1. One way of accessing financial information about a company is to look it up at the company's website. Access the most recent annual report of a company of your choice from the company's website and address the following points.

a. Review the company's footnotes (notes accompanying the financial statements) to discover how it applies the revenue recognition principle and when it recognizes revenue. Report what you discover.

b. Based on your observation of the financial statements, what amount should be credited to Income Summary to summarize its revenues earned?

c. Based on your observation of the financial statements, what amount should be debited to Income Summary to summarize its expenses incurred?

d. What is the balance of its Income Summary account before it's closed?