What is the balance in the income summary account
Problem
Woods Company earned revenues of $11,000 and incurred expenses of $5,000. The company's owner withdrew $2,000. What is the balance in the Income Summary account after closing net income or loss to the Owner, Capital account?
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During the year, a company had the following cash flows. Cash inflow from operating activities $85,000. What was the total net cash flow for the year?
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The company's owner withdrew $2,000. What is the balance in the Income Summary account after closing net income or loss to the Owner, Capital account?
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