The Income Statement for the Year 2015 of Fugazi Co

Multiple Choice

The income statement for the year 2015 of Fugazi Co. contains the following information: $\begin{array}{lr}\text { Revenues }&&\$70,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 45,000 \\\text { Rent Expense } & 12,000 \\\text { Advertising Expense } & 10,000 \\\text { Supplies Expense } & 6,000 \\\text { Utilities Expense } & 2,500 \\\text { Insurance Expense } & 2,000 \\\text { Total expenses }&&77,500\\\text { Net income (loss) }&&\$(7,500) \end{array}$ After the revenue and expense accounts have been closed, the balance in Income Summary will be

A) $0.
B) a debit balance of $7,500.
C) a credit balance of $7,500.
D) a credit balance of $70,000.