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Anastasy [175]
3 years ago
9

The income statement for the year 2018 of Fugazi Co. contains the following information: Revenues $70000 Expenses: Salaries and

Wages Expense $45000 Rent Expense 12000 Advertising Expense 10000 Supplies Expense 6000 Utilities Expense 2500 Insurance Expense 2000 Total expenses 77500 Net income (loss) $ (7500) After the revenue and expense accounts have been closed, the balance in Income Summary will be Entry field with incorrect answer a credit balance of $7500. a credit balance of $70000. $0. a debit balance of $7500.
Business
2 answers:
olga_2 [115]3 years ago
6 0

Answer:

Explanation:

incorrect answer

a credit balance of $7500

correct answer

a debit balance of $7500.

LiRa [457]3 years ago
5 0

Answer:

a credit balance of $7500

Explanation:

The income summary is where the elements of the income statement are closed. Revenue account is closed by crediting the income summary and debiting revenue. For expenses, credit expense and debit income summary.

For net loss, credit net loss and debit income summary. Where a profit or income was made, credit income summary and debit net income.

Hence the incorrect entry here is credit balance of $7500.

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In one hour, the United States can produce 25 tons of steel or 250 automobiles. In one hour, Japan can produce 30 tons of steel
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Answer:

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For Japan

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opportunity cost of 1 auto mobile = 30 / 275 = 0.109 ton of steel

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Explanation:

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Saphire Company budgeted the following production in units for the second quarter of the year:
Ugo [173]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Sales:

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May 38,000

June 42,000

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