There is a net loss of $6,500
Loss has a debit balance.
Income summary will have a debit balance of $6,500.
Option b)
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 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) 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.
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...
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 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 following information is from the Income Statement of the Sunland Laundry Service: $7540 Revenues Service Revenues Expenses Salaries and wages expense $ 2840 Advertising expense 580 Rent expense 350 Supplies expense 230 Insurance expense 120 Total expenses 4120 Net income $3420 The entry to close Income Summary includes a: O debit to Retained Earnings for $3420. credit to Common Stock for $3420. debit to Income Summary for $3420. credit to Income Summary for $3420.
The following information is from the Income Statement of the Vaughn Laundry Service: $5980 Revenues Service Revenues Expenses Salaries and wages expense $ 2250 Advertising expense 460 Rent expense 280 Supplies expense 180 Insurance expense 90 Total expenses Net income 3260 $2720 The entry to close Income Summary includes a: debit to Income Summary for $2720. O debit to Retained Earnings for $2720. O credit to Common Stock for $2720. O credit to Income Summary for $2720.