Capri Company began the current period with a $41,000 credit balance in the Retained Earnings account. At the end of the period, the companys adjusted account balances include the following temporary accounts with normal balances.

Services revenue	$ 92,000	Interest revenue	$ 9,200
Salaries expense	40,500	Dividends	16,000
Depreciation expense	8,400	Utility expense	6,400

After closing the revenue and expenses accounts what is the balance of the income summary?

Step:1 Close revenues to the income summary

Step:2 Close expenses to incomes summary

2. After all closing entries are journalized and posted, what is the balance of the retained earnings?

Step 3 Close income summary to retained earnings.

Step 4 Close dividends