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The income statement for the year 2021 of Bugati Co. contains the following information: Revenues...

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Accounting

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The income statement for the year 2021 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries & Wages Expense $43,000 Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6.000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79.500 Net income (loss) $16.500) After all closing entries have been posted, the Income Summary account will have a balance of: O $0.00 $6,500 Debit O $6,500 Credit $79,500 Credit

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