The income statement for the year 2021 of Martinez Co. contains the following information: Revenues Expenses:...

 

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The income statement for the year 2021 of Martinez Co. contains the following information: Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expens Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) O $0. $45800 $9800 debit. O $78200 credit. O $9800 credit. 11800 10300 6000 2400 1900 $68400 After all closing entries have been posted, the Income Summary account will have a balance of 78200 $(9800) The income statement for the year 2021 of Martinez Co. contains the following information: Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expens Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) O $0. $45800 $9800 debit. O $78200 credit. O $9800 credit. 11800 10300 6000 2400 1900 $68400 After all closing entries have been posted, the Income Summary account will have a balance of 78200 $(9800)

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The detailed answer for the above question is provided below SOLUTION To determine the balance of th... View the full answer