The Income Statement for the Year 2022 of Bugati Co

question 11

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 Income Summary to Owner's Capital includes

• A) a debit to Revenue for $73,000.
• B) credits to Expenses totalling $79,500.
• C) a credit to Income Summary for $6,500.
• D) a credit to Owner's Capital for $6,500.

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Definitions:

Antipsychotic Drug

A class of medication primarily used to manage psychosis, including delusions, hallucinations, and disorders such as schizophrenia.

Involuntary

Actions or responses that occur without conscious control or choice.

Right To Privacy

The individual's right to keep their personal information and life private, free from intrusion or public exposure.

Breach

An act of breaking or failing to observe a law, agreement, or code of conduct.