The Income Summary Account Shows Debits of $19,000 and Credits

question 117

Multiple Choice

The Income Summary account shows debits of $19,000 and credits of $10,000.This results in a:

• A)net income of $29,000.
• B)net loss of $29,000.
• C)net income of $9,000.
• D)net loss of $9,000.

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Definitions:

Immigrants

People who have moved to a country from one or more other countries, usually for permanent residence.

Delivery Firm

A business specialized in transporting documents, packages, or goods from one location to another.

Company Programs

Strategic initiatives or schemes implemented by businesses to achieve certain goals, such as employee development, corporate social responsibility, or product innovation.

Efficiency

The ability to accomplish a task or a goal with the minimal amount of waste, expense, or unnecessary effort.