12 Prepare the entries to close the net income summary to retained earnings. O Retained Earnings 35,000 Income Summary 35,000 O Income Summary 35,000 Retained Earnings 35,000 Account receivable 38,000 Retained Earnings 38,000 O Income Summary 18,000 Retained Earnings 18,000

12 Prepare the entries to close the net income summary to retained earnings. O Retained Earnings 35,000 Income Summary 35,000 O Income Summary 35,000 Retained Earnings 35,000 Account receivable 38,000 Retained Earnings 38,000 O Income Summary 18,000 Retained Earnings 18,000

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 12.7BE: Retained earnings statement Noric Cruises Inc. reported the following results for the year ended...

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Retained earnings statement Noric Cruises Inc. reported the following results for the year ended October 31: Retained earnings, October 1 12,400,000 Net income 2,350,000 Cash dividends declared 175,000 Stock dividends declared 300,000 Prepare a retained earnings statement for the month ended October 31.
Retained earnings statement; net loss Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2018, are as follows: Retained Earnings Apr. 30 31,200 May 1 (2017) 475,500 30 5,000 Dividends Sept. 30 1,250 Apr. 30 5,000 Dec. 31 1,250 March 31 1,250 June 30 1,250 income Summary Apr. 30 197,000 Apr. 30 165,800 30 31,200 Prepare a retained earnings statement for the year.
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