The income statement for the year 2022 of Sandhill Co. contains the following information: Revenues $71700...

 

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The income statement for the year 2022 of Sandhill Co. contains the following information: Revenues $71700 Expenses: Salaries and Wages Expense $43700 Rent Expense 11800 Advertising Expense 10200 Supplies Expense 6500 Utilities Expense 2400 Insurance Expense 1800 Total expenses 76400 Net income (loss) $ (4700) After the revenue and expense accounts have been closed, the balance in Income Summary will be $0. O a debit balance of $4700. O a credit balance of $4700. O a credit balance of $71700. The income statement for the year 2022 of Sandhill Co. contains the following information: Revenues $71700 Expenses: Salaries and Wages Expense $43700 Rent Expense 11800 Advertising Expense 10200 Supplies Expense 6500 Utilities Expense 2400 Insurance Expense 1800 Total expenses 76400 Net income (loss) $ (4700) After the revenue and expense accounts have been closed, the balance in Income Summary will be $0. O a debit balance of $4700. O a credit balance of $4700. O a credit balance of $71700.

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A debit balance of 4700 The ... View the full answer