The Income Statement for the Year 2022 of Bugati Co

question 173

Multiple Choice

The income statement for the year 2022 of Bugati Co. contains the following information: $\begin{array}{lr}\text { Revenues }&&\$73,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 43,000 \\\text { Rent Expense } & 12,000 \\\text { Advertising Expense } & 11,000 \\\text { Supplies Expense } & 6,000 \\\text { Utilities Expense } & 3,500 \\\text { Insurance Expense } & 4,000 \\\text { Total expenses }&&79,500\\\text { Net income (loss) }&&\$(6,500) \end{array}$ The entry to close the revenue account includes a

• A) debit to Income Summary for $6,500.
• B) credit to Income Summary for $6,500.
• C) debit to Revenues for $73,000.
• D) credit to Revenues for $73,000.

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Definitions:

Leadership Practices

The actions, behaviors, and strategies that leaders employ to inspire, influence, and guide their teams towards achieving goals.

Offsite Contact

Interaction or communication that takes place outside of the main or usual business premises, often used for informal meetings or team-building activities.

Task Group

A team formed for the purpose of achieving a specific objective, typically within a limited timeframe.

Organizational Goals

These are the desired outcomes or targets that an organization aims to achieve through its operations and activities.