Multiple Questions Answers

1. The _____is/are transferred from the income statement to the statement of owner's equity.
 a. ending capital
 b. withdrawals
 c. net income
 d. beginning capital

 
2. Revenues total $10,200, expenses total $7,300, and the owner's withdrawals account has a balance of $2,600. What is the balance in the income summary account prior to closing net income or net loss?
 a. $2,900 debit
 b. $300 debit
 c. $2,900 credit
 d. $300 credit

 
3. Revenues total $10,200, expenses total $7,300, and the owner's withdrawals account has a balance of $2,600. What is the balance in the income summary account after all closing entries are completed?
 a. $2,600 credit
 b. $2,900 debit
 c. $2,900 credit
 d. $ -0-
 
4. The balance in the Accumulated Depreciation account must be:
  a. $8,050
 b. $10,200
 c. $65,250
 d. impossible to determine with this data