Woods, Inc. earned revenues of $17,000 and incurred expenses of $7,500. The company declared and paid cash dividends of $1,500. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account? A. credit balance of $9,500 B. debit balance of $17,000 C. credit balance of $7,500 D. balance of $0

Woods, Inc. earned revenues of $17,000 and incurred expenses of $7,500. The company declared and paid cash dividends of $1,500. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account? A. credit balance of $9,500 B. debit balance of $17,000 C. credit balance of $7,500 D. balance of $0

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 2CE

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