High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year.
High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
Multiple Choice
Debit Retained earnings $297,000; credit Income Summary $297,000
Debit Retained earnings $63,300; credit Income Summary $63,300
Debit Income Summary $63,300; credit Retained earnings $63,300
Debit Income Summary $81,300, credit Retained earnings $81,300
Debit Retained earnings $81,300; credit Income Summary $81,300
Homework Answers
| Particulars | Amount (in $ ) | |
| Annual revenues | $ 185,000 | |
| Less: Expenses | ($ 103,700 ) | |
| Net Income | $ 81,300 | |
| Accounting titles and Explanations | Debit | Credit |
| Income Summary | $ 81,300 | |
| Retained earnings | $ 81,300 | |
| (To close the income summary account to Retained earnings) | ||
| Option (d) is Correct |
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High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year.
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Accounting question below 1 If a net loss occurs, it appears in the Income Statement credit...
Accounting question below
1 If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. Select one: True O False 2 Which of the following statements is false regarding the closing process? Select one or more: I a. The Dividends account is closed to Income Summary O b. The closing of expense accounts results in a debit to Income Summary. c. The Income Summary account is closed to the Retained Earnings...
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I’m
not sure if this is correct, help,
Thank you
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In 2020 Le Corporation had revenues of $500,000, cost of goods sold of $300,000, and dividends payment of $50,000. On 1/1/2020 its Retained Earnings balance was $200,000. The accounting period: 1/1/2020-12/31/2020. The firm is using Income Summary account for closing. Required: a) Record the year-end closing journal entry? b) Compute the ending balance of Retained Earnings (12/31/2020)? Show your detail of calculation?
Accounting question below
1 If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. Select one: True O False 2 Which of the following statements is false regarding the closing process? Select one or more: I a. The Dividends account is closed to Income Summary O b. The closing of expense accounts results in a debit to Income Summary. c. The Income Summary account is closed to the Retained Earnings...
I’m
not sure if this is correct, help,
Thank you
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