When the total expenses are greater than the total revenue, a) the income summary account has a credit balance. b) the income summary account has a debit ...

Net income represents the difference between the total revenues and total expenses while the net loss represents the excess of expenses over revenues.

17 дек. 2021 г. · A net loss is when total expenses (including taxes, fees, interest, and depreciation) exceed the income or revenue produced for a given period ...

28 окт. 2022 г. · When the total expenses are greater than the total revenues, then the income summary account has a debit balance. An income summary account is a ...

When total expenses exceed total revenues, the result is a net loss. The difference between the revenues and the expenses can result in either a profit or loss.

8 дек. 2022 г. · The Income Summary account has a credit balance when revenue exceeds total expenses, producing a net profit, as indicated by the T account.

14 февр. 2023 г. · If total expenses are greater than total revenues, the Income Summary account will be closed by a debit to a.Cash and a credit to Income Summary.

10 нояб. 2024 г. · The correct answer to your question is: Break Even. When a business's total revenues equal its total expenses, it is said to "break even".

23 февр. 2024 г. · Total Revenues – Total Expenses = Net Income If your total expenses are more than your revenues, you have a negative net income, also known as ...