After the revenue and expense accounts are closed, Income Summary has a credit balance of $80,000. What
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After the revenue and expense accounts are closed, Income Summary has a credit balance of $80,000. What does this figure represent?
a. Net loss of $80,000
b. Net profit of $80,000
c. Owner’s withdrawal of $80,000
d. Net increase in owner’s equity of $80,000
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The answer is B net profit of 80000 Income Summary has a credit bal...View the full answer
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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