The Income Statement for the Month of June, 2022 of Snap

question 84

Multiple Choice

The income statement for the month of June, 2022 of Snap Shot, Inc. contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,300\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,300 \\\text { Advertising Expense } & 700 \\\text { Supplies Expense } & 200 \\\text { Insurance Expense } & 100 \\\text { Total expenses }&&5,300\\\text { Net income (loss) }&&\$2,000\end{array}$ After the revenue and expense accounts have been closed, the balance in Income Summary will be

• A) a debit balance of $7,300.
• B) a debit balance of $2,000.
• C) a credit balance of $2,000.
• D) a credit balance of $7,300.

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Definitions:

Carol Gilligan

An American feminist, ethicist, and psychologist best known for her work on ethical community and ethical relationships, and certain subject-object problems in ethics.

Moral Development

The process through which individuals develop proper attitudes and behaviors towards other people in society, based on social and cultural norms, rules, and laws.

Conscience

A gut feeling or internal speech perceived as directing someone towards what is morally correct or incorrect in their conduct.

Postconventional Morality

A stage in moral development characterized by an understanding that laws and rules are relative and moral reasoning is based on abstract principles and the welfare of others.