Big Mouth Frog Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a: a) credit of $130,000 b) debit of $130,000 c) credit of $85,000 d) debit of $85,000

Big Mouth Frog Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a: a) credit of $130,000 b) debit of $130,000 c) credit of $85,000 d) debit of $85,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Related questions

Q: Capistrano Retail is a seller of glassware. They began operations on January 1st and have just…

A: Required 1: What was the quantity sold during March?The Cost of Goods Sold (COGS) is calculated as…

Q: Give me right answer

A: Option a: This option is incorrect because a change in the accounting estimate does not require…

Q: Find the prepaid utilities balance

A: Explanation of Prepaid Utilities:Prepaid utilities refer to payments made in advance for utility…

Q: tolong bantu Carikan jawabban nomo 1 smpai 5

A: 1. Bidang akuntansi yang bertujuan mengolah data keuangan menjadi laporan keuangan internal ataupun…

Q: Financial accounting question

A: Step 1: Define Fixed OverheadFixed manufacturing overhead is the cost that does not change with the…

Q: Solar Industries

A: Capitalized costs are the expenses incurred to prepare the equipment for its intended use. The…

Q: A reconciliation between the numbers disclosed in operating segments and consolidated numbers need…

A: In accounting, reconciliation is the process of ensuring that two sets of records (usually the…

Q: A U.S. firm has a $10,000,000 investment in a foreign subsidiary, and the U.S. dollar is weakening…

A: The scenario describes a U.S. firm with a foreign subsidiary. The U.S. dollar is weakening against…

Q: Question 5.4 accounting

A: Explanation of Beginning Supplies Inventory:Beginning supplies inventory represents the value of…

Q: Provide correct answer the general accounting question

A: Step 1: Define High Low MethodThe High-low method is used to separate the fixed cost and variable…

Q: Hello tutor solution this accounting questions

A: Step 1:Formula of degree of operating leverage = Contribution margin/ net income before tax Step…

Q: Need help with this question general accounting

A: Step 1: Cash received from the issue of bonds can be calculated by multiplying the bond's face value…

Q: Chapter 6 show results for bank reconciliation March 31, 20--

Q: Can you please give answer the general accounting question?

A: Step 1: Define Activity Cost Pools and RatesThe pillars of activity-based costing are activity cost…

Q: Can you solve this accounting problem?

A: Step 1: Define Contribution MarginContribution margin is a concept widely used in cost accounting.…

Q: Morlan Corporation is preparing its December 31, 2025, financial statements. Two events that…

A: Settlement of Liability:Event Description: A liability estimated at $160,000 as of December 31,…

Q: Hello Tutor! Thank you for answer

A: Explanation of Prudence Convention:The prudence convention is an accounting concept that emphasizes…

Q: I need answer of this question solution general accounting

A: Step 1: Define Direct LaborDirect labor refers to the expenses paid to the workforce who are…

Q: When should a company record the amortization of bond issuance costs under financial accounting…

A: Explanation of Bond Issuance Costs: Bond issuance costs are the expenses directly associated with…

Q: Give true answer this general accounting question

A: Step 1: Define Standard CostStandard costing is the process of applying estimated cost to determine…

Q: I need answer of this question accounting

A: Step 1: Define Gross MarginGross margin or gross profit is the difference between sales and direct…

Q: Pearl Corporation is a diversified company that operates in five different industries: A, B, C, D,…

Q: Please give me answer general accounting

A: Step 1: Define Conversion CostsConversion costs are total cost exclusive of raw material costs. That…

Q: Provide answer the accounting question please solve this one

A: Step 1: Define Absorption CostingAbsorption costing is one of the costing methods used to prepare…

Q: Gruber Window Fashion bought a new wood-cutting machine as... Please provide answer this general…

A: Step 1: Define Fixed AssetsFixed assets refer to non-current assets which are held in the business…

Q: I need answer of this question solution general accounting

A: Step 1: Definition of Book Value in Asset AccountingBook value refers to the value of an asset as…

Q: Which answer?

A: Explanation of Periodicity Assumption: The periodicity assumption is an accounting principle that…

Q: I need answer of this question solution general accounting

A: a. Total contributed capital represents the equity capital directly contributed by…

Q: Assume is Elaine is in the 37% marginal income tax bracket and the 20% bracket for long-term capital…

A: #1. Like-Kind Exchange (Section 1031)Recognize Gain? Generally, exchanges of like-kind business or…

Q: Please provide answer this general accounting question

A: Step 1: Define NoteThe note is a financial security that is issued by companies to borrow amounts.…

Q: None

A: Approach to solving the question: Analysis Detailed explanation:Accounts Receivable and Allowance…

Q: Help me give answer

A: Explanation of Stock Dividend:A stock dividend is a distribution of additional shares of a company's…

Q: Need help with this question solution general accounting

A: Step 1: Define Absorption CostingUnder absorption costing, the fixed manufacturing overhead cost is…

Q: I want answer

A: Explanation of Direct Labor Hours:Direct labor hours refer to the total hours worked by employees…

Q: Based on a comparision of Microsoft and Nvidia companies in year 2023 & 2024, which company…

A: Detailed Explanation of Why Microsoft is the Better Acquisition Target1. Financial Stability and…

Q: Answer in step by step with explanation. Don't use Ai

A: Working note for valuation allowance - deferred tax assetsFormula: Valuation Allowance=(Temporary…

Q: Get correct answer accounting

A: Step 1: Define Days Sales OutstandingIn accounting, the days sales outstanding is a term that…

Q: Need answer with this accounting question

A: Step 1: Define Fixed Manufacturing OverheadUnder absorption costing, we consider the fixed…

Q: Hugh snore bedding...Accounting

A: Step 1: Define Net Profit MarginThe net profit margin is the ratio of the net profit relative to the…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Final Table: FIFOLIFOAverage CostEnding Inventory$27,750$21,080$24,485Cost of Goods…

Q: What is the yield on the preferred shares on these financial accounting question?

A: Step 1: Define Dividend PayoutBusiness associations pay a dividend to their shareholder for…

Q: Questions 5 Marks Sapphire Events records supplies using bin cards. Bin #12 shows: beginning 150…

A: Explanation of Bin Cards: Bin cards are inventory control documents used to track the movement of…

Q: Provide this question solution general accounting

A: Step 1: Define Personal ExemptionsWhen computing income tax liabilities, a personal exemption was…

Q: Hi expert please provide this accounting question solution

A: Approach to solving the question: For better clarity of the solution, I have provided the formula…

Q: General Accounting Question posting

A: To compute Emily's taxable income for 2015 based on the provided information: Taxable Income…

Q: ?

A: Explanation of Partnership: A partnership is a business organization where two or more individuals…

Q: I need answer

A: Explanation: In the given case, we are required to calculate the amount of inventory shortage from…

Q: What are some reasons why someone would be interested in becoming a Certified Public Accountant?What…

A: Detailed explanation: • Attaining a CPA status is an honorable profession that has the validity,…

Q: I need answer of this question general finance

A: Step 1: Define Statement of Cash FlowsA cash flow statement is an important aspect of a company's…

Q: I need right option

A: Explanation of Change in Accounting Estimate:A change in accounting estimate occurs when new…

Question

Big Mouth Frog Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. Please provide correct answer the general accounting question

Big Mouth Frog Corporation had revenues of $330,000,
expenses of $200,000, and dividends of $45,000. When Income
Summary is closed to Retained Earnings, the amount of the
debit or credit to Retained Earnings is a:
a) credit of $130,000
b) debit of $130,000
c) credit of $85,000
d) debit of $85,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Pharoah Corporation earned revenues of $224808, incurred expenses of $233000, and paid dividends of $4350 during the current year. When Income Summary is closed to Retained Earnings, the debit or credit to Retained Earnings is a credit of $12550. debit of $8200. O debit of $3850. O credit of $8200.
The summarized trial balance of XYZ Corporation includes the following accounts on December 31,2022: Debit Credit Cash P 239,738 9,800 31,386 Accounts receivable Dividend receivable Interest receivable Investments at FVPL 956 136,910 Investments at FVOCI 3,760,944 1,310 Deferred tax asset Accounts payable P 20,506 Interest payable 560 Other payables 166 Income tax payable 484 Provision for employee benefits 1,504 Deferred tax liability 112,828 Share capital 2,736,048 Share premium 752,180 Retained Earnings 556,768 P4,181,044 P4,181,044 The provision for employee benefits includes P1,050 payable in the subsequent year. Required: 1. Prepare Statement of Financial Position
Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a is a credit of $137000 right?
For the year ended December 31, 2006, the financial records of Planet Corp. reported the ff.: Total revenues - P801,400; total expenses - P601.100: Dividends declared - P25,600. What is the entry to close Income Summary to Retained Earnings?
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:
The vear-end financial statements of Calloway Company contained the following elements and corresponding amounts. Assets -$32.000 4. Llabilities = ?, Common Stock $6,200; Revenue - $13,400; Dividends $1,350, Beginning Retained Earnings -$4,350, Ending Retained Earnings $8,200. Based on this information, the amount of expenses on Calloway's income statement was 0206 20 Multiple Choice $9,550 $8,200. $3,850. earch Op
Lambda, Inc . presents only the following figures from its balance sheet. You are to calculate the amounts represented by question marks (?) from the additional information given: Assets Cash P 37,500 Accounts Receivable (net) ? Inventory ? Plant and Equipment (net) 441,000 P 648,000 Liabilities & Stockholders' Equity Accounts Payable (Trade) P ? Income Tax Payable, current 37,500 Long-term Debt ? Common stock 450,000 Retained Earnings ?___ P ?___ Additional information: Current ratio, at year-end…
The following are extracts from an income statement of Al Noor Company for the year ended 31 December 2020: Sales revenue RO 10,000; Cost of sales RO 8,500; Salaries expense RO 300; Advertising expense RO 200; Depreciation expense RO 100; Insurance expense RO 150; Unrealized gain on investment securities RO 1,000. The comprehensive income is: a. RO (250) b. RO 750 c. RO 1,000 d. RO 1,750
Required: Complete the following calculations for each individual company: a. If ColourMePink Ltd. has a retained earnings opening balance of $50,000 at the beginning of the year, and an ending balance of $40,000 at the end of the year, what would be the net income/loss, if dividends paid were $20,000? b. If ForksAndSpoons Ltd. has net income of $150,000, dividends paid of $40,000 and a re- tained earnings ending balance of $130,000, what would be the retained earnings opening balance? c. If CupsAndSaucers Ltd. has a retained earnings opening balance of $75,000 at the beginning of the year, and an ending balance of $40,000 at the end of the year, what would be the dividends paid, if the net loss was $35,000?
Please help me
Hoya Corporation reports the following amounts: Assets = $16,700; Liabilities = $1,700; Stockholders' equity = $15,000; Dividends $1,700; Revenues = $14,400; and Expenses = $10,700. What amount is reported for net income?
Consider the following facts for Company A: Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments Accounts receivable (net) Inventory Property, plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities $ 45,000 25,000 20,000 210,000 $ 300,000 Long-term liabilities $ 50,000 90,000 160,000 Stockholders' equity- common Total liabilities and stockholders' equity $300,000 Income Statement Sales Cost of goods sold Gross profit Operating expenses $ 120,000 66,000 54,000 30,000 $ 24,000 Net income Number of shares of common stock Market price of common stock Dividends per share 6,000 $20 0.50 What is the return on assets for Company A?