The following information is available for Crandall Company before closing the accounts.What will be the amount in the Income Summary account that should be closed to Crandall,Capital?

A)$80,000.
B)$64,400.
C)$43,000.
D)$32,400.
E)$42,400.

Question

The following information is available for Crandall Company before closing the accounts.What will be the amount in the Income Summary account that should be closed to Crandall,Capital?

A)$80,000. 
B)$64,400. 
C)$43,000. 
D)$32,400. 
E)$42,400.

Quizplus · Accepted Answer

Income Summary = Revenues - Expenses
Income Summary = $187,000 - $12,000- $71,400 - $3,300 - $11,700 - $24,200 = $64,400

The Following Information Is Available for Crandall Company Before Closing