The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency
The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account?
$$ \begin{array}{lr} \text { Total revenues } & \$ 185,000 \\ \text { Total expenses } & 88,800 \\ \text { Retained earnings } & 118,400 \\ \text { Dividends } & 22,200 \end{array} $$
Homework Answers
Solution:
Balance in retained earnings account = retained earnibgs + total revenues - total expenses - dividends
= 118400 + 185000 - 88800 - 22200
= $192,400
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The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency
The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency.
The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues$ 150,000Total expenses72,000Retained earnings96,000Dividends18,000
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