A corporation has the following account balances on September 30, 2015: Cash $1,500, Accounts Receivable $5,200, Unused Supplies $200, Advertising Expense $450, Wages Expense $2,200, Service Revenue $4,500, Accounts Payable $2,500, Share Capital $1,500, Retained Earnings $1,690, Dividends paid $1,000. What is the ending balance of income summary? a. $1.850 b. $1,650 C. $850 d. $4,040 Big Dog Carworks Inc. has the following accounts Cash $3,500, Accounts Receivable $10,500, Inwentory $23,900, Short-term investments $5.900, Prepaid expenses $8,900, Intangible assets $22,000, Long term notes payable $30,400, Property Plant and Equipment $45,000, Accounts Payable 97.800, Supplies expense $7,000. Unused Supplies $2,300 What is the balance of its current asset section of the balance sheet? a $52,700 b. $59,700 C. $55,000 which choice is the best to indicate when closing entries are prepared: a. After adjusting entries are prepared and posted b. Before financial statements are prepared C. After financial statements are prepared d. At the last step of an accounting period Which of the following is a not a true statement about depreciation? a. It is the allocation of cost of a plant and equipment asset over the time it is expected to be used b. It is calculated using useful life of the asset c. It is calculated using original cost of the asset d. It represents a decrease in market value over its useful life clear my choice Jump to