A Company Had Service Revenue of $250,000,rent Expense of $10,000,utility

question 223

Multiple Choice

A company had service revenue of $250,000,rent expense of $10,000,utility expense of $3,500,salary expense of $18,500,depreciation expense of $9,000,advertising expense of $4,500,dividends in the amount of $18,000,and a beginning balance in retained earnings of $17,900.What is the balance in the income summary account before it is closed for the period?

• A)$250,000
• B)$45,500
• C)$204,500
• D)$222,400
• E)$232,100

---

Definitions:

Activity List

A detailed inventory or enumeration of tasks, actions, or engagements that an individual plans to undertake or has completed.

Film Clip

A film clip is a short segment or extract from a movie or video, used often for promotional, instructional, or entertainment purposes.

Rumination

The compulsive focus on one's distress, and the circumstances surrounding it, without actively seeking solutions.

Dejection

A state of melancholy, despair, or depression.