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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
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...
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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
Transcribed Image Text: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
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