The Income Statement for the Month of June 2016 of Snap

question 218

Multiple Choice

The income statement for the month of June 2016 of Snap Shot Inc. contains the following information: $\begin{array}{lr}\text { Revenues } &&\$7,300 \\\text { Expenses: } & \\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,300 \\\text { Advertising Expense } & 700 \\\text { Supplies Expense } & 200 \\\text { Insurance Expense } & 100 \\\quad \text { Total expenses } &&5,300 \\\text { Net income } &&\$2,000\end{array}$ After the revenue and expense accounts have been closed the balance in Income Summary will be

• A) a debit balance of $7300.
• B) a debit balance of $2000.
• C) a credit balance of $2000.
• D) a credit balance of $7300.

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Definitions:

Mediterranean Region

A geographical area surrounding the Mediterranean Sea, characterized by a climate with hot, dry summers and cool, wet winters, and noted for its unique flora and fauna.

Climates

The long-term patterns and averages of temperature, humidity, atmospheric pressure, wind, precipitation, and other meteorological elements in a particular region.

Nebraska

A state in the central United States known for its agriculture and vast prairies.

Annual Precipitation

The total measure of rainfall and snowfall that an area receives over the course of a year.