The income statement for the Shamrock, Inc. for the month ended July 31 shows Service Revenue $17,510
The income statement for the Shamrock, Inc. for the month ended July 31 shows Service Revenue $17,510, Salaries and Wages Expense $9,760, Maintenance and Repairs Expense $3,070, and Income Tax Expense $1,400. The statement of retained earnings shows an opening balance for Retained Earnings of $24.760 and Dividends $1.660.
Prepare closing journal entries.
What is the ending balance in Retained Earnings?
Homework Answers
Ending retained earnings balance =$26,380
.
Ending retained earnings = Beginning balance + net income- dividends.
Ending balance =24760+3280-1660=26380
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The income statement for the Shamrock, Inc. for the month ended July 31 shows Service Revenue $17,510
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