The income statement for the year 2018 of Marin Co. contains the following information: Revenues $70000 Expenses:
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Question:
The income statement for the year 2018 of Marin Co. contains the following information:
Revenues | | $70000 |
Expenses: | | |
Salaries and Wages Expense | $43200 | |
Rent Expense | 11700 | |
Advertising Expense | 9900 | |
Supplies Expense | 5500 | |
Utilities Expense | 2600 | |
Insurance Expense | 2200 | |
Total expenses | | 75100 |
Net income (loss) | | $ (5100) |
After all closing entries have been posted, the Income Summary account will have a balance of
$5100 credit.
$0.
$75100 credit.
$5100 debit.
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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