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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- Financial AccountingFor 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
- Tamarisk, Inc. was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $11,000 cash in the business in exchange for common stock. Purchased equipment for $4,000 cash. Paid $400 cash for May office rent. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Paid $500 cash for supplies. Incurred $350 of advertising costs in the Beacon News on account. Received $4,200 in cash from customers for repair service. Declared and paid a $1,400 cash dividend. Paid part-time employee salaries $1,000. Paid utility bills $140. Performed repair services worth $880 on account. Collected cash of $130 for services billed in transaction (10).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) $79,500