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... The Income Summary account, for Wise Tools appears below. Based on the...

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The Income Summary account, for Wise Tools appears below. Based on the data contained in the account, determine which of the statements below is correct. Income Summary 12/31 beg inv 12/31 expenses 4,000 12/31 ending inv 51,000 12/31 revenues 9,000 45,000 O O Wise Tools will report a $6,000 net loss for the period ending 12/31 Wise Tools will report net income of $6,000 for the period ending 12/31 Wise Tools will report net income of $1,000 for the period ending 1231 Wise Tools will report a $1,000 net loss for the period ending 1231 O

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