The Income Summary and Linda Carter, Capltal accounts for Carter Production Comp

Question

The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 31 Closing 134,880 62, 288 134,880 71,880 62, 28e inda Carter, Capital Account No. 301 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 248,880 62, 288 248,880 382,280 288, 280 22,880 Enter the following amounts. 1. Total revenue for the period is 2. Total 3. |Net income for the period is 4 expenses for the period are Owner's withdrawals for the period

Explanation / Answer

1) Total revenue for the period is 134000 2) Total expenses for the period are 71800 3) Net income for the period is 62200 4) Owner's withdrawals for the period are 22000

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