The Income Statement for the Month of June, 2015 of Camera

question 73

Multiple Choice

The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,500 \\\text { Advertising Expense } & 800 \\\text { Supplies Expense } & 300 \\\text { Insurance Expense } & 100\\\text { Total expenses }&&5,700\\\text { Net income }&&\$1,300\end{array}$ After the revenue and expense accounts have been closed, the balance in Income Summary will be

• A) $0.
• B) a debit balance of $1,300.
• C) a credit balance of $1,300.
• D) a credit balance of $7,000.

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Definitions:

Ever-living Fire

In Heraclitean philosophy, it symbolizes the fundamental principle of the universe, denoting change and the dynamic process of becoming.

Basic Nature

The fundamental qualities or characteristics inherent in something or someone, often considered innate or essential.

Heraclitus

An ancient Greek philosopher known for his doctrine that change is the fundamental essence of the universe, famously captured in the phrase "You cannot step into the same river twice."

Electrical Charges

A fundamental property of matter that causes it to experience a force when placed in an electromagnetic field. There are two types: positive and negative.