I need assistance with this financial accounting question using appropriate principles. Blue Wave Enterprises had revenues of $420,000,expenses of $275,000, and dividends of $60,000.When Income Summary is closed to RetainedEarnings, the amount of the debit or credit toRetained Earnings is:

Concept of Income SummaryIncome Summary is a temporary account used during the closing process of…

Answered: Blue Wave Enterprises had revenues of…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 17E

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Eilish Company had the following account balances. Accounts Payable $ 821Accounts Receivable $ 1953Cash $ 4730Common Stock $ 1702Deferred Revenue $ 1475 Eilish was missing the account balance for retained earnings. What is Eilish's balance in retained earnings?
Need help with this question solution general accounting
The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements. Hint: Build a balance sheet and income statement in columns to the right of the given numbers and copy each provided item into the appropriate section for the balance sheet or income statement. Retained Earnings prior year 7,050 PP&E, net 4,440 Wages Expense 190 Administration Expense 150 Cash 1,550 Tax Expense 205 Common Stock 300 Inventory 3,700 Accounts Payable 1,800 Accounts Receivable 2,700 Notes Payable 2,200 Depreciation Expense 220 Cost of Goods Sold 6,700 Dividends 200 Interest Expense 85 Revenue 8,400 Tax Liability…
What is balance in retained earnings?
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Additionally, the company informed the following: Net income = $156,042 Sales = $4,063,589 Determine the following values for the company: Current ratio _____________ Quick ratio _____________ Days’ sales outstanding (DSO) _____________
1. Presented below is the adjusted trial balance of the LLL Corporation. Using this data, prepare the following statements: a. Income Statement (multiple step format); be sure to include the required earnings per share presentation. b. Statement of Retained Earnings Balance Sheet (classified format) C. LLL Corporation Adjusted Trial Balance 31-Dec-20 Debit Credit Cash 104,000 Accounts Receivable 294,000 Allowance for Doubtful Accounts 22,000 Notes Receivable (due 2/25/21) 2,500 Inventory, 12/31/17 Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building 259,500 325,000 115,000 531,000 166,000 Land 125,000 Accounts Payable 136,000 Salaries & Wages Payable 6,000 Notes Payable - Due 5/31/21 125,000 395,000 Mortgage Payable - Due 12/31/2035 Common Stock, Par $.01 10,000 Additional Paid in Capital in Excess of Par 400,000 Retained Earnings, 12/31/20 179,000 Dividends Declared 15,000 Sales, Net 885,000 Cost of Goods Sold (COGS) 475,000 165,000 Selling…
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Blue Wave Enterprises had revenues of $420,000, expenses of $275,000, and dividends of $60,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is: