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

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Definitions:

Descriptive Statistics

Statistical procedures that organize and summarize research data.

Statistically Meaningful

Refers to results or data that are significant enough from a statistical standpoint to indicate a non-random pattern or effect.

Inferences

The process of drawing logical conclusions from premises known or assumed to be true.

Meta-Analysis

A statistical technique that combines the results of multiple scientific studies to arrive at a conclusion about an overall body of research.