A partial listing of a company’s accounts are listed below: Sales Revenue $190,0
ID: 2406744 • Letter: A
Question
A partial listing of a company’s accounts are listed below:
Sales Revenue $190,000 Depreciation Expense $20,000
COGS 84,000 Rent Expense 8,000
Cash 1,000 Unearned Revenue 2,000
Building 200,000 Wage Expense 30,000
Accumulated Depreciation 44,000 Interest Expense 3,000
Note Payable 50,000 Service Revenue 60,000
Dividends 4,000 Goodwill 7,000
The closing entry to close the Income Summary would include a debit to Income Summary for:
$101,000
$122,000
$105,000
$ 77,000
A.$101,000
B.$122,000
C.$105,000
D.$ 77,000
Explanation / Answer
Answer is C. $ 105000 Explanation: Revenues: Sales revenue 190000 Service revenue 60000 Total revenue 250000 Less: Expense COGS 84000 Depreciation 20000 Rent expense 8000 Interest expense 3000 Wages Expense 30000 Net Income 105000
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.