The Income Summary account, for Wise Tools appears below. Based on the data contained in the account, determine which of the statements below is correct.
Income Summary
A) Wise Tools will report net income of $1,000 for the period ending 12/31
B) Wise Tools will report net income of $6,000 for the period ending 12/31
C) Wise Tools will report a $1,000 net loss for the period ending 12/31
D) Wise Tools will report a $6,000 net loss for the period ending 12/31
Correct Answer:
Verified
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