If sales are $294,000, expenses are $236,000 and dividends are $34,000, Income Summary:

a Will have a credit balance of $58,000.

b Will have a debit balance of $58,000.

c Will have a debit balance of $24,000.

d Will have a credit balance of $24,000.

q 2.

Shown below is a trial balance for Cornell Products, Inc., on December 31, after adjusting entries:

Cornell Products, Inc. Trial Balance December 31, 2014
Cash	$ 15,400
Accounts receivable	12,700
Office equipment	22,300
Accumulated depreciation		$ 5,900
Accounts payable		7,700
Capital stock		22,400
Retained earnings		0
Dividends	7,400
Service fees earned		45,000
Salaries expense	15,800
Advertising expense	3,200
Depreciation expense	4,200
	$ 81,000	$ 81,000

27.

Required information

Refer to the information above. Net income for the period equals:

$14,400.

$21,800.

$45,000.

$23,200.