Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue,...
Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Goldfinger's common stock during the year. What is the amount of Income Summary that will be closed to Retained Earnings in the 3rd step of the closing process? Will Retained Earnings be debited or credited? Will Retained Earnings be increased or decreased?
Homework Answers
(a) Goldfinger Corporation
Income Statement
| Particulars | Amount($) |
| Sale Revenue | 29000 |
| Less: Cost Of Goods Sold | 12000 |
| Less: Operating Expense | 6200 |
| Operating Income | 10800 |
| Less: Tax | 4320 |
| Transferred to Retained Earnings 6480 |
(b) Retained Earnings will be Credited by $6480 cause profit is Transferred to retained earnings.
(c) Retained Earnings will be Increased by $6480.
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Goldfinger Corporation had account balances at the end of the
current year as follows: sales revenue,...
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Trial Balance (Selected Accounts)
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