FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Retained earnings account has a credit balance of $23,800 before closing entries are made. If total revenues for the period are $75,200, total expenses

The Retained earnings account has a credit balance of $23,800 before closing entries are made. If total revenues for the period are $75,200, total expenses are $55,000, and dividends are $12,600, what is the ending balance in the Retained earnings account after all closing entries are made?

A. $44000

B. $23800

C. $31400

D. $11200

E. 20200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Think Like A Millionaire Auditor How To Build Practical Efficiency Increase Revenue And Experience Peace Of Mind That Will Transform Your Business Leadership And Life

Think Like A Millionaire Auditor How To Build Practical Efficiency Increase Revenue And Experience Peace Of Mind That Will Transform Your Business Leadership And Life

Authors: Michael J. Harrison

1st Edition

B0B6XJBHR7, 979-8838447821

More Books

Students also viewed these Accounting questions

Question

★★★★★
1. What benefits might union membership have offered to Junker? 2. Given that the SEIU had been receiving more than $3 million per year from Michigan home care workers, why do you think the SEIU now...

Answered: 1 week ago

Question

★★★★★
How does the feeling of power influence savings?

Answered: 1 week ago

Question

★★★★★
Review and summarize the chapter by Heath (2014) Best Practices in Crisis Intervention Following a Natural Disaster. Based on these practices, what else should the school consider doing in response...

Answered: 1 week ago

Question

★★★★★
Siegel Corporation manufactures a product available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced several years ago to...

Answered: 1 week ago

Question

★★★★★
The Retained earnings account has a credit balance of $23,800 before closing entries are made. If total revenues for the period are $75,200, total expenses are $55,000, and dividends are $12,600,...

Answered: 1 week ago

Question

★★★★★
Question was employed by Peter to work on a farming business operated by Peter on a 500 nectare property called "Kapooka'. Peter had an arrangement with Richard, the owner of "Ka pooka", to have the...

Answered: 1 week ago

Question

★★★★★
Change is inevitable when it comes to health and healthcare. Patients are going to have changing diagnoses and have a change in health at any time. In this case study, we saw a few things change...

Answered: 1 week ago

Question

★★★★★
In the Final dept of OMEGA Co. materials are introduced when processing is half-done. In May 19x6, charges to this department were: May 1 inventory, 15000 units (40% done) Received from prior...

Answered: 1 week ago

Question

★★★★★
Blade Angle of Attack. The BK 117 helicopter has the following characteristics: m = 3200 kg f = 1.55 m2 (estimated) _T = 8 = 0.074 = 6.61 (at sea level) R = 5.5 m V_tip = 221 m/s a = 5.79 per radian...

Answered: 1 week ago

Question

★★★★★
Data for Manufacturing Division of a company is as follows: Manufacturing Division Division Current ROI 25% Projected ROI on new Investment Project 17% Corporate Average ROI 15% Investment Required...

Answered: 1 week ago

Question

★★★★★
Income statements for the most recent period for each product line are presented below: Product A Product B Product C Sales $3,000 $900 $480 -Variable manufacturing costs -2,100 - 700 - 300 -Variable...

Answered: 1 week ago

Question

★★★★★
Your company recently announced a new benefit. According to the announcement, the company will pay for expenses associated with taking job-related coursework or pursuing a program of study leading to...

Answered: 1 week ago

Question

★★★★★
Technology. Refer to Case

Answered: 1 week ago

Question

★★★★★
Because your companys educational benefit is new, you have several questions about what expenses are covered. Ideally, you would like the company to reimburse you for tuition, fees, books, meals,...

Answered: 1 week ago

Previous Question Next Question