QUESTTUNY The Income Summary account has debts of $85,000 and credits of $75,000. The company had which of the following Net loss of $10,000 Net Loss of 5160,000 Net Income of $10,000 Net Income of $160,000 QUESTION 10 The balance in Income Summary will equat net income or net loss will equal net Income less didends should equal retained earnings will always be equal to the increase in retained earnings QUESTION 11 Which of the following accounts should not be closed? Accumulated Depreciation O Income Summary Expenses and Revenues Dividends QUESTION 12 if sales are $270,000, expenses are $220,000 and dividends are $30,000, Income Summary. will have a credit balance of $50,000 o will have a credit balance of $20,000 will have a debit balance of $20,000 will have a debit balance of $40,000 Which of the following financial statements is usually prepared first? Income Statement Income Tax Return Statement of Retained Earnings Balance Sheet QUESTION 6 The normal order in which the financial statements are prepared is: Income Statement, Statement of retained earnings, Balance Sheet Balance Sheet, Income Statement, Statement of Retained Earnings Income Statement Annual report. Balance Sheet Income Tax return, Income Statement, Balance Sheet QUESTION 7 The Statement of Retained Earnings is based upon which of the following relationships? Retained Earnings+ Net Income Dividends Retained Earnings - Net Income Dividends Retained Earnings-Net Income Dividends Retained Earnings + Net Income + Dividends QUESTION 8 The closing entry for an expense account would consist of a debit to income summary and a credit to the expense account credit to retained earnings and a debit to the expense account debit to teh expense account and a credit to Income Summary Credit to Revenue and a debit to the expense account