The Income Summary Account Has a Credit Balance of $25,000

question 163

Multiple Choice

The Income Summary account has a credit balance of $25,000 after the revenue and expense accounts have been closed.Which of the following is credited to close the Income Summary account?

• A) Owner, Withdrawals
• B) Sales Revenue
• C) Cost of Goods Sold
• D) Owner, Capital

Analyze the effect of the chemical structure on the physical properties of lipids, such as melting points.

Identify the organic products of specific lipid reactions and understand the mechanisms involved.

Understand the key forms and reports used in nonprofit governance.

Identify and comprehend the primary duties and responsibilities of nonprofit boards.

---

Definitions:

Consolidated Balance Sheet

A financial statement that presents the assets, liabilities, and equity of a parent company and its subsidiaries as one single entity.

Fair Market Value

The price at which an asset would be exchanged between a willing buyer and seller in an arm's length transaction.

White Knight

A friendly investor or company that acquires a corporation at fair consideration, often to rescue it from a hostile takeover.

Takeover

A corporate action where one company acquires control over another company, either through a direct purchase of its shares or by agreement.