The Income Statement for the Year 2011 of Poole Co

question 109

Multiple Choice

The income statement for the year 2011 of Poole Co.contains the following information:
$\begin{array}{lr}\text { Revenues }&&\$70,000\\\text { Expenses: }\\\text { Wages Expense } & \$ 45,000 \\\text { Rent Expense } & 12,000 \\\text { Advertising Expense } & 6,000 \\\text { Supplies Expense } & 6,000 \\\text { Utilities Expense } & 2,500 \\\text { Insurance Expense } & 2,000\\\text { Total expenses }&&73,500\\\text { Net income (loss) }&&\$(3,500) \end{array}$

$\text { After all closing entries have been posted, the revenue account will have a balance of }$

• A) \( \$ 0 \).
• B) \( \$ 70,000 \) credit.
• C) \( \$ 70,000 \) debit.
• D) \( \$ 3,500 \) credit.

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Definitions:

Older Adults

Individuals who are in the later phase of life, often considered to be those aged 65 and above.

Selective Optimization with Compensation (SOC) Model

A theory explaining how people can maintain performance in some areas through selection, optimization, and compensation strategies despite losses in other areas.

Mental Disorders

A wide range of conditions that affect mood, thinking, and behavior, often leading to distress or impairment in functioning.

Older Adults

Individuals who are in the latter part of their life, often defined as those aged 65 years and older.