The Income Statement for the Year 2018 of Fugazi Co

question 89

Multiple Choice

The income statement for the year 2018 of Fugazi Co. contains the following information: After the revenue and expense accounts have been closed, the balance in Income Summary will be

• A) $0.
• B) a debit balance of $7,500.
• C) a credit balance of $7,500.
• D) a credit balance of $70,000.

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