Homework Answers
Answer 1:- Balance in depreciation expenses account= $6900
Answer 2:- Amount was transferred from income summary account to the retained earning account= $40500
working note :-
Net Income = Total Income - Total expenses = (Commission revenue + Rent revenues) - (Deperiation expenses + utilities expenses + supplies expenses)
= ($54,200 + $6600) - ($6900 + $8200 + $5200)
=$60800 -$20300
=$40500( Net income transfered to Retained earning account)
Answer 3:- Balance in Retained earning account= $49500
working note :
Balance of Retained Earning= Retained Earning Balance in Trail balance + Net income transferred from Retained earning account - Dividends paid
= $ 22,400 +$40,500 - $13,400
=$49500.
Note: If you have any doubt please ask Thanks ?
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