Kabu Gadgets has provided the following financial elements for the closing entries to the income summary. What is the total amount of the debits from the income statement?

Question

Capital stock: $157,623
Office expense:$21,321
Automobiles: $41,350
Auto expense: $32,541
Beginning and retained earnings: $62,411
Telephone expense: $14,878
Equipment: $17,458
Salaries payable: $9,688
Revenue: $98,145

Answer 1

To determine the total amount of debits from the income statement for Kabu Gadgets, we need to identify the expenses, which will be debited to the income summary.

The listed expenses in the provided financial elements are:

1. Office expense: $21,321
2. Auto expense: $32,541
3. Telephone expense: $14,878

Now we will sum these expenses:

\[ \text{Total Debits} = \text{Office expense} + \text{Auto expense} + \text{Telephone expense} \]

\[ \text{Total Debits} = 21,321 + 32,541 + 14,878 \]

Calculating the total:

\[ \text{Total Debits} = 21,321 + 32,541 = 53,862 \] \[ \text{Total Debits} = 53,862 + 14,878 = 68,740 \]

So, the total amount of the debits from the income statement is $68,740.