19. Revenues total $10,200. Expenses total $7,300. Withdrawals total $2,600. What is the balance in...
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19. Revenues total $10,200. Expenses total $7,300. Withdrawals total $2,600. What is the balance in the Income summary account prior to closing net income or loss to the Capital account? a. credit balance of $300 b. debit balance of $2,900 c. credit balance of $2,900 d balance of $0 20. All of the following are examples of internal control activities, except a. bank reconciliation. b. rotation of key personnel. c. customer satisfaction surveys. d. insistence that employees take earned vacations. PROBLEMS: 1. The selected accounts and balances for Cisco Markets as of December 31,2021 appear as follows: REQUIRED: Prepare a multi-step income statement to report the GROSS MARGIN for the year ended December 31, 2021. [17 points]
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