Assume that revenues total $21,200, expenses total $11,600, dividends declared are $3,300, and dividends payable are $3,300
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Question:
Assume that revenues total $21,200, expenses total $11,600, dividends declared are $3,300, and dividends payable are $3,300 at the end of the year. Before it is closed, the Income Summary will have a
a. Credit balance of $9,600.
b. Debit balance of $9,600.
c. Debit balance of $6,300.
d. Credit balance of $6,300.
Expert Answer:
To determine the balance of the Income Summary account before it is closed you need to calculate the ... View the full answer
Related Book For 
Financial Reporting Financial Statement Analysis and Valuation
ISBN: 978-0324302950
6th edition
Authors: Clyde P. Stickney
Posted Date:
