts to Income Summary? 28) What is the journal entry to close Income...
57. The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses: Salaries and Wages Expense $3,000 1.500 Rent Expense 800 Advertising Expense 300 Supplies Expense Insurance Expense 100 Total expenses 5,700 Net income $1.300 At June 1, 2015, Camera Obscura reported retained earnings of $35,000. The company had no dividends during June. At June 30, 2015, the company will report retained earnings of A) $36,300 B) $29,300. C) $42,000. D)...
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