Horizon Tech Inc. had revenues of $500,000, expenses of $320,000, and dividends of $60,000. When Income Summary is closed to Retained Earnings, what amount is debited or credited to Retained Earnings?
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- 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?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.Assuming no other transactions occured, what would be the total revenues? Retained earnings as of 1/1: $168,451 Total Dividends: $15,998 Total Expenses: $72,664 Retained earnigs as of 12/31: $156,217
- What is the amount of net income?1) What is the Net Income in the Income Statement at the year-end? a) $81,500 b) $79,500 c) None of the above d) $88,500 What is the Total Expense in the Income Statement at the year-end? a) 16,300 b) $17,500 c) $95,000 d) 15,500 3. What is the Total End Retained Earnings in the Financial Statement at the year-end? a) $16,000 b) $63,500 c) $0 d) $79,5005 )
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- Provide correct answer financial accountingIf a company's net income for the year is $115,000 and its total assets at the beginning of the year were $525,000, while its total assets at the end of the year were $710,000, what is the company's return on assets (ROA)? Help me with this financial accounting QueryWhat is total net sales for this company? What is total gross profit for this company? What is total operating expenses for this company? What is net income for this company? What is the company's gross profit ratio, also called gross profit margin ratio? Just enter the digits without decimals or punctuation.