5. After the revenue and expense accounts are closed, Income Summary has a credit balance of $60,000.
Question:
5. After the revenue and expense accounts are closed, Income Summary has a credit balance of
$60,000. What does this figure represent?
a. net profit of $60,000
b. net loss of $60,000
c. owner’s withdrawals of $60,000
d. increase in owner’s equity of
$60,000 ANALYSIS
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Related Book For 
College Accounting A Contemporary Approach
ISBN: 9781259995156
4th Edition
Authors: M. David Haddock
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