Mathematics, 27.09.2019 19:30, richaeviney

Woods, inc. earned revenues of $16,000 and incurred expenses of $9,500. the company declared and paid cash dividends of $1,500. what is the balance in the income summary account after closing net income or loss to the retained earnings account?

a) credit balance of $15,000
b) balance of $0
c) debit balance of $19,000
d) credit balance of $4,000

Answers: 2

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Woods, inc. earned revenues of $16,000 and incurred expenses of $9,500. the company declared and pai...