Martinville, Inc. earned revenues of $ 16 comma 000 and incurred expenses of $ 7...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Martinville, Inc. earned revenues of
$ 16 comma 000
and incurred expenses of
$ 7 comma 500
.
The company declared and paid cash dividends of
$ 3 comma 500
.
What is the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings account?
A.
credit balance of $ 16 comma 000
B.
credit balance of $ 8 comma 500
C.
debit balance of $ 5 comma 000
D.
debit balance of $ 8 comma 500
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.