Question - The income statement for the year 2018 of Sheffield Co. contains the following information:
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Revenues
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$70200
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Expenses:
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Salaries and Wages Expense
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$45100
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Rent Expense
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12000
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Advertising Expense
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9700
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Supplies Expense
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5400
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Utilities Expense
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2500
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Insurance Expense
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2100
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Total expenses
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76800
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Net income (loss) $
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(6600)
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After the revenue and expense accounts have been closed, the balance in Income Summary will be
a credit balance of $6600.
a debit balance of $6600.
a credit balance of $70200.
$0.