After posting the entries to close all revenue and expense accounts,Hatfield Company's Income Summary account has a credit balance of $6,000,and the Hatfield,Withdrawals account has a debit balance of $2,500.These balances indicate that net income for the accounting period amounted to $3,500.

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The credit balance in the Income Summary account represents net income, which is $6,000. The Withdrawals account does not affect the calculation of net income.

After Posting the Entries to Close All Revenue and Expense