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Calculate the balance in income summary

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Reference no: EM131813976

Question - The income statement for the year 2018 of Sheffield Co. contains the following information:

Revenues

 

$70200

Expenses:

 

 

Salaries and Wages Expense

$45100

 

Rent Expense

12000

 

Advertising Expense

9700

 

Supplies Expense

5400

 

Utilities Expense

2500

 

Insurance Expense

2100

 

Total expenses

 

76800

Net income (loss) $

 

(6600)

After the revenue and expense accounts have been closed, the balance in Income Summary will be

a credit balance of $6600.

a debit balance of $6600.

a credit balance of $70200.

$0.

Reference no: EM131813976

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