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The Income Summary Account, for Edgar's Cigars Appears Below

Question 86

Multiple Choice

The Income Summary account, for Edgar's Cigars appears below. Based on the data contained in the account, determine which of the statements below is correct.
Income Summary
The Income Summary account, for Edgar's Cigars appears below. Based on the data contained in the account, determine which of the statements below is correct. Income Summary A) Edgar's Cigars will report an $11,000 net loss for the period ending 12/31 B) Edgar's Cigars will report net income of $7,000 for the period ending 12/31 C) Edgar's Cigars will report a $7,000 net loss for the period ending 12/31 D) Edgar's Cigars will report net income of $11,000 for the period ending 12/31


A) Edgar's Cigars will report an $11,000 net loss for the period ending 12/31
B) Edgar's Cigars will report net income of $7,000 for the period ending 12/31
C) Edgar's Cigars will report a $7,000 net loss for the period ending 12/31
D) Edgar's Cigars will report net income of $11,000 for the period ending 12/31

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