The following information is available for Brendon Company before closing the accounts. What will be the amount in the Income Summary account that should be closed to Retained earnings? Retained earnings$147,000?Dividends 50,000?Fees earned 245,000?Depreciation Expense-Equipment 15,925?Wages expense 93,100?Interest expense 4500?Insurance expense 15,300?Rent expense 31,850?
A. $48,000.
B. $34,325.
C. $84,325.
D. $97,000.
E. $50,250.
Answer: C
Business
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