What are the two items that can be credited or debited to Retained Earnings?
1.Net Income(or) Loss. When there is a profit it would be credited and when there is a loss it would be debited.
2.Dividends. It would be debited when paid to shareholders.
What are the two items that can be credited or debited to Retained Earnings?
What account is debited to pay for water and garbage? What account is credited?
Statement of Retained Earnings e following items, provide the missing number. For the following Retained Earnings, 1/127 Net income Subtotal Dividends Retained Earnings, 12/31/27 $250.000 83.000 $333,000 $283.000 5-6. Statement of Retained Earnings For the following items, provide the missing number. Retained Earnings, 1/1/28 Net income Subtotal Dividends Retained Earnings, 12/31/28 958,000 $2,783,400 500,000 $2,283,400 5-7. Statement of Retained Earnings. For the following items, provide the missing number. Retained Earnings, 1/1/28 Net income Subtotal Dividends Retained Earnings, 12/31/28 $983,123 43,000...
Long-term assets can be: Select one: a. Debited or credited at the point of purchase b. Assets or liabilities c. Composed of property, plant, or equipment only d. Tangible or intangible
U Labor and Indirect Labor are debited and D) Work in Process Inventory and Factory credited. ) Cost of Goods Manufactured is debited and Direct Labor is credited. TUESS Inventory is credited. Cory is debited and Factory Overhead is credited. direct Labor are debited and Factory Wages Payable is credited. iventory and Factory Overhead are debited and Factory Wages Payable is 34) In a process costing system, the purch Inventory a process costing system, the purchase of raw materials is...
For each transaction, indicate the account or accounts that should be debited and credited. Accounts 1. Cash 2. Accounts Receivables 3. Prepaid Insurance 4. Office Supplies 5. Automobiles 6. Land 7. Accounts Payable 8. Income Taxes Payable 9. Notes Payable 10. Capital Stock 11. Retained Earnings 12. Service Revenue 13. Wage and Salary Expense 14. Utilities Expense 15. Income Tax Expense Transactions Debited Credited Example: Purchased office supplies for cash 4 1 a. Issued capital stock for cash. __ __...
liability accounts should only be debited and never credited true or false
Which type of account is always debited during the closing process? O Retained earnings O Dividends O Expense O Revenue Click if you would like to Show Work for this question: Open Show Work
when reimbursing the petty cash fund: a. cash is debited, b. petty cash is credited, c. petty cash is debited, d. appropriate expense accounts are debited, e, no expenses are recorded
Correction to retained earnings for an error made in a previous accounting period Credited when dividends are declared, but will be paid at a later date Basic ownership of corporation Authorized stock 1. Receives dividends before 5 common stock Issued stock 2 Distribution of earnings 6 Outstanding stock 3. Common stock The price at which the stock is bought and sold 4. Preferred stock 5 Amounts received from investors in exchange for stock Dividend 6 The amount of net income...
Items from the 2015 income statement, statement of retained earnings, and balance sheet of Activision Blizzard, Inc., are listed below in alphabetical order.Solve for the missing amounts. (Loss amounts should be Indicated with o minus sign.)Activision Blizzard, inc.Common Stock$3,130Dividends190Net Income (Loss)Retained Earnings, Beginning of Year3,935Retained Earnings, End of YearTotal Assets15,791Total ExpensesTotal Liabilities7,679Total Revenues4,822Is the company profitable?