Homework Answers
D. The company had a net loss of $ 5,000
Closing Entries :
Let the sales be X
Sales. Dr. X
Retained Earning Dr . $ 5000
To Expenses. X + $ 5,000
Net Profit ( Loss) = Sales - Expenses = $ X - $ X + $ 5000
=($5000) i.e. Net loss
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Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
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transactions.
1.
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2.
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3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
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Exercise 14-08
On January 1, 2020, Blossom Corporation had retained earnings of
$541,000. During the year, Blossom had the following selected
transactions.
1.
Declared cash dividends $121,000.
2.
Corrected overstatement of 2019 net income because of inventory
error $40,500.
3.
Earned net income $345,500.
4.
Declared stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
$
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