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?
Q: answer plz .
A: Step 1: Definition of Deferred Tax LiabilityA deferred tax liability arises when a company records…
Q: Please give me answer general accounting
A: Step 1: Net income Net income = Service revenue - Operating expenseNet income = $750,000 -…
Q: Need answer the financial accounting question
A: Step 1: Define Fixed Overhead DeferredUnder absorption costing, fixed manufacturing overhead is…
Q: general accounting
A: Step 1: Definition of Cash ReceiptsCash receipts to the seller come from cash sales and collection…
Q: Financial accounting
A: Step 1: Define Payroll TaxesSome federal and state taxes are paid by salaried taxpayers by way of a…
Q: What is the opereting leverage?
A: Operating leverage is calculated using the degree of operating leverage (DOL) formula:DOL =…
Q: help me to solve this questions general accounting
A: other wise simply we can do like this 1).Let us assume total assets to be 100Sales/ Total assets =…
Q: I don't need ai answer general accounting question
A: Step 1: Recall the EPS formula.= (net income - preferred dividends) / weighted average number of…
Q: provide correcy
A: Step 1: Definition of Owner's EquityOwner's equity represents the residual interest in the assets of…
Q: Need solution
A: Calculations:The basic accounting equation is: Assets = Liabilities + Shareholders' EquityWe can…
Q: Give this question financial accounting
A: Step 1: Definition of Cash Conversion Cycle (CCC)The Cash Conversion Cycle (CCC) measures how long…
Q: Compute the overhead rate using the traditional approach
A: Explanation of Traditional (Plantwide) Overhead Rate: The traditional plantwide overhead rate is a…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Operating Cash Flow (OCF) using the Indirect MethodOperating Cash Flow (OCF)…
Q: What is the correct option? ? General Accounting question
A: Step 1: DefinitionThe Return on Investment (ROI) measures the percentage gain or loss on an…
Q: A company shows the following balances
A: Explanation of Sales Revenue: Sales revenue, also known as gross sales, represents the total amount…
Q: hi expert please help me
A: Step 1: Definition of Manufacturing OverheadManufacturing overhead refers to all indirect costs…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Materials Inventory Ending BalanceThe Materials Inventory Ending Balance…
Q: Hello teacher please help me this question solution general accounting
A: Part 1:Calculation of Direct Labor HoursDirect Labor Hours = Direct Labor / Direct Labor Wage Rate…
Q: Fletcher Corporation owns 75 percent of Montrose Company's stock. In the 20Y5 consolidated income…
A: Fletcher Corporation owns 75% of Montrose Company.Noncontrolling interest (NCI) share of income =…
Q: What is the gross profit percentage?
A: Explanation of Sales Revenue:Sales revenue is the total income generated from selling goods or…
Q: Global Inc. bought 18,000 shares of Creative Co.'s stock for $245,000 on June 8, 2012, classified as…
A: Explanation of Available-for-Sale Securities: Available-for-sale securities are investments in…
Q: What is it's after tax profit margin on these financial accounting question?
A: Step 1: Define After-Tax Profit MarginThe after-tax profit margin is a financial metric that…
Q: Can you please solve this
A: 1. Calculate the Incremental Earnings Before Interest and Taxes (EBIT)Incremental EBIT = Incremental…
Q: hello tutor provide answer of this General accounting question
A: Step 1: Define Sales Revenue represents the total income generated from business operations before…
Q: Anna company reported the following data
A: Concept of SalesSales refer to the total revenue a company generates from selling its goods or…
Q: Please give me answer with accounting
A: Step 1: Define Accumulated DepreciationThe account that contains the aggregate asset value which is…
Q: Help this question solution
A: Step 1: Define Cost-Volume-Profit (CVP) AnalysisThe CVP analysis is handy in figuring out the costs…
Q: Given correct answer financial accounting
A: Step 1: Define Cash Coverage RatioThe cash coverage ratio determines the ability of a company to…
Q: Please give me true answer this financial accounting question
A: Step 1: Define Goodwill in an AcquisitionGoodwill is an intangible asset that represents the excess…
Q: I need answer of this accounting questions solution
A: Step 1: Definition of Labor Rate VarianceLabor rate variance measures the difference between the…
Q: choose best answer
A: Step 1: Calculation of Gross ProfitGross Profit = Sales - Cost of goods soldGross Profit = $240,000…
Q: Determine the direct labor cost budget for 2015 on these general accounting question?
A: Step 1: Define Direct Labor Cost BudgetThe direct labor cost budget estimates the total wages paid…
Q: Financial accounting
A: Step 1: Define Total Percentage Return measures the overall return on an investment, including both…
Q: Kindly help me with accounting questions
A: The net cash flow from financing activities is $25,000 becaus:Cash inflow: $55,000 from issuing new…
Q: Compute the increase or decrease in net income
A: Explanation of Variable Costs: Variable costs are expenses that change directly in proportion to…
Q: What is price do you place on your goods?
A: To determine the selling price, you need to calculate the profit amount and add it to the cost…
Q: What is the number of workdays in an order cycle
A: To determine the number of workdays in an order cycle, we first calculate the Economic Order…
Q: The ending inventory for the year would be valued at?
A: Step 1:Ending inventory for the year using absorption costing is valued at the unit product cost…
Q: Gross profit and operating expenses are
A: Explanation of Net Sales:Net sales refer to the total revenue generated from sales after deducting…
Q: Ans
A: Concept of Stockholders' EquityStockholders' equity represents the owners' claim on the company's…
Q: Solve this financial accounting problem
A: Step 1: Introduction to stockholders' equityStockholders' equity refers to the residual value of the…
Q: hello teacher please solve questions general accounting
A: Explanation:I cannot answer a question that is not provided. To receive a helpful response, please…
Q: Please solve this problem
A: Step 1: Define Sales ReturnOne of the deductions from the sales revenue is the sales return because…
Q: Park Inc. Is preparing it's cash budget for September on these financial accounting question
A: Step 1: Define Cash Budget and Borrowing RequirementA cash budget is a financial plan that outlines…
Q: answer plz
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…
Q: General Accounting
A: Step 1: Define Return on Assets (ROA)The Return on Assets (ROA) measures a company's ability to…
Q: hello teacher please solve questions
A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents…
Q: Calculate the applied overhead for this general accounting question
A: Step 1: Define Applied OverheadApplied overhead refers to the estimated overhead costs assigned to a…
Q: financial accounting
A: Step 1: Definition of Commission PaidCommission is the fee paid for services rendered, typically in…
Q: final ans
A: Step 1: Definition of Net IncomeA company's net income is presented in the last line of its income…
Financial Accounting
Step by step
Solved in 2 steps
- What amount is debited or credited to retained earnings of this financial accounting question?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?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 retained earnings as of 1/1? Total Revenues: $382,877 Total Expenses: $249,921 Total Dividends: $26,881 Retained earnigs as of 12/31: $978,992Assuming 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 return on total assets ?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, What is the amount of the debit or credit to Retained Earnings? A. credit of $145,000 B. debit of $145,000 C. credit of $85,000 D. debit of $85,000What 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) $79,500What is the net income for lakeshore technology? General accountingWhat amount is reported for net income?