If Income Summary Has a $13,500 Debit Balance Before It

question 89

Multiple Choice

If income summary has a $13,500 debit balance before it is closed to the capital account, the company:

• A)generated a net income of $13,500.
• B)incurred a net loss of $13,500.
• C)had revenues that exceeded expenses by $13,500.
• D)had expenses that were $13,500 less than revenues.

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Definitions:

Blood

A vital liquid flowing in the living organism's body that carries essential substances and removes waste.

Thyroid Cartilage

The largest cartilage in the larynx. It forms the anterior wall of the larynx.

Cricoid Cartilage

A cartilage of the larynx that forms most of the posterior wall and a small part of the anterior wall.

Blood

Blood is a vital body fluid in humans and other animals that delivers necessary substances such as nutrients and oxygen to the cells and transports waste products away from those same cells.