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19. The income statement for the year 2019 of Golden Company contains the following information: Revenues $150,000 Expenses: Wages Expense $75,000 Rent Expense.......... 42,000 Advertising
19. The income statement for the year 2019 of Golden Company contains the following information: Revenues $150,000 Expenses: Wages Expense $75,000 Rent Expense.......... 42,000 Advertising Expense........ 9,000 Supplies Expense..... ......20,000 Utilities Expense ............6,500 Insurance Expense .........8,000 Total expenses.... ...... 160,500 Net income (loss)....... $(10.500) After all closing entries have been posted, the Income Summary account will have a balance of
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