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Statement Help Save & Exit The Income Summary account, for Edgar's Cigars appears below. Based...

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Statement Help Save & Exit The Income Summary account, for Edgar's Cigars appears below. Based on the data contained in the account, determine which of the statements below is correct 12/31 beg inv. 12/31 expenses Income Summary 7,000 12/31 ending inv. 25,000 12/31 revenues 3,000 36,000 Multiple Choice 0 Edgar's Cigars will report a $7,000 net loss for the period ending 12/31 0 Edgar's Cigars will report an $11,000 net loss for the period ending 12/31 0 Edgar's Cigars will report net income of $7,000 for the period ending 12/31 0 Edgar's Cigars will report net income of $11,000 for the period ending 12/31

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