Debit Credit Retained Earnings 35,200 Dividends Paid $ 15,000 Sales 124,000 Cost of Goods Sold (COGS) 45,000 Selling Expenses 13,800 Administrative Expenses 3,250 Income Tax Expense 30,500 Required: Using the above partial trial balance. Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance.
Debit Credit Retained Earnings 35,200 Dividends Paid $ 15,000 Sales 124,000 Cost of Goods Sold (COGS) 45,000 Selling Expenses 13,800 Administrative Expenses 3,250 Income Tax Expense 30,500 Required: Using the above partial trial balance. Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...
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