The Income Statement for the Year 2022 of Bugati Co

question 46

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 expense accounts includes a

• A) debit to Income Summary for $6,500.
• B) credit to Income Summary for $6,500.
• C) debit to Income Summary for $79,500.
• D) debit to Utilities Expense for $3,500.

---

Definitions:

Readers' Preferences

The interests, tastes, and reading habits of an audience, which influence their selection of texts and engagement with content.

Documents

Written, printed, or electronic materials that provide information or evidence.

Social-media Data

Information collected from online platforms where users interact, share content, and communicate, which is used for analytics and marketing strategies.

Private Companies

Businesses owned by individuals or groups that do not trade their stock publicly on the stock market.