The dividends account should be: Multiple Choice Not closed at all. Closed to retained earnings. Closed...
The dividends account should be:
Multiple Choice
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Not closed at all.
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Closed to retained earnings.
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Closed only if there is a profit.
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Closed to income summary.
Homework Answers
Correct answer----------Closed to retained earnings.
.
Dividends are neither revenue not expense hence they cannot be closed to Income summery.
Dividend account is closed to retained earnings whether the retained earnings balance is credit or debit. Gain or loss is not a deciding factor to close dividends.
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The dividends account should be:
Multiple Choice
Not closed at all.
Closed to retained earnings.
Closed...
The balance in the Dividends account is closed to the Retained Earnings account by debiting the...
The balance in the Dividends account is closed to the Retained Earnings account by debiting the Retained Earnings account and crediting the Dividends account. True False
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.
True or False: During the closing process, retained earnings is closed to the dividends account.
True or False: During the closing process, retained earnings is closed to the dividends account.
during the closing process retained earnings is closed to the dividends account true or false
during the closing process retained earnings is closed to the dividends account true or false
The Retained earnings account has a credit balance of $44.000 before closing entries are made
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
Which of the following best describes the relationship between revenue and retained earnings? Multiple Choice A....
Which of the following best describes the relationship between revenue and retained earnings? Multiple Choice A. Revenue represents a cash receipt; retained earnings is an element of stockholders' equity. B. Retained earnings is equal to assets minus expenses. C. Revenue represents the price of goods sold or services rendered; retained earnings represents cash available for paying dividends. D. Revenue increases net income, which in turn increases retained earnings. Which of the following is not a right of stockholders? Multiple Choice...
Multiple Choice Questions: 1. Some of what we've learned about Income Summary account is: A) If...
Multiple Choice Questions: 1. Some of what we've learned about Income Summary account is: A) If we had a Net Loss, we will close Income Summary by debiting Income Summary and crediting Retained Earnings B) The income summary account is a temporary account that we create to close revenue, expenses, and dividends with it C) After closing revenue and expenses, the income summary account (before we close it) will have an ending balance that matches exactly the net income (or...
2. In order to close the dividends account, the: a. Dividend account should be debited b....
2. In order to close the dividends account, the: a. Dividend account should be debited b. Dividend account should be credited c. Retained Earnings account should be credited d. Income Summary account should be debited 3. The income statement for the year 2018 of Fugazi Co. contains the following information: $6980 Revenues Expenses: Salaries and Wages Expense $3030 Rent Expense 1560 730 Advertising Expense 290 Supplies Expense 110 Insurance Expense 5720 Total expenses S 1260 Net income The entry to...
Retained Earnings normally has an account balance that: Multiple Choice Has a normal debit balance. Decreases...
Retained Earnings normally has an account balance that: Multiple Choice Has a normal debit balance. Decreases stockholders' equity Is equal to the balance in cash. Increases stockholders' equity Next Prev 29 of 30 Which of the following is a reason that a corporation would prefer to issue stock instead of bonds? Multiple Choice Dividend payments can be deducted for income tax purposes but interest payments cannot O 2) Expansion is accomplished without surrendering ownership control. The risk of going bankrupt...
The balance in the Dividends account is closed to the Retained Earnings account by debiting the Retained Earnings account and crediting the Dividends account. True False
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
2. In order to close the dividends account, the: a. Dividend account should be debited b. Dividend account should be credited c. Retained Earnings account should be credited d. Income Summary account should be debited 3. The income statement for the year 2018 of Fugazi Co. contains the following information: $6980 Revenues Expenses: Salaries and Wages Expense $3030 Rent Expense 1560 730 Advertising Expense 290 Supplies Expense 110 Insurance Expense 5720 Total expenses S 1260 Net income The entry to...
Retained Earnings normally has an account balance that: Multiple Choice Has a normal debit balance. Decreases stockholders' equity Is equal to the balance in cash. Increases stockholders' equity Next Prev 29 of 30 Which of the following is a reason that a corporation would prefer to issue stock instead of bonds? Multiple Choice Dividend payments can be deducted for income tax purposes but interest payments cannot O 2) Expansion is accomplished without surrendering ownership control. The risk of going bankrupt...
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