Rose Company Earned Revenues of $15,000 and Incurred Expenses of $9,000

question 102

Multiple Choice

Rose Company earned revenues of $15,000 and incurred expenses of $9,000. The withdrawals of Mary Rose, the owner, were $3,000. What is the balance in the Income Summary account prior to closing net income or loss to the Rose, Capital account?

• A)Debit balance of $6,000
• B)Debit balance of $15,000
• C)Credit balance of $6,000
• D)Credit balance of $15,000

Identify sources to learn more about Deaf Culture.

Grasp the importance of language in Deaf Culture.

Recognize the initial professional contacts for hearing parents of deaf children.

Understand the concept of bicultural deaf identities.

---

Definitions:

Operating Assets

Assets that are used for day-to-day functioning of a business and generating revenue, such as inventory, machinery, and buildings.

Return on Investment

A measure used to evaluate the efficiency or profitability of an investment, calculated as the ratio of net profit to the initial cost of the investment.

Controllable Margin

The portion of profit or margin over which management has control, usually excluding fixed costs.

Operating Assets

Assets that are used for the day-to-day operations of a business, intended to generate revenue.