Question

The income statement for the current year of Nova Co. contains the following information:

Revenues

$ 70,000

Expenses:

Wages Expense

$ 45,000

Rent Expense

12,000

Advertising

6,000

Supplies Expense

6,000

Utilities Expense

2,500

Insurance Expense

2,000

73,500

Net Income (Loss)

$ (3,500)

The entry to close Income Summary to Retained Earnings includes . . .

Revenues

 

$ 70,000

Expenses: