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

question 59

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 after closing Net Income or loss to the Rose, Capital account?

• A)Debit balance of $15,000
• B)Credit balance of $9,000
• C)Credit balance of $6,000
• D)Balance of $0

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Definitions:

Task Group

A group of individuals gathered to achieve a specific goal or task, often within an organizational setting.

Agenda Items

Specific topics, issues, or tasks listed for discussion or action in a meeting's agenda.

Leader

An individual who guides or directs a group, organization, or country, often demonstrating qualities such as vision, courage, and integrity.

Win-lose Strategy

A conflict resolution approach where one party's gain is perceived as another party's loss, leading to a competitive scenario.