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.

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Definitions:

Purpose in Life

The sense of meaning and direction in one's life, often associated with personal fulfillment and happiness.

Fear of Death

The feeling of dread, anxiety, or apprehension about the possibility of dying or the process of dying.

Overall Process

The comprehensive series of actions or steps taken in order to achieve a particular end, encompassing all partial methods and procedures involved.

Negative Feelings

Emotional states or attitudes that are unpleasant or harmful, such as sadness, anger, or fear.