Question -The Zaarour Corporation's October 31 adjusted trial balance included many accounts, including the following.
|
Accounts Payable
|
$21,000
|
Accounts Receivable
|
$27,000
|
|
Cash
|
$23,000
|
Dividends
|
$13,000
|
|
Fees Revenue
|
$152,000
|
Income Taxes Expense
|
$16,000
|
|
Income Taxes Payable
|
$10,700
|
Insurance Expense
|
$21,000
|
|
Interest Revenue
|
$12,000
|
Prepaid Insurance
|
$12,300
|
|
Retained Earnings
|
$53,000
|
Supplies
|
$16,000
|
|
Supplies Expense
|
$15,000
|
Unearned Fees
|
$12,000
|
|
Wages Expense
|
$65,000
|
Wages Payable
|
$11,000
|
Determine the dollar balance in the Corporation's income summary account before it was closed to retained earnings.
a. $152,000
b. $34,000
c. $0
d. $47,000