Understand closing entries. Net income is closed into Retained Earnings (after passing through income summary). Dividends...
Understand closing entries. Net income is closed into Retained
Earnings (after passing through income summary). Dividends are closed directly to Retained Earnings.
Homework Answers
The given statement is correct.
Supporting explanations:
Net Income is closed to Retained Earnings at the end of the period while closing the Net Income, and the closing entry would be Debiting the Net Income and Crediting the Retained Earnings because Net Income has credit balance and debiting the Net Income will close the account.
Dividends are paid from the Retained Earnings so dividends are deducted from the Retained Earnings and Dividends has debit balance so while closing the Dividends, Retained Earnings is Debited and Dividends are Credited so Dividends are directly closed to Retained Earnings.
Therefore, the given statement is correct.
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Understand closing entries. Net income is closed into
Retained
Earnings (after passing through income summary). Dividends...
I’m not sure if this is correct, help, Thank you Closing Entries with Net Income After...
I’m
not sure if this is correct, help,
Thank you
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
If Retained Earnings had instead decreased $33,000 after the closing entries were posted, and the dividends...
If Retained Earnings had instead decreased $33,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? Please help me solve this with step-by-step instructions. Information from the Retained Earnings Statement: Retained Earnings, Dec. 1, 2017 $293,400 Net income $108,900 Dividends 11,700 Change in retained earnings $97,200 Retained earnings, Nov. 30, 2018 $390,600
After closing entries are posted, the balance in the retained earnings account in the ledger will...
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
Required a. Prepare closing entries directly to Retained Earnings in general journal form. b. After the...
Required a. Prepare closing entries directly to Retained Earnings in general journal form. b. After the closing entries are posted, what is the ending balance in the Retained Earnings account? c. Prepare a post-closing trial balance. A.)Balance Sheet and Net Income At the beginning of 2015, Flynn's Parking Lots had the following balance sheet: Liabilities Accounts payable... $12,000 Assets Cash... Accounts receivable. Land.. $ 4,800 14,700 67,000 Stockholders' Equity Common stock. .. Retained earnings Total Liabilities and Stockholders' Equity... 27,000...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
True or False: During the closing process, retained earnings is closed to the dividends account.
True or False: During the closing process, retained earnings is closed to the dividends account.
during the closing process retained earnings is closed to the dividends account true or false
during the closing process retained earnings is closed to the dividends account true or false
The Retained earnings account has a credit balance of $44.000 before closing entries are made
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
The dividends account should be: Multiple Choice Not closed at all. Closed to retained earnings. Closed...
The dividends account should be: Multiple Choice Not closed at all. Closed to retained earnings. Closed only if there is a profit. Closed to income summary.
I’m
not sure if this is correct, help,
Thank you
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
Required a. Prepare closing entries directly to Retained Earnings in general journal form. b. After the closing entries are posted, what is the ending balance in the Retained Earnings account? c. Prepare a post-closing trial balance. A.)Balance Sheet and Net Income At the beginning of 2015, Flynn's Parking Lots had the following balance sheet: Liabilities Accounts payable... $12,000 Assets Cash... Accounts receivable. Land.. $ 4,800 14,700 67,000 Stockholders' Equity Common stock. .. Retained earnings Total Liabilities and Stockholders' Equity... 27,000...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
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