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The Income Statement for the Year 2015 of Fugazi Co

Question 1

Multiple Choice

The income statement for the year 2015 of Fugazi Co. contains the following information: The income statement for the year 2015 of Fugazi Co. contains the following information: 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. 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.

Correct Answer:

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