Question: Can you explain the correct approach to solve this general accounting question? A business reports the following for the year: Service Revenue = $300,000 Rent

Can you explain the correct approach to solve this general accounting question?

A business reports the following for the year: Service Revenue = $300,000 Rent Expense = $12,000 Wages Expense = $20,000 Utilities Expense = $4,000 Depreciation Expense = $11,000 Supplies Expense = $3,000 Dividends = $15,000 Beginning Retained Earnings = $25,000 What is the balance in the income summary account before it is closed

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