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The income statement for the year 2011 of Poole Co.

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The income statement for the year 2011 of Poole Co. 1. The income statement for the year 2011 of Poole Co. contains the following information: Revenues $70,000 Expenses: Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 73,500 Net income (loss) $(3,500) The entry to close the revenue account includes a a. debit to Income Summary for $3,500. b. credit to Income Summary for $3,500. c. debit to Revenues for $70,000. d. credit to Revenues for $70,000. 2. The income statement for the year 2011 of Poole Co. contains the following information: Revenues $70,000 Expenses: Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 73,500 Net income (loss) $(3,500) The entry to close the expense accounts includes a a. debit to Income Summary for $3,500. b. credit to Income Summary for $3,500. c. debit to Income Summary for $73,500. d. debit to Wages Expense for $2,500. 3. The income statement for the year 2011 of Poole Co. contains the following information: Revenues $70,000 Expenses: Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 73,500 Net income (loss) $(3,500) After the revenue and expense accounts have been closed, the balance in Income Summary will be a. $0. b. a debit balance of $3,500. c. a credit balance of $3,500. d. a credit balance of $70,000. 4. The income statement for the year 2011 of Poole Co. contains the following information: Revenues $70,000 Expenses: Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 73,500 Net income (loss) $(3,500) The entry to close Income Summary to Retained Earnings includes a. a debit to Revenue for $70,000. b. credits to Expenses totalling $73,500. c. a credit to Income Summary for $3,500. d. a credit to Retained Earnings for $3,500. 5. The income statement for the year 2011 of Poole Co. contains the following information: Revenues $70,000 Expenses: Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 73,500 Net income (loss) $(3,500) At January 1, 2011, Poole reported Retained Earnings of $50,000. Dividends for the year totalled $10,000. At December 31, 2011, the company will report Retained Earnings of a. $13,500. b. $36,500. c. $40,000. d. $43,500. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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