The Income Statement for the Year 2022 of Bugati Co

question 140

Multiple Choice

The income statement for the year 2022 of Bugati Co. contains the following information: $\begin{array}{lr}\text { Revenues }&&\$73,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 43,000 \\\text { Rent Expense } & 12,000 \\\text { Advertising Expense } & 11,000 \\\text { Supplies Expense } & 6,000 \\\text { Utilities Expense } & 3,500 \\\text { Insurance Expense } & 4,000 \\\text { Total expenses }&&79,500\\\text { Net income (loss) }&&\$(6,500) \end{array}$ After all closing entries have been posted, the Income Summary account will have a balance of

• A) $0.
• B) $6,500 debit.
• C) $6,500 credit.
• D) $79,500 credit.

---

Definitions:

Oil Of Wintergreen

is an organic ester naturally produced by many plants, commonly used as a flavoring or scent and in medicinal products for its pain-relieving properties.

Digestive Reflexes

Automatic responses of the digestive system that aid in the process of digestion, such as saliva production and peristalsis.

Pavlov's Research

A series of experiments conducted by Ivan Pavlov that demonstrated the process of classical conditioning through the use of dogs, bells, and salivation.

Stimuli

External or internal factors that elicit a response from a living organism or a system.