Martinville, Inc. earned revenues of $18,000 and incurred expenses of $4,000. The company declared and paid cash dividends of $3,500. What is the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings account?
A) debit balance of $14,000
B) debit balance of $10,500
C) credit balance of $14,000
D) credit balance of $18,000
Correct Answer:
Verified
Q127: If a business has a net loss,the
Q133: The following is the adjusted trial
Q134: The following is the adjusted trial
Q135: Jackson Services, Inc. earned revenues of $109,000,
Q136: The following is the adjusted trial
Q138: Refer to the following adjusted trial
Q139: The following is the adjusted trial
Q140: The following is the adjusted trial
Q142: The following is the adjusted trial
Q144: Which of the following accounts will be
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents