ACC 557 Midterm Exam 100% correct Q 24

ACC 557 The income statement for the year 2015 of Fugazi Co. contains the following information:
Revenues                                                                                                                             $70,000
Expenses:
        Salaries and Wages Expense                                                              $45,000
        Rent Expense                                                                                     12,000
        Advertising Expense                                                                            10,000
        Supplies Expense                                                                                  6,000
        Utilities Expense                                                                                    2,500
        Insurance Expense                                                                                2,000
                Total expenses                                                                                                       77,500
Net income (loss)                                                                                                                $ (7,500)
 
After all closing entries have been posted, the Income Summary account will have a balance of