Intel corp had revenuews of $200,000, expense of $300,000 and dividends of $45,000. When income summary...
Intel corp had revenuews of $200,000, expense of $300,000 and dividends of $45,000. When income summary and dividends declared are closed to Retained earnings, the amount of the debit or credit to RE is
Homework Answers
Answer : Debit of $100,0000
Net loss During the Period = Revenue - Expenses = 200,000-300,000= 100,000
Income summary
Retained Earnings Debit to $ 100,000
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Intel corp had revenuews of $200,000, expense of $300,000 and
dividends of $45,000. When income summary...
High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year.
High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:Multiple ChoiceDebit Retained earnings $297,000; credit Income Summary $297,000Debit Retained earnings $63,300; credit Income Summary $63,300Debit Income Summary $63,300; credit Retained earnings $63,300Debit Income Summary $81,300, credit Retained...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
Question 3 of 5 -/1 View Policies Current Attempt in Progress Vaughn Manufacturing had revenues of...
Question 3 of 5 -/1 View Policies Current Attempt in Progress Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debitor credit to Retained Earnings is a O credit of $137000 O debit of $91000 O credit of $91000 O debit of $137000.
In 2020 Le Corporation had revenues of $500,000, cost of goods sold of $300,000, and dividends...
In 2020 Le Corporation had revenues of $500,000, cost of goods sold of $300,000, and dividends payment of $50,000. On 1/1/2020 its Retained Earnings balance was $200,000. The accounting period: 1/1/2020-12/31/2020. The firm is using Income Summary account for closing. Required: a) Record the year-end closing journal entry? b) Compute the ending balance of Retained Earnings (12/31/2020)? Show your detail of calculation?
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? Group of answer choices unearned revenue, $2,000 service revenue, $2,000 unearned revenue, $3,000 service revenue, $3,000 Question 121 pts On December 31, we had accrued taxes of $6,000. What...
Understand closing entries. Net income is closed into Retained Earnings (after passing through income summary). Dividends...
Understand closing entries. Net income is closed into Retained Earnings (after passing through income summary). Dividends are closed directly to Retained Earnings.
Martinez Corp. began operations in 2014. During the years 2014-2016, it reported net income and declared...
Martinez Corp. began operations in 2014. During the years
2014-2016, it reported net income and declared dividends as
follows.
Net income
Dividends declared
2014
$27,000
$ –0–
2015
118,000
–0–
2016
234,000
48,000
During 2017, Martinez Corp.:
●
discovered that it had
failed, in 2015, to record $44,000 in depreciation on equipment in
one of its warehouses.
●
changed, on January 1 ,2017,
from the average cost to the FIFO method of accounting for its
inventory. If Martinez Corp. had...
During the first year of Callahan Co.'s operations, all purchases were recorded as assets. Supplies in...
During the first year of Callahan Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600. The adjusting entry for store supplies will a. Increase net income by $22,200. b. increase expenses by $22,200. decrease supplies by $6,600. d. debit Accounts Payable for $6,600. Adolescents Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is dosed to retained Earnings, the amount of...
I’m not sure if this is correct, help, Thank you Closing Entries with Net Income After...
I’m
not sure if this is correct, help,
Thank you
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
Question 3 of 5 -/1 View Policies Current Attempt in Progress Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debitor credit to Retained Earnings is a O credit of $137000 O debit of $91000 O credit of $91000 O debit of $137000.
In 2020 Le Corporation had revenues of $500,000, cost of goods sold of $300,000, and dividends payment of $50,000. On 1/1/2020 its Retained Earnings balance was $200,000. The accounting period: 1/1/2020-12/31/2020. The firm is using Income Summary account for closing. Required: a) Record the year-end closing journal entry? b) Compute the ending balance of Retained Earnings (12/31/2020)? Show your detail of calculation?
Martinez Corp. began operations in 2014. During the years
2014-2016, it reported net income and declared dividends as
follows.
Net income
Dividends declared
2014
$27,000
$ –0–
2015
118,000
–0–
2016
234,000
48,000
During 2017, Martinez Corp.:
●
discovered that it had
failed, in 2015, to record $44,000 in depreciation on equipment in
one of its warehouses.
●
changed, on January 1 ,2017,
from the average cost to the FIFO method of accounting for its
inventory. If Martinez Corp. had...
During the first year of Callahan Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600. The adjusting entry for store supplies will a. Increase net income by $22,200. b. increase expenses by $22,200. decrease supplies by $6,600. d. debit Accounts Payable for $6,600. Adolescents Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is dosed to retained Earnings, the amount of...
I’m
not sure if this is correct, help,
Thank you
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
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