Net sales are $600,000. Expenses include salary of $180,000, utilities of $30,000, and COGS of $150,000....

Transcribed Image Text:

Net sales are $600,000. Expenses include salary of $180,000, utilities of $30,000, and COGS of $150,000. A gain of $10,000 was recognized on the sale of old delivery truck. Dividends of $20,000 were paid. The entry to close out Income Summary would include a Net sales are $600,000. Expenses include salary of $180,000, utilities of $30,000, and COGS of $150,000. A gain of $10,000 was recognized on the sale of old delivery truck. Dividends of $20,000 were paid. The entry to close out Income Summary would include a