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The income statement for the year 2020 of Tamarisk Co. contains the following information: Revenues $68900 Expenses: Salaries and Wages Expense $46700 Rent Expense
The income statement for the year 2020 of Tamarisk Co. contains the following information: Revenues $68900 Expenses: Salaries and Wages Expense $46700 Rent Expense 12600 Advertising Expense 10500 Supplies Expense 5500 Utilities Expense 2500 Insurance Expense 2200 Total expenses 80000 Net income (loss) $ (11100) After the revenue and expense accounts have been closed, the balance in Income Summary will be O a debit balance of $11100. O a credit balance of $68900. $0. a credit balance of $11100.
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