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KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $10,000; Cost of Goods
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $10,000; Cost of Goods Sold $556,000; Operating Expenses $189,000; Dividends $18,000 After closing revenues and expenses, what is the balance in Income Summary? (Be sure to indicate whether this is a debit balance or a credit balance). Your answer should be in the following form: $50,000 credit
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