The Income Statement for the Year 2016 of Bugati Co

question 110

Multiple Choice

The income statement for the year 2016 of Bugati Co. contains the following information: $\begin{array}{lr}\text { Revenues } &&\$73,000 \\\text { Expenses: } & \\\text { Salaries and Wages Expense } & \$ 43,000 \\\text { Rent Expense } &12,000 \\\text { Advertising Expense } & 11,000 \\\text { Supplies Expense } &6,000 \\\text { Utilities Expense }& 3,500\\\text { Insurance Expense }&4,000 \\\quad \text { Total expenses } &&79,500 \\\text { Net income (loss) } &&\$(6,500) \end{array}$
After all closing entries have been posted the revenue account will have a balance of

• A) $0.
• B) $73000 credit.
• C) $73000 debit.
• D) $6500 credit.

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