Homework Answers
Answer:
Net Income = Revenues – Operating Expenses
Net Income = $23,000 - $15,200
Net Income = $7,800
Transfer to Retained Earnings = Net Income – Dividends
Transfer to Retained Earnings = $7,800 - $4,700
Transfer to Retained Earnings = $3,100
Balance of Retained Earnings in Post Closing Trial Balance =
Retained Earnings balance in Adjusted Trial Balance + Transfer to
Retained Earnings
Balance of Retained Earnings in Post Closing Trial Balance =
$17,200 + $3,100
Balance of Retained Earnings in Post Closing Trial Balance
= $20,300
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